Bitcoin (BTC) has been consolidating above $35,000 for the past few days, but bulls have been unable to resume the uptrend above $38,000. This suggests reluctance to buy at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that the Spot Bitcoin exchange-traded fund application will likely be rejected again before it is finally approved. .
Several analysts predict that Bitcoin will soon enter a correction, with the worst-case scenario seeing it drop to $30,000. However, a decline is unlikely to start a bearish phase. Philip Swift, founder of Look Into Bitcoin, said that on-chain data suggests the Bitcoin bull market is still in its early stages as there is “no FOMO yet.”
While some altcoins are showing declines as Bitcoin takes a breather, others are showing signs of resuming their upward trend. Applications filed by Fidelity and BlackRock for the Spot Ether ETF show strong demand for investments in selected altcoins.
Could Bitcoin climb above $35,000 in the next few days? Is it time for altcoins to start the next bull market? Let’s take a look at the chart of the top 5 cryptocurrencies that are likely to rise in the short term.
Bitcoin price analysis
Bitcoin faces stiff resistance near $38,000, but the silver lining is that the bulls did not allow the price to fall below the 20-day exponential moving average ($35,666).
An upward trend in the moving average and positive relative strength index (RSI) indicates that bulls have the upper hand. If the price rebounds from the 20-day EMA, the bulls will make another attempt to overcome the $38,000 obstacle.
If successful, the BTC/USDT pair could reach $40,000. We may see some aggressive selling by the bears at this level, but if the bulls hold out, the rally could eventually reach $48,000.
The first sign of weakness will be a close below the 20-day EMA. This suggests the possibility of range-bound action in the short term. It may be stuck between $34,800 and $38,000 for some time. A break below $34,800 could pave the way for a fall to $32,400.
The 4-hour chart shows the price fluctuating between $38,000 and $34,800. Both moving averages have flattened and the RSI is near the midpoint, indicating that the range-bound move may continue a little longer.
A solid consolidation near the 52-week high is a positive sign as it shows the bulls are in no rush to close positions. This increases the likelihood of an upside breakout. If this happens, the pair could resume its uptrend. In the short term, a break below $34,800 will favor the bears.
Solana price analysis
Solana (SOL) fell below the breakout level of $59 on November 16, but the bears were unable to take advantage of this. This indicates that the sell will dry up at lower levels.
The bulls are trying to push the price back above $59. If this happens, it would indicate that the market has rejected the lower level. After that, the SOL/USDT pair could rise to $68.20. If this level scales, the pair may resume its uptrend. The next upside target is $77 and then $95.
This bullish move will be invalidated if the price declines below $48. This could trigger a major correction at the 50-day SMA ($35.47). The deeper the decline, the longer it will take for the next leg of the uptrend to begin.
The 20-EMA is flat and the RSI is just above the midpoint, indicating that supply and demand are in balance. If buyers push the price above $64, the pair could challenge the local high of $68.20.
On the other hand, if the price declines below $54, it would signal that the bears are back in the game. The pair may then fall to $51 and eventually reach the strong support at $48. Below this level, the advantage will tilt in favor of the bears.
Chainlink price analysis
Chainlink (LINK)’s pullback is supported at the 20-day EMA ($13.42), indicating that lower levels continue to attract buyers.
The bulls will then try to push the price to the local high of $16.60. We may see a tough battle between bulls and bears at this level, but if this wall is overcome, the LINK/USDT pair could start the next leg of the uptrend to $20. be.
Rather, if the price declines from $15.38, it would indicate that the bears have rebounded and are selling. They will then try to push the price below the 61.8% Fibonacci retracement level of $13.55. If that happens, the pair could fall to the 50-day SMA ($10.54).
For the past few days, the pair has been falling within a descending channel pattern. Generally, traders sell near the channel’s resistance line, and that’s what they do. If the price falls below $13.36, it will open the door for a fall to the support line.
Conversely, if buyers push prices higher through the channel, it would suggest that the correction may be over. The pair may initially rise to $15.38 and then $16.60. A flat 20-EMA and RSI near the midpoint do not give a clear advantage to either bulls or bears.
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Near Protocol Price Analysis
Near Protocol (NEAR) closed higher above strong resistance at $1.72 on November 17th. This movement indicates a possible change in the trend in the short term.
A rising 20-day EMA ($1.58) and positive RSI indicate that the bulls are in control. There is slight resistance at $2. If this hurdle is overcome, the NEAR/USDT pair could rise to $2.40.
Meanwhile, the Bears likely have other plans. They will push the price below the breakout level of $1.72 and trap the aggressive bulls. The pair may then fall to the 20-day EMA. This continues to be an important level to watch, as anything below this would indicate sellers are back in the game.
Although the pair has sustained above the $1.72 breakout level, the bulls have been unable to initiate a strong move higher. This suggests that the bears have not given up and are trying to push the price back below $1.72.
If it is successful, the price could drop to $1.60. A break in this level could trigger some stops. Thereafter, the pair could fall to $1.45 and then $1.28. Conversely, if buyers push the price above $1.95, the pair could start marching towards $2.10.
Theta Network Price Analysis
Theta Network (THETA) has found support at the 20-day EMA ($0.88) after a correction over the past few days. This shows that sentiment remains positive, with traders viewing the dip as a buying opportunity.
A pullback from the 20-day EMA is likely to face resistance at the psychological level of $1. If this level can be overcome, the THETA/USDT pair could gain momentum and rally to $1.05 and then $1.20. This level could again pose a strong hurdle, but if it can be cleared, it could rise to $1.33.
If the bears want to arrest the rally, they will need to quickly push the price below the 20-day EMA. That would indicate that the bulls may be rushing towards the exit. After that, the pair could start a deeper correction against the 50-day SMA ($0.72).
The pair continues to consolidate within a descending wedge, which typically acts as a bullish setup. Buyers will need to break out and sustain the price above the wedge to show strength. The pair could initially rise to $1.05 and then retest resistance at $1.20.
Conversely, if the price falls from the resistance line, it suggests that the pair may remain within the wedge for some time. Sentiment is likely to turn bearish if the price falls below the wedge.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.