Price analysis 11/27: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK
Bitcoin (BTC) has started the week on a negative note. The failure of the bulls to pierce and sustain above the $38,000 resistance has given a small window of opportunity for the bears to try and make a comeback. Strong selling has pulled the price below $37,000 on Nov. 27.
However, lower levels are likely to attract buyers as the bulls will want to maintain the momentum going into the final month of the year. The bears are likely to have other plans as they will attempt to deepen the correction. That could boost volatility in the last few days of November as both the bulls and the bears try for a monthly closing in their favor.
While near-term uncertainty remains, Rich Dad Poor Dad author Robert Kiyosaki reiterated his long-term bullish view on Bitcoin, gold and silver in a X (formerly Twitter) post on Nov. 26. He cautioned investors to get out of fiat money, calling it a “FAKE money system.”
Will Bitcoin and altcoins bounce off their respective strong support levels, or will the bears prevail? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) continued its northward march higher after skyrocketing above the downtrend line. This indicates strong demand at higher levels.
The rally of the past few days has pushed the relative strength index (RSI) into the overbought zone, indicating that a minor correction or consolidation is possible in the near term. The 20-day exponential moving average (4,448) is the crucial level to watch out for on the downside.
If the price turns up from this level, it will suggest that the sentiment remains bullish and traders view dips as a buying opportunity. That enhances the prospects of a break above 4,650.
Conversely, a fall below the 20-day EMA will indicate that the bulls are losing
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