The bears have slowed down Bitcoin’s rally near the $100,000 critical level, pulling the coin below $98,000 at press time. Despite the retracement, crypto analyst Keith Alan has cautioned traders against holding short positions for long, arguing that most indicators favor the continuation of the uptrend.
One of the factors expected to push BTC higher is the strong inflows into Bitcoin spot exchange-traded funds (ETFs). As of November 23rd, these new investment vehicles collectively held $100 billion in Bitcoin.
Meanwhile, several analysts have warned newbies against making investment decisions out of FOMO as the Crypto Fear and Greed Index enters the ‘extreme greed’ zone. Generally, when investor sentiment is pushed into that zone, a short-term pullback usually follows, leaving those who bought high in losses.
That said, Bitcoin and other leading currencies are retracing. So, which support levels must traders watch closely over the coming days? Let’s explore the charts to find out.
Bitcoin Price Analysis
As mentioned, the bears have mounted a solid defense near $100,000. The selling pressure has caused Bitcoin to plunge below $98,000 and now trades at $97,974. The bulls successfully protected the $95,371 support on Sunday, signaling their desire to retain the advantage.
If BTC eventually crosses $100,000 and the bulls manage to sustain momentum, it could reach $112,500 and later head to $120,000. On the other hand, a fall below $95,371 could cause Bitcoin to dip below $90,000 and then move toward the 20-day Exponential Moving Average of $86,582.
Ethereum Price Analysis
On November 21st, the bulls started a recovery rally from the 20-day Exponential Moving Average of $3,045. That day, Ethereum crossed the $2,224 barrier and reached $3,400. However, the token has retraced to $3,382 as of this writing.
If the bulls manage to push and maintain ETH above $3,400 in the coming days, a rally to $3,890 and then to $4,107 could occur. But this isn’t likely to be the case if the bears drag the coin below $3,045. As such, a massive drop to $2,849.35 is expected, and if the bulls fail to guard that level, the bears will dominate the market, pulling ETH lower.
Solana Price Analysis
Solana broke above $259.13 to set a new all-high of $263 on November 23rd. But that price attracted selling pressure, which pulled the token to $252 at press time. Nonetheless, if buyers sustain SOL above the $248.50 support, we could see a surge to the $300 resistance. However, if $248.50 crumbles, the 20-day Exponential Moving Average of $219.20 will become a critical level to keep an eye on. If it gives way, SOL could fall below $200.38.
BNB Price Analysis
The rebound from the 50-day Simple Moving Average of $593.88 on November 21st suggested that investor sentiment on BNB, which has rallied to $660, remains positive. If the bulls thrust and keep the currency above the $677.40 resistance, we anticipate a solid rally to $721.60, where the bears are expected to be active. However, if the bears do not mount a defense, a jump to $800 is likely.
Meanwhile, a fall below the $593.88 gives the bears a significant advantage. If that happens, BNB could slide to $520.48, where dip-buying is expected.
XRP Price Analysis
XRP crossed $1.27, a vital resistance, on November 22nd. Since then, it has been rallying, now trading at $1.45. However, we expect a short-term pullback, given that the Relative Strength Index is deep inside the overbought zone. If XRP retraces to $1.27 and the bulls buy the dip, the token could hit $1.70. Conversely, sustaining the Ripple-issued asset below $1.27 could allow the bears to start a downtrend to $1.
Cardano Price Analysis
ADA has crossed $1 for the first time since April 2022. If bullish momentum is maintained, the currency could rise to $1.30. On the contrary, a break below $1 might attract selling, with the bears eyeing the $0.79 support.
