SOL, LINK, NEAR and THETA flash bullish as Bitcoin takes a breather


19 Nov 2023 7:45 PM

SOL, LINK, NEAR, and THETA may be getting ready for the next leg of the up-move even as Bitcoin remains stuck inside a range....

  • Bitcoin (BTC) has been consolidating above $35,000, but the bulls have failed to push the price above $38,000, indicating hesitation to buy at higher levels.
  • BitGo CEO Mike Belshe predicts more rejections of spot Bitcoin exchange-traded fund (ETF) applications before approval.
  • Multiple analysts believe Bitcoin may enter a correction, with a worst-case scenario projecting a drop to $30,000, but it is unlikely to start a bear phase.
  • On-chain data suggests that the Bitcoin bull market is still in its early stages, with no fear of missing out (FOMO) yet.
  • Some altcoins are showing signs of resuming their uptrends, and there is strong demand for investment in select altcoins.
  • The charts indicate that Bitcoin is facing resistance near $38,000, but the bulls have maintained control with upsloping moving averages and a positive relative strength index (RSI).
  • A close below the 20-day exponential moving average (EMA) would indicate a range-bound action in the near term, with a potential decline to $32,400.
  • Solana (SOL) fell below the breakout level of $59 but has not seen significant selling pressure, indicating a rejection of lower levels.
  • If SOL breaks above $59, it may climb to $68.20 and resume its uptrend, with further targets at $77 and $95.
  • A drop below $48 would invalidate the bullish move and potentially lead to a steeper correction.

The sentiment in the article is mixed. While there is hesitation in the Bitcoin market and predictions of a potential correction, there are also indications that the bull market is still in its early stages and that altcoins may resume their uptrends. The overall sentiment leans slightly towards cautious optimism.

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You May Ask

Will Bitcoin stay above $35,000 over the next few days?Is it time for altcoins to start the next leg of their up-move?What are the resistance and support levels for Bitcoin?What are the potential targets for Solana if it resumes its uptrend?What factors may invalidate the bullish move for Solana?

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