Bitcoin (BTC) has been consolidating above $35,000 for several days, but bulls have failed to extend the uptrend above $38,000. This indicates buying reluctance at higher levels. BitGo CEO Mike Belshe said in a recent interview with Bloomberg that there will likely be another round of rejections of the spot Bitcoin exchange-traded fund applications before they are finally approved.
Several analysts expect Bitcoin to undergo a correction in the near term, with the worst predicting a drop to $30,000. However, the decline is unlikely to trigger a bear phase. Philip Swift, creator of Look Into Bitcoin, said that on-chain data suggests that the Bitcoin bull market is still in its early stages as there is “no FOMO yet.”
Daily view of crypto market data. Source: Coin360
As Bitcoin takes a breather, several altcoins have experienced declines, but some are showing signs of resuming their uptrend. Spot Ether ETF applications filed by Fidelity and BlackRock show strong demand for investments in select altcoins.
Could Bitcoin Stay Above $35,000 in the Next Days? Is it time for altcoins to begin the next leg of their uptrend? Let’s take a look at the charts of the top 5 cryptocurrencies that could rise in the short term.
Bitcoin price analysis
Bitcoin is facing strong resistance around $38,000, but a positive sign is that bulls have not allowed the price to fall below the 20-day exponential moving average ($35,666).
BTC/USDT daily chart. Source: TradingView
The rising moving averages and the relative strength index (RSI) in positive territory suggest that bulls have the upper hand. If the price recovers from the 20-day EMA, bulls will make another attempt to clear the hurdle at $38,000.
If they succeed, the BTC/USDT pair could reach $40,000. There could be aggressive selling from bears at this level, but if buyers bulldoze their way, 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 a short-term range-bound action. The pair could remain stuck between $34,800 and $38,000 for a while. A break below $34,800 could pave the way for a decline to $32,400.
BTC/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the price fluctuating between $38,000 and $34,800. Both moving averages have flattened out and the RSI is near the middle, suggesting that the range-bound move could continue for some time.
A tight consolidation near the 52-week high is a positive sign as it shows that bulls are not rushing to close their positions. This increases the likelihood of an upward breakout. If that happens, the pair could continue the uptrend. The short-term trend will favor the bears if there is a break below $34,800.
Solana price analysis
Solana (SOL) fell below the breakout level of $59 on November 16, but the bears were unable to capitalize on this advantage. This suggests that selling is easing at lower levels.
SOL/USDT daily chart. Source: TradingView
The bulls are making another attempt to push the price back above $59. If they do, it would be a sign that markets have rejected the lower levels. The SOL/USDT pair could then rise to $68.20. If this level is reached, the pair could continue the uptrend. The next target up is $77 and then $95.
This uptrend will be invalidated if the price declines and falls below $48. This could trigger a stronger correction to the 50-day SMA ($35.47). The deeper the decline, the longer it will take for the next leg of the uptrend to begin.
SOL/USDT 4-hour chart. Source: TradingView
The 20-EMA is flattening and the RSI is just above the middle, indicating a balance between supply and demand. 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 and breaks below $54, it will indicate that the bears are back in the game. The pair could then fall to $51 and eventually to the strong support at $48. A break below this level would shift the advantage in favor of the bears.
Chainlink price analysis
Chainlink (LINK) pullback finds support at the 20-day EMA ($13.42), suggesting lower levels continue to attract buyers.
LINK/USDT daily chart. Source: TradingView
Next, the bulls will attempt to push the price to the local high of $16.60. This level could witness a tough battle between bulls and bears, but if this barrier is overcome, the LINK/USDT pair could initiate the next leg of the uptrend towards $20.
If the price drops from $15.38 instead, it will suggest that the bears are selling on rallies. They will then attempt to push the price below the 61.8% Fibonacci retracement level at $13.55. If they succeed, the pair could fall to the 50-day SMA ($10.54).
LINK/USDT 4-hour chart. Source: TradingView
The pair has fallen within a descending channel pattern over the past few days. Generally, traders sell near the resistance line of the channel, and that is exactly what they do. If the price falls below $13.36, the door will open for a decline to the support line.
On the other hand, if buyers push the price above the channel, it suggests that the correction may be over. The pair could initially rise to $15.38 and then to $16.60. The flat 20-EMA and the RSI near the middle do not give the bulls or bears a clear advantage.
Related: One Year Later: The Three Winners After the “FTX Crash Bottom”
Near Protocol price analysis
Near Protocol (NEAR) rose and closed above the formidable resistance at $1.72 on November 17th. This movement indicates a possible short-term trend reversal.
NEAR/USDT daily chart. Source: TradingView
The rising 20-day EMA ($1.58) and the RSI in positive territory suggest that bulls are in charge. There is a small resistance at $2. The NEAR/USDT pair could rise to $2.40 if this obstacle is overcome.
Meanwhile, the Bears may have other plans. They will attempt to push the price back below the breakout level of $1.72 and trap the aggressive bulls. The pair could then fall to the 20-day EMA. This remains the critical level to watch out for, as a break below indicates sellers are back in the game.
NEAR/USDT 4-hour chart. Source: TradingView
The pair has held above the breakout level of $1.72, but bulls have failed to initiate a strong uptrend. This suggests that the bears have not given up and are trying to push the price back below $1.72.
If they succeed, the price could fall to $1.60. If this level falls, multiple stops may be triggered. The pair could then fall to $1.45 and then to $1.28. On the other hand, if buyers push the price above $1.95, the pair could begin its march towards $2.10.
Theta Network price analysis
Theta Network (THETA) is finding support at the 20-day EMA ($0.88) after undergoing a correction over the past few days. This suggests that sentiment remains positive and traders are viewing the dips as a buying opportunity.
THETA/USDT daily chart. Source: TradingView
The recovery from the 20-day EMA is likely to face resistance at the psychological level of $1. If this level is overcome, the THETA/USDT pair could gain momentum and rise to $1.05 and later to $1.20. This level could act as a strong hurdle again, but if it is overcome, the pair could rise to $1.33.
If the bears want to prevent the rally, they will need to quickly push the price back below the 20-day EMA. This suggests that the bulls may be heading for an exit. The pair could then initiate a deeper correction to the 50-day SMA ($0.72).
THETA/USDT 4-hour chart. Source: TradingView
The pair has corrected within a falling wedge, which usually acts as a bullish setup. Buyers need to break and hold the price above the wedge to signal strength. The pair could initially rise to $1.05 and then retest the resistance at $1.20.
On the contrary, if the price diverges from the resistance line, it suggests that the pair could remain stuck within the wedge for some time. If the price falls below the wedge, sentiment is likely to turn bearish.
This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.
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