Bitcoin (BTC) is looking to start the new week on a positive note, rising above the $92,000 resistance. Despite the sharp rally over the past few days, that hasn’t stopped long-term bulls from buying more Bitcoin. MicroStrategy announced on November 18 that it had acquired 51,780 Bitcoins for approximately $4.6 billion at an average price of $88,627. This brings MicroStrategy’s total Bitcoin holdings to 331,200 Bitcoin.
Paul Tudor Jones is another famous investor who has increased his exposure to Bitcoin. The billionaire investor added $130 million worth of shares of the BlackRock Cash Bitcoin Exchange Traded Fund in the third quarter, bringing the fund’s Bitcoin holdings to $160 million.
Daily cryptocurrency market performance. source: Coin360
Long-term investors expect Bitcoin to rise even further. ARK Invest’s Cathie Wood told CNBC that Bitcoin “has a long way to go.” Wood believes the new US administration’s “deregulation” will keep the momentum intact.
What are the important resistance levels that Bitcoin and altcoins need to overcome for the uptrend to continue? Let’s analyze the chart to find out.
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) recorded gains last week, pushing the price down to the 20-day exponential moving average (5,877).
SPX daily chart. Source: TradingView
Bulls typically buy dips in a strong uptrend down to the 20-day EMA. If the price bounces strongly from the 20-day EMA, prospects for a continued uptrend will increase. A close above 6,017 could open the door to a rise to 6,221 and eventually 6,500.
Conversely, if the 20-day EMA breaks, the index may fall to the 50-day simple moving average (5,780). A break and close below the 50-day SMA could tilt the short-term advantage in favor of the bears.
US Dollar Index Price Analysis
The US Dollar Index (DXY) continued its remarkable rise last week, indicating solid demand from the bull market.
DXY daily chart. Source: TradingView
The upward move is expected to face solid selling in the 107-108 resistance area. If the price continues lower and falls below 106, it means booking profit by the bulls. The index could then fall towards the 20-day EMA (105). Buyers will need to defend the 20-day EMA to keep the bullish momentum intact.
On the other hand, if buyers break the overhead resistance line, it would signal the start of a new uptrend. The index may surge to 114 and then to the pattern target of 116.50.
Bitcoin Price Analysis
Bitcoin bulls are trying to resume the upward trend, but are facing strong resistance from the bears in the $92,000-$93,265 area.
BTC/USDT daily chart. Source: TradingView
The first support line in a downtrend is the uptrend line. A violation of this support could cause the BTC/USDT pair to plummet to $85,000. Buyers are expected to aggressively protect the $85,000 level as a break below it could lead to a decline towards the 20-day EMA ($81,772). The deeper the pullback, the longer it takes for the next uptrend segment to begin.
If the price continues to rise and breaks above $93,265, it would be a sign that the bullish momentum remains intact. The pair could move up to $100,000 and then $113,331.
Ether Price Analysis
Ethereum (ETH) is finding support at the 38.2% Fibonacci retracement level of $3,028, which is a positive sign.
ETH/USDT daily chart. Source: TradingView
The rising 20-day EMA ($2,953) and RSI in positive territory indicate an advantage for buyers. If the bulls push the price above $3,220, the ETH/USDT pair could retest the downtrend line. This level is expected to act as strong resistance, but if the bulls overcome it, the pair could rise to $3,900.
Conversely, if the price declines and falls below the 20-day EMA, it is a sign that the uptrend is losing steam. The price may decline towards $2,850 and then towards the 50-day SMA ($2,664).
Solana Price Analysis
Solana (SOL) successfully held a retest of the $210 breakout level, indicating that bulls had turned the level into support.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair began a new upward trend after breaking above $225 on November 17. The pair could bounce to $260, which could pose quite a challenge for the bulls. However, if buyers are strong, the pair could soar to $304.
Time is running out for the bear. If we want to stop the uptrend, we need to quickly lower the price below $210. This move indicates that the market has refused to break out. It may fall towards the 50-day SMA ($171).
BNB price analysis
Buyers pushed the price above the resistance level of $635 on November 17, but the bears remained there. A minor positive is that the bulls did not allow BNB to fall below the 20-day EMA ($609).
BNB/USDT daily chart. Source: TradingView
Buyers will again attempt to keep the price above $635. If that happens, the BNB/USDT pair could rise to $667. This level could act as a hurdle, but if bulls clear it, the pair could rise to $722.
Contrary to this assumption, if the price declines and falls below the 20-day EMA, it indicates that the bull market has given up. This could lead to a decline towards the 50-day SMA ($588) and then towards the uptrend line.
XRP Price Analysis
XRP (XRP) fell from $1.27 on November 17, but found support near the 38.2% Fibonacci retracement level of $0.97.
XRP/USDT daily chart. Source: TradingView
The bulls have bought the dip and are trying to push the price back above $1.27. If successful, the XRP/USDT pair could soar to $1.40 and then $1.70.
However, the recent rally has pushed RSI deep into overbought territory. This suggests that the market has become overheated in the short term. This may result in minor modifications or integrations for some time. If the price declines from $1.27, the pair may fall to $1 and remain between these two levels for several days.
relevant: Why did XRP price rise today?
Dogecoin price analysis
Dogecoin (DOGE) is finding support just above the 38.2% Fibonacci retracement level at $0.33.
DOGE/USDT daily chart. Source: TradingView
The shallow decline suggests bulls expect the uptrend to continue. The DOGE/USDT pair could surge to $0.44 if buyers push the price above $0.39. This level could act as a barrier, but if bulls overcome it, the pair could surge to $0.50 and later to $0.59.
This positive view will be invalidated in the near term if the price declines and falls below $0.32. The pair could fall towards the 20-day EMA ($0.28), which is expected to attract buyer interest.
Cardano Price Analysis
Sellers attempted to stall the advance of Cardano (ADA) near $0.80 on November 16th, but the shallow decline on November 17th showed buying on every small drop.
ADA/USDT daily chart. Source: TradingView
The bulls are again attempting to clear the $0.80 overhead hurdle. If that happens, the ADA/USDT pair could begin the next leg of its upward trend. The pair could rise to $1 and then to $1.25.
Conversely, if the price falls from $0.80, it would be a sign that the bears are fiercely defending. Sellers should initiate a deeper correction to $0.65 and then pull the price below $0.70 towards the 20-day EMA ($0.54).
Shiba Inu price analysis
Shiba Inu (SHIB) is holding above the 20-day EMA ($0.000022), but bulls are struggling to mount a strong rebound.
SHIB/USDT daily chart. Source: TradingView
The first sign of strength is a close above $0.000026. If that happens, the SHIB/USDT pair could rise to $0.000030. The sellers will mount a strong challenge at $0.000030, but if the bulls win, the pair will complete a bullish inverse head and shoulders pattern. The pair may rise to $0.000039 and then to $0.000047.
Alternatively, if the price declines and falls below the 20-day EMA, it is a sign that the uptrend is losing steam. The pair may fall towards the 50-day SMA ($0.000019).
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.