Heading into the new year, many analysts are bullish on Bitcoin. Standard Chartered said in a Nov. 28 research note that the sooner-than-expected likelihood of approval for spot bitcoin exchange trading** could push bitcoin** to $100,000 by the end of 2024.
Galaxy Digital CEO Mike Novogratz also expressed optimism about Bitcoin in an interview with Bloomberg on November 29. He said the marketing team of ETF-approved asset managers will try to convince people to invest in Bitcoin, which could boost Bitcoin adoption. In addition, the Fed's rate cut could further trigger Bitcoin** near all-time highs this time next year.
Will Bitcoin be able to sustain above $38,000 and clear the way for ** to $40,000, or will the bears lose their luck again?
Let's analyze the charts of the top 10 cryptocurrencies to find out.
Repeated retesting of resistance tends to weaken it. After several failed attempts, the bulls pushed ** higher on December 1. This indicates the resumption of an uptrend.
*Above $37,980 completes the ascending triangle pattern. The BTC USDT pair could rise to $40,000 next, which could once again act as a strong resistance level. If this level is breached, the pair could reach the $41,160 pattern target. An upward moving flat** and a Relative Strength Index (RSI) above 65 indicate that the bulls are in control.
If *** and falls below the ascending trend line, this optimistic view will not work in the short term. This could invalidate the bullish pattern, pulling ** down to the solid support level of $34,800. A break below this level will indicate that the bears are back in the game.
The bulls will try to push ** to the upper resistance level of $2,200. This remains a key level to watch in the near term. If buyers rush all the way, the ETH USDT pair will complete an ascending triangle pattern. The target for this bullish setup is $3,400.
The 20th** is an important support for the downside. A break below this level would be the first sign that the bulls are losing control. The pair could then fall to the 50-day moving flat** ($1,874).
The downward-sloping 20-day** ($234) and RSI in negative territory suggest that the bears are dominant. Any recovery attempt could face a 20th** sell-off. If there is a pullback from this level, the probability of a break below $223 increases. This could start** to $203.
Conversely, if buyers push **above the 20th**, the BNB USDT pair could ** to $239. A breakout and above this level could start to $265.
XRP USDT daily chart.
If this happens, it is a sign that the advantage has tilted in favor of the bulls. The XRP USDT currency pair may rise to 0$64, then rising to 0$67. This level may become a minor hurdle, but if overcome, the pair may touch 0$74.
Conversely, if buyers fail to push above the 20-day, it is a sign that sellers have turned the level into resistance. The pair may then fall to 0Solid support at $56.
SOL USDT daily chart.
Rising 20th**(55.)$66) and RSI are in positive territory, indicating that the bulls have the upper hand. This improved ** to 62Prospects above $10. If this happens, the SOL USDT currency pair could reach $68. The bulls will have to do everything in their power to defend this level, as a break above it will clear the way for ** to $100.
The immediate support to watch on the downside is the 20th**. If this level breaks, the pair could fall to $51. Bears will have to pull ** below this level to start a deeper correction.
ADA USDT daily chart.
*At the 20th** and above resistance at 0$40. A gradual rise in the 20-day** and RSI above 58 suggests that the bulls have the edge. If the buyer breaks through 0With the upper resistance level of $40, the bullish momentum is likely to increase and the ADA USDT pair could jump to 0$42, then rose to 0$46.
Conversely, if it falls below the 20th day, traders are advised to take profits. The pair may then fall to 0At $34, bulls will try to stop the decline.
DOGE USDT daily chart.
Constant** of the 20th (0.$08) and RSI above 62 suggest that the bulls are still dominant. The buyer will try to push ** to 0Psychological resistance at $10. 0.$09 has a small hurdle, but it is likely to be breached. Sellers are expected to be sold at 0$10 to $0The $11 zone is a strong defense.
The 20th** is a key support to watch on the downside. If this level breaks, the DOGE USDT pair could fall to the 50-day moving level** (0.).$07).
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Over the past few days, toncoin (ton) has been maintained at the 20th**(2.).$38), but ** not very powerful.
Ton USDT daily chart.
The 20th** continues to slope gradually upwards with the RSI approaching 55, indicating a slight advantage for the bulls. Buyers will try to push ** up to 2$59 above and complete the ascending triangle pattern. The target of this bullish setup is 3$58.
Conversely, a break below the ascending trend line will invalidate the bullish triangle pattern. The failure of the bullish setup is a bearish signal, which could drag the TON USDT pair towards the next major support level of 1$89.
Link USDT daily chart.
The upwardly sloping 20-day** and RSI in the positive zone suggest that the path of least resistance is to the upside. If the buyer breaks through 15With the $40 mark, the Link USDT pair could climb to 16$60 and then rush to 18$30.
The first sign of weakness will be to break down and close below the 20th**. This may start ** to 618% Fibonacci retracement level 12$83. This level is likely to attract aggressive buying from bulls.
*AX USDT daily chart.
If *** is higher than $22, then ** to 24.The likelihood of $69 will increase. Sellers are expected to have a strong defense at this level, as a break above this level could be a potential ** to 28$50 to open the door.
If the bears want to stop the trend, they will have to quickly pull the AX USDT pair back to the 20th (19$80). This may trigger a stop loss for some short-term traders, causing the ** to drop to 18$90.
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