Bitcoin and most major altcoins bounced off their intense support levels, but the real challenge for the bulls is to maintain the momentum and clear the $60,000 resistance level.
The crypto and global equity markets staged a robust recovery on Nov. 29, notwithstanding the uncertainty from the newly discovered Omicron variant of coronavirus.
Long-term investors seem to view the new dip as a prime buying opportunity. A recent filing by MicroStrategy noted that the company purchased 7,002 Bitcoin (BTC) at an average price of $59,187. That advanced MicroStrategy’s entire stash to 121,044 Bitcoin, bought at an average price of around $29,534 per coin.
Nevertheless, analytics resource Material Scientist quoted order book data to state that much Bitcoin liquidity has been taken and informed that stop hunter may try to shake out the weak hands with a fall.
Bitcoin’s support rally faces resistance at the 20-day exponential moving average (EMA) ($58,712). This implies that sentiment continues negative, and bears try to sell to the overhead resistance level on rallies.
Ether (ETH) bounced off the neckline of the developing head and shoulders (H&S) pattern on Nov. 28, implying that bulls are defending the level with all their might. Sustained buying pushed the price over the 20-day EMA ($4,316) on Nov. 29.
The long tail on Binance Coin’s (BNB) Nov. 28 candlestick intimates that bulls buy the dips under the 20-day EMA ($595). The bulls will now try to push the price to the overhead resistance zone at $669.30 to $691.80.
Solana (SOL) once again fell under the support line of the symmetrical triangle on Nov. 28. However, the bears could not support the lower levels. This implies aggressive buying on dips.
Cardano (ADA) is in a downtrend. The price jumped off $1.41 on Nov. 28, but the bulls fight to sustain the higher levels.