Rally

Bitcoin

Resistance

Momentum

<ul class="wp-block-list">
 <li>Bitcoin shows bullish signs, with Fibonacci levels and a wedge pattern suggesting a potential breakout toward $99,000.</li>  
 <li>Key resistance at $95,628 and support near $93,700 could determine Bitcoin’s next move. Traders are watching these levels closely.</li>  
 <li>Consolidation within narrowing support and resistance signals a possible Thanksgiving rally, with bullish momentum building.</li> 
</ul>  
<p>Bitcoin might be preparing for a Thanksgiving rally, with signs pointing to a possible rise to $99,000. Analyst Ali notes on his <a href="https://x.com/ali_charts/status/1862091820135600292" target="_blank" rel="noopener noreferrer nofollow">X post</a> that Bitcoin's price movement matches important Fibonacci levels, showing a pattern that suggests a bounce back. This formation highlights consolidation within narrowing support and resistance lines, signaling a potential breakout.</p>  
<p>Bitcoin is currently at <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">$94,918</a> exhibiting a little rebound of 0.25%, or $231.99. The main price levels that Fibonacci displays are $92,851.76 to $97,386.06. Not to be overlooked are $93,902.45, $94,558.39, and $95,628.39 levels. These levels could help <a href="https://cryptonewsland.com/arthur-hayes-predicts-bitcoin-could-fall-below-50000-what-it-means-for-bitcoins-next-move/" target="_blank" rel="noopener noreferrer nofollow">predict Bitcoin's next move</a>. If it breaks higher, targets could extend to $98,657.25 and $99,327.46.</p>  
<h2 class="wp-block-heading" id="h-key-resistance-and-support-levels">Key Resistance and Support Levels</h2>  
<p>Resistance is visible at the 50% retracement level ($95,091.89) and 61.8% ($95,628.39), marking immediate hurdles for Bitcoin. However, a breakout above these zones could drive prices toward $97,386 and beyond.&nbsp;</p>  
<p>On the downside, support levels at 38.2% ($94,558.39) and 23.6% ($93,902.45) provide a cushion against potential declines. The wedge’s lower trendline near $93,700 reinforces this support. Breaching this level could prompt a slide toward $92,851.76.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfDNmPHq9EJuGNCweEAOHx0fEbehUAzaqakIc-1za2bH5TbYWIr8BGM34aaTUXbyWeO6ybQPeu5BhBE4ABw-SPJtFSM5b0e7d2R0LptX0QbkMuPqURBMbJW7KQ34Vx9lpAe7Cr_CA?key=qBCVYiydERy1FawilevyHZWe" alt="">
</figure>  
<p>Source: <a href="https://x.com/ali_charts/status/1862091820135600292" target="_blank" rel="noopener noreferrer nofollow">Ali</a></p>  
<p>Moreover, Ali notes that the green zone on the chart signals bullish potential, targeting $99,252.68. Conversely, the red zone around $93,736.94 highlights critical risk levels. Traders are urged to monitor these thresholds closely as Fibonacci and trendline levels converge.</p>  
<h2 class="wp-block-heading" id="h-indicators-support-bullish-momentum">Indicators Support Bullish Momentum</h2>  
<p>Trading volume remains concentrated within the current range, emphasizing the <a href="https://cryptonewsland.com/btc-fibonacci-levels-and-resistance-analysis/" target="_blank" rel="noopener noreferrer nofollow">importance of this consolidation phase</a>. Additionally, short-term momentum indicators lean toward neutral to slightly bullish conditions. This sentiment is supported by price stabilization within the wedge, which often precedes a breakout.</p>  
<p>Besides, the descending wedge pattern combines with Fibonacci mapping to create key inflection points for traders. Consequently, a successful breakout could validate Ali’s projection, pushing Bitcoin closer to the $99,000 mark.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-nears-key-breakout-as-ali-predicts-99k-thanksgiving-rally/" rel="noopener noreferrer nofollow">Bitcoin Nears Key Breakout as Ali Predicts $99K Thanksgiving Rally</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Nears Key Breakout as Ali Predicts $99K Thanksgiving Rally

Table of Contents

Crypto News Land

Other articles published on Nov 29, 2024

Boyaa Interactive becomes Asia’s largest Bitcoin holder

Okonjo-Iweala reappointed as World Trade Organization’s Director-General for a 2nd term

A rising star to outshine Bonk and Pepe, analysts predict 10,000% growth

Sallar+: The Next Step in AI, DePIN, and Web3 Growth

Crypto Price Analysis 11-29 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, CHAINLINK: LINK, APTOS: APT...

XRP And Solana Rally But New Altcoin Emerges As Hottest Presale of 2024

Join our free newsletter for daily crypto updates!