Price Analysis 29/11: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Bitcoin price has rallied 20% since dropping to $6,560, leading traders to closely watch altcoins for similar price action.

The futures market provides good insight into the sentiment of larger players. If the futures volume continues to rise in a falling market, this indicates that a decline is likely to extend further. However, if the volume increases with a rise in price, this shows that the market participants are accumulating positions. 

On Nov. 27, Bitcoin closed in the green and Bitcoin futures on Bakkt hit a new all-time high volume record which was 60% higher than the previous record. This shows that institutional players have increased their activity during the most recent relief rally. This points to possible  accumulation at lower levels and institutional interest is likely to increase further with the launch of Bitcoin Options contracts on Dec. 9.   

Daily cryptocurrency market performance

Daily cryptocurrency market performance. Source: Coin360

A growing list of countries appear to be taking steps to become more crypto friendly. In that direction, Germany has introduced a new bill that will facilitate the sale and custody of cryptocurrencies by banks. Sven Hildebrandt, the Head of Distributed Ledger Consulting, said that Germany was “on its way to becoming a crypto-heaven.”

The price action after the recent fall has been encouraging. However, buying the first pullback after a decline can be a risky affair. Traders should wait for reversal patterns to develop before initiating fresh long positions again. Let’s see, if we spot any reliable buy setups on the major cryptocurrencies.

BTC/USD

Bitcoin (BTC) broke out of the first resistance at $7,337.78 on Nov. 27 and is currently attempting to breakout of $7,702.87. Above this level, there is a minor resistance at the 20-day EMA but we expect it to be crossed.

The next level to watch on the upside is the 50-day SMA and above it $9,080. The recovery from the bottom has…

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