November 2022 - Bitcoin / Ethereum / Solana Short Term Support / Resistance levels

Updated: 3 November, 2022 seen 33

Greetings from Tbilisi, Georgia. The weather temperatures are lowering, and windier and fewer leaves for the trees around us. Fall.  

In today's article, I'm going to look at 3 cryptocurrencies - Bitcoin, Ethereum, and Solana and make some predictions/forecasts based on technical analysis and my inner gut for the rest of the month.

The Crypto market, for the past weeks and a couple of months already, has been in a consolidation mode. At the end of October, both Bitcoin and Ethereum broke above their 50-day moving average price, which might be a potential buy signal.

Both investors and traders are looking for price action. Holders would love to see an upward trend, shorters would favor a downward trend. Speaking of me - neither. I'm neutral, but in general, would love more bullishness in the market. 

This is not trading advice. Investments in stocks, funds, bonds, or cryptos are risk investments and you could lose some or all of your money. Do your due diligence before investing in any kind of asset

Bitcoin

At the end of October, Bitcoin breaks above its 50-day moving average, which is already a good sign for bitcoin bulls. 

Bitcoin price chart
Bitcoin price chart

Since April, Bitcoin has been trading under both 50 and 200-day moving averages, with a short break above the 50-day average in August. Now, breaking above the 50-day moving average, there is a highly likely bull rally possible to touch the 200-day moving average, currently at $24,500 with current short resistance set at $22,800, if breaking above it -  a possible move towards $25,000 is expected. I would look for the support levels at $19,750 (current 50-day moving average).  If we lose the support a fall back to the levels of $18,200.

Ethereum

Just like bitcoin, also Ethereum broke above its 50-day moving average at the end of October

Ethereum Price chart
Ethereum Price chart

Short-term resistance is set at $1,670 (200-day moving average) and support at around $1,370 (50-day moving average). If we break under, there is a great chance we are heading toward $1,000

Solana

Unlike Bitcoin and Ethereum, Solana is just hovering around its 50-day moving average price

Solana price chart
Solana price chart

More volatility is expected with the price of Solana with the short-term resistance set at $34.20 and support at the levels of $27.00.

From the three listed above, I would pay the most attention to Bitcoin, as most of the other coins will mirror it. Additionally take a look at the stock market, as Bitcoin loves to follow the stock market.

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