Analysis of Prices on 11/8: Bitcoin, Ethereum, Solana, Binance Coin, Ripple, Dogecoin, TON, Cardano, Shiba Inu, Avalanche

Bitcoin has been on a wild ride, hitting a new all-time high at $77,000 on November 8th, and the excitement is palpable among traders. Some experts, like Ryan Lee from Bitget Research, even predict that Bitcoin could reach $100,000 within the next three months. With solid fundamentals backing the recent rally, the optimism is high in the cryptocurrency market.

According to Galaxy’s head of research, Alex Thorn, Bitcoin and other cryptocurrencies could trade even higher than today’s all-time high in the next 12-18 months. Analyst Rekt Capital also believes that a weekly close above $71,500 could kick off a “parabolic phase,” indicating potentially limited consolidation ahead.

As exciting as this rally is, traders should be cautious, as the market sentiment overwhelmingly leans towards the long side, making the possibility of a sharp downturn to shake out weak hands a real concern. So, what are the key support levels to keep an eye on during any potential correction for Bitcoin and some of the top altcoins? Let’s dive into the charts.

Bitcoin has been holding strong above the breakout level of $73,777, indicating bullish momentum. The target objective from the recent breakout is $93,554, but expect resistance from bears around that level. If the bulls maintain control, a drop to the 20-day EMA at $70,290 could be a healthy pullback before another potential rally.

Ether has also broken above the symmetrical triangle resistance and $2,850 resistance, signaling a shift in trend. While bears may try to drag the price back into the triangle, a sustained move above that level could lead to further gains, with the next obstacle being the downtrend line.

Solana has picked up steam after breaking through the $180 overhead resistance, with the $210 level now in focus. If sellers defend this level, we may see some consolidation, but a break above it could fuel a strong uptrend towards $260.

Other altcoins like BNB, XRP, DOGE, TON, ADA, SHIB, and AVAX are also showing interesting price movements worth watching closely. With potential opportunities for upside breakouts, traders should keep a close eye on key levels and be prepared for all scenarios.

Remember, while the market sentiment may be bullish, it’s always important to manage risk and stay informed on the latest developments to navigate the volatile cryptocurrency market effectively.