Bitcoin, Altcoins Bounce But Moving Averages Must Hold For Rally Extension
Bitcoin rebounded above $93,000 but faces resistance and remains on track for a negative November close, which, based on historical data, could lead to further losses in December. Some analysts consider the dip an opportunity for long-term investors, noting that recent declines have cleared out weak hands. Santiment reports that heightened bearish sentiment could be a contrarian bullish indicator. Technically, Bitcoin is struggling near its 20-day EMA; rejection may push it toward $73,777, while a clear break above could target $100,000. Ethereum faces pressure at its 20-day EMA; failure to hold could drop it to $2,400, but a close above paves the way for a move to $3,541. XRP, BNB, Solana, Dogecoin, Cardano, Hyperliquid, Bitcoin Cash, and Chainlink are all encountering resistance at their respective 20-day EMAs. For each, further declines risk retests of recent lows or key supports, while decisive bullish moves above resistance could trigger significant rallies. Traders are advised to monitor support/resistance zones for indications of direction. No investment advice is provided; trading carries risk.
