Bitcoin looks ripe for a rebound, and so do ETH, DOGE, LTC, and XMR

Bitcoin's (BTC) recent rejection near its all-time high may have triggered profit-taking among short-term traders. Despite the price drop to near $68,000, analysts remain bullish on the market. They anticipate Bitcoin finding support between $65,000 and $68,000.

The upcoming United States elections present a potential catalyst for volatility in the cryptocurrency markets. In a market report, FalconX head of research David Lawant noted that volatility could increase if "results are too close to call and it takes too much time to reach an outcome."

WonderFi President and CEO Dean Skurka expressed optimism about Bitcoin's long-term price prospects, regardless of the election results. Skurka believes that interest rate cuts in the US and Canada could drive Bitcoin higher in the next 6-24 months.

Improved near-term investor sentiment may arise if Bitcoin surpasses $70,000. This could stimulate buying in certain altcoins. Let's examine the top 5 cryptocurrencies that exhibit strength on the charts:

Bitcoin Price Analysis:

Bitcoin's pullback has reached the 20-day exponential moving average ($68,194), a critical support level to monitor in the short term.

If the price rebounds from the 20-day EMA and ascends above $70,000, it will signal a comeback attempt by buyers. The BTC/USDT pair could rally to $72,000 and subsequently to $73,777. While sellers may defend the $72,000-$73,777 zone fiercely, a bullish breakout could initiate a new uptrend with a target of $93,554.

Conversely, if the bears maintain the price below the 20-day EMA, the bullish outlook will be invalidated. The pair may then decline to the 50-day simple moving average ($65,002).

Ether Price Analysis:

Ether (ETH) has declined to the support line of its symmetrical triangle pattern, where buyers may intervene.

If the price turns up from the support line and surpasses the 20-day EMA ($2,540), it will suggest that the ETH/USDT pair may ascend to the triangle's resistance line. A break above this crucial level could trigger a move towards $3,400. The $2,850 level may pose resistance, but it is likely to be overcome.

The triangle will be resolved in favor of the bears if the price breaks and settles below the support line, potentially triggering a decline to $2,150 and ultimately to $2,111.

Dogecoin Price Analysis:

Dogecoin (DOGE) reversed from $0.18 on October 30th and reached the 20-day EMA ($0.14) on November 3rd.

In an uptrend, traders often buy the dip at the 20-day EMA. A price rebound from the 20-day EMA will indicate another attempt by bulls to push the DOGE/USDT pair above the $0.18 resistance. If successful, the pair may rally to $0.21.

Conversely, if the price falls and stays below the 20-day EMA, it will suggest that the bulls have relinquished control. The pair may then plunge to the 50-day SMA ($0.12), potentially attracting buyers.

Litecoin Price Analysis:

Litecoin (LTC) has been rising within an ascending channel pattern, indicating a slight advantage for buyers.

Traders in an ascending channel buy the dip at the support line and sell near the resistance line. If the price rises from the support line and climbs above the 20-day EMA ($69.65), it will open the door for a rally to the resistance line around $77. This level is likely to attract selling pressure from the bears.

On the downside, a break and close below the support line will signal a short-term trend reversal. The LTC/USDT pair may decline to $62 and subsequently to $59.

Monero Price Analysis:

Monero (XMR) has been trading within a significant range between $135 and $180 for several days, indicating buying on dips and selling on rallies.

The price fell below the moving averages on October 31st, but the bulls have not conceded significant ground to the bears. This implies that selling activity diminishes at lower levels. Buyers are attempting to push the price back above the moving averages. Success in this endeavor could lead to the XMR/USDT pair ascending to $166. A breakout above this level could resume the movement towards $180.

This bullish outlook will be nullified if the price reverses and breaks below $150, potentially dragging the price down to $144 and then to $135.

The opinions expressed in this article do not constitute investment advice. All investments and trading involve risk, and readers should conduct their own research before making any decisions.