Bitcoin, Ethereum, and Binance momentum gains on Thanksgiving

November 26, 2021 - 1 week ago
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After a bumpy few days, cryptocurrencies bullish momentum resumes as the bulls returned to the scene on Thanksgiving.

Demand increased across the board in cryptocurrencies, with the price of bitcoin climbing back above US$59,000 on Thursday.

Traders are now eyeing the $US60,400.00 level, which, if cleared, could ignite the bull-run back to the “Twin Peaks” (highs) around $US66,800 or the all-time high around $US68,955.00.

The Fibonacci retracement support at 38.2% views a value at $US53,500.00, to which, if challenged, should draw a bullish response.

Beneath here, it is assessed, bottom-fishers (meaning (demand/buyers)) are harbouring from the broad (potential) base at 50% at $US48,600.00.

Daily Chart of Bitcoin

Meanwhile, Ethereum now sees a bullish case for a move to the recent highs around US$4,800-25 highs. Reassess from there.

Based on the chart pattern, the support holds at 23.6% at US$4,112, with the broad base located at US$4,000.

Daily Chart of Ethereum

Binance Coin – Bulls stage a breakout!
Binance Coin (BNB), the utility token of global crypto exchange Binance, is now technically on course to set a new all-time high after the bulls cracked the resistance level at US$608.0.

From the break, the two targets of US$645.0 to US$655.0 have been reached after inking in an intraday high of US$657.2.

Based on the technical assessment, the bulls are now likely to be viewing $US700.0 highs as the next target, possibly extending to US$755-70.

The broad uptrend line holds at US$560.0, with the immediate support viewed from US$605.0 to US$610.00.

Daily Chart of Binance

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