Cryptocoin - Bitcoin retraced the $ 19,000 level but charts show that BTC and altcoins may consolidate for a few days before starting the next trend move.
Bitcoin (BTC) price rose above its all-time high of $ 19,892 on December 1. This is an important event because it proves that the rally in 2017 was beyond the basics but not a bubble. Generally, when a bubble bursts, it takes several years for the price to exceed the high created during the balloon.
For example, the Japanese stock bubble came after reaching a high in 1989, and that level has not yet been passed. Similarly, silver's high level of close to $ 50 per ounce was in 1980, and the price only approached this level in 2011. NASDAQ did a high level during the dot-com bubble in 2000, which was surpassed only in 2015.
BTC / USD
Bitcoin (BTC) hit all-time highs on December 1 and quickly reversed, indicating higher levels of profit taking. However, the long tail of the candle of the day shows that sentiment remains on the rise as the bulls buy the intraday bearish.
Both moving averages are rising, and the relative strength index (RSI) in the positive zone indicates that the bulls have the upper hand. Buyers will now try to push the price above $ 20,000 psychological resistance.
If they are successful, the momentum can gather and the BTC / USD rate could rise to $ 22,727 and then to $ 25,000.
ETH / USD
Ethereum (ETH) climbed above the $ 622,807 resistance and hit $ 635.45 intraday on December 1st. However, the bulls could not keep breaking, and this may have trapped several aggressive buyers who were closing their positions in a hurry.
This brought the price below $ 600. The upward moving averages and the RSI in the positive zone show that the bulls are in command.
XRP / USD
XRP closed above the 61.8% Fibonacci retracement level of $ 0.649138 on November 30, but the bulls failed to take advantage of this strength. This shows that the bears are selling on rallies.
XRP / USD
XRP closed above the 61.8% Fibonacci retracement level of $ 0.649138 on November 30, but the bulls failed to take advantage of this strength. This shows that the bears are selling at rallies.
LTC / USD
Litecoin (LTC) bounced back from resistance at $ 93.9282 on Dec. 1, but the positive sign is that the bulls bought dips below $ 84.3374. This shows that the emotion is positive.
BCH / USD
The Bulls failed to push Bitcoin Cash (BCH) above the 61.8% Fibonacci retracement level to $ 324.01 on November 30 and December 1. Profit took place at this level and the altcoin fell to the 20-day EMA ($ 283).
The weak recovery in the 20-day EMA shows there is no urgency to buy at current levels among the bulls. If BCH / USD does not gain momentum, it is more likely to break below the $ 280 support.
LINK / USD
Chainlink (LINK) climbed above the 61.8% Fibonacci retracement level of $ 14.4433 on December 1, but the bulls failed to lift higher levels. This shows that the bears are selling on small rallies.
DOT / USD
Polkadot (DOT) was reversed at $ 5.5429 on December 1, indicating that the bears are aggressively defending the $ 5,5899 resistance. However, a small positive case is that the altcoin exits the 20-day EMA ($ 5.04).
The gradually rising 20-day EMA and RSI above 57 offer a small advantage to the bulls. Buyers will now try to push the price again from $ 5.5899 above the $ 6.0857 resistance zone.
ADA / USD
The bears defend the $ 0.175 level in Cardano (ADA). Failure to rise above this resistance pulled the profit taking on December 1 and carried the price to the 20-day EMA ($ 0.140).
The bulls are aggressively buying dips for the 20-day EMA and trying to keep the price above $ 0.155. If they manage to keep the price above this level, the ADA / USD rate could reach $ 0.175 again.
BNB / USD
Binance Coin (BNB) was reversed from the $ 32 overall resistance on December 1 and adjusted for moving averages. This shows that the bears are defending this resistance as they want to keep the altcoin range between $ 25,6652 and $ 32.
Although the bulls bought the decline to the moving averages on December 1, they couldn't handle the buying pressure today.
If the bears pull the price below the moving averages, the BNB / USD pair could drop to $ 25.6652.
XLM / USD
Failure of the bulls to push the price above the bearish trend line pulled the Stellar Lumens (XLM) profit take on December 1. However, the bears cannot sustain lower levels as seen from the long tail on the candlestick.
Today's candlestick pattern shows that there is indecision between the bulls and bears about the next direction move. A deeper correction at the 20-day EMA ($ 0.15) is possible if the bulls fail to push the price above the bearish trend line.
