Bitcoin has been trading in a narrow range since November 24. Because traders are unsure of the next directional move. However, traders with a long-term view can basically try to accumulate strong altcoins in a few tranches. Cryptos that get the market out of the bear phase generally tend to perform well when the next bull market starts. Analyst Rakesh Upadhyay shares altcoin projects that are trying to initiate an upward move in the short term…
General status of bitcoin and altcoin projects
cryptocoin.com As we have reported, Bitcoin has been consolidating between $15,588 and $17,622 for the past few days. The relative strength index (RSI) has formed a bullish divergence suggesting that selling pressure may be easing. The relief rally could face stiff resistance in the region between the 20-day exponential moving average ($17,065) and $17,622. If the price drops from the general zone, the BTC/USDT pair could extend its stay in the range for a while.
The 50-day simple moving average ($18,600) could act as a minor hurdle. However, if it is exceeded, the upward movement can reach the psychological level of $20,000. Alternatively, if the price drops from overhead resistance and sinks below $15,588, it could signal a resumption of the downtrend. The pair could decline to $13,554 later.
What’s next for the popular meme coin DOGE?
Dogecoin (DOGE) broke above the overhead resistance of $0.09 on Nov. 25. However, the bears pushed the price below the November 26 level. Buyers reunited. It pushed the price above the 38.2 percent Fibonacci retracement level of $0.10 on Nov. 27. The bears try to stop the recovery around $0.10 again. However, if the bulls do not allow the price to drop below $0.09, the DOGE/USDT pair will gain momentum. It rises towards the 61.8% Fibonacci retracement level of $0.12. If this level also scales, the pair will continue to rise towards $0.16.
On the other hand, if the price turns down from the current level, it would suggest that the bears will continue to view the rallies as a selling opportunity. The pair later drops to $0.09. If this support gives way, it is likely to challenge the 50-day SMA ($0.08). Buyers pushed the price above the range that indicated the start of the upward move. The strong rally pushes the RSI to overbought levels, signaling minor correction or consolidation in the near term.
If the price drops from the 38.2 percent Fibonacci retracement at $0.10 but bounces back from the breakout level, this will indicate that sentiment has turned positive and traders are buying on the dips. The bulls will then try to continue the uptrend. According to the analyst, the target target for exiting the range is $0.12. This positive view will be invalidated in the near term if the price goes down and re-ranges. The pair then drops to the 50-SMA.
The altcoin that stood out with its rise this week: Litecoin
A break above the overhead resistance at $75 in Litecoin is the first indication of a potential trend change. The bears tried to push the price below $75 and trap the aggressive bulls. But the buyers held their ground. The bulls will attempt to push the price above the overhead resistance of $84. If they are successful, it marks the beginning of a new uptrend. The rising 20-day EMA ($67) and the RSI near the overbought zone suggest the path of least resistance is to the upside. The LTC/USDT pair then rises towards the $104 target.
Conversely, if the altcoin drops from $84, the pair will slide into the $73 to $75 support zone. If this zone breaks down, the pair will slide to the 20-day EMA. The bears will have to push the price below this support to trap the aggressive bulls. If the price bounces back from the 20-day EMA, the bulls will attempt to push the pair back above $84 and start the uptrend. The 4-hour chart shows that the price broke and closed below the 20-EMA, but the bears were unable to leverage this advantage. The bulls bought this dip and pushed the price above the 20-EMA.
Both moving averages are rising and the RSI is just above the midpoint, suggesting that buyers have a slight advantage. There is a minor resistance at $80, but if the bulls push the price above this level, the pair will rise to $84. The pair would then attempt to climb higher to $96. If the bears want to invalidate this view in the short term, they will have to push the pair below $73.
These levels are important for Chainlink
Chainlink (LINK) has been fluctuating between $5.50 and $9.50 for the past few weeks. A strong rebound from support at $5.50 on Nov. 21 indicates that the bulls are aggressively buying dips to this level. The 20-day EMA ($6.74) has started to rise and the RSI has rallied into the positive territory, pointing to a minor advantage for the bulls. If the price stays above the 50-day SMA ($7.15), the probability of a rise to $8.50 and then $9.50 increases.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will suggest that the bears are active at higher levels. The LINK/USDT pair then drops back to the $5.50 support and consolidates near it for a few more days. The strong rebound at $5.50 is approaching the overhead resistance at $7.50.
If the price turns down from this level and breaks below the 20-EMA, the pair will drop to the 50-SMA. A break below this support will hold the pair between $5.50 and $7.50 for a while. Another possibility is for the price to drop from $7.50 but bounce back from the 20-EMA. The bulls will then try to push the price back above $7.50 and start the upward walk towards $8.50.
Last altcoin on the list: APE
Apecoin (APE) has been consolidating in a wide range between $3 and $7.80 for the past few months. The bears tried to push the price below the support of the range but failed to sustain the lower levels. This indicates strong demand at lower levels. Continuous buying pushed the price above the 20-day EMA ($3.47) on Nov. 26, indicating that the bulls are making a comeback. There is a minor resistance at the 50-day SMA ($4.06), but if the bulls break this hurdle, the APE/USDT pair will rise to the bearish trendline.
If the price turns down from the downtrend line, the pair drops to the 20-day EMA. If the pair rebounds from this level, it will show that the sentiment has shifted from selling on rallies to buying on dips. This increases the probability of a break above the bearish trendline. According to the analyst, the pair then climbs to $6. Conversely, if the price turns down from the bearish trendline and breaks below the 20-day EMA, the pair will slide back to the strong support at $3.
The moving averages on the 4-hour chart have started to rise and the RSI has jumped into the overbought zone. This shows that the bulls have a slight advantage. At the recovery point, the coin encounters resistance at $4. However, if the bulls do not allow the price to fall below the moving averages, the upward move will reach the bearish trendline. This positive view will be invalidated in the near term if the price turns down and falls below the 50-SMA. Such a move would indicate that the bears continue to sell in the rallies. The pair then drops to $3.
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