Bitcoin continued its rally and climbed close to $58,000. This marks an almost 100% recovery from the May plunge and shows that any regulatory action by China is only having temporary effects. The strong rally in Bitcoin in the past few days has boosted sentiment and is anticipated to rally to $100,000 by early next year.
BTC
Bitcoin’s long wick on the candlestick shows that bears sold at higher levels but failure to pull the price below the breakout level at $52,920 seems to have motivated the bulls. Aggressive buying on the 11th has pushed the price above the intraday high at $56,561.31, clearing the path for a possible rally to $60,000. The increasing 20-day exponential moving average of $50,196 indicates that bulls are in control.
ETH
Ether’s turned down, but the bulls aggressively purchased the drop. This is a encouraging sign as it shows that the sentiment remains bullish and traders are buying on dips. If the bulls push the price above the neckline, the inverse head and shoulders pattern will complete. This reversal setup has a pattern target at $4,657 but the bears are likely to have other plans as they will try to mount a strong resistance.
BNB
Binance Coin broke and closed below the 50-day SMA at $425. The bulls tried to drive the price back above the 50-day SMA but failed. This invited selling by short-term traders. BNB plunged below the 20-day EMA at $409 on the 10th but the bears could not take advantage of this opportunity.
ADA
ADA is trading inside a symmetrical triangle, which normally acts as a persisting pattern. If the bears sink and endure the price below the support line of the triangle, the correction could resume. The flattish 20-day EMA of $2.24 and the RSI which is below the midpoint, do not give a clear advantage either to the bulls or the bears. The bulls will try to arrest the decline at $1.94.
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