Altcoins are struggling to continue their increase of the last day, and look to be on pause, as bitcoin decides whether it can break the big resistance at $38,000.
An important point has been reached by the crypto market. Bitcoin is faced with a very big resistance at $38,000, while altcoins look to be striving to hold their gains of the last 24 hours.
Bitcoin in narrowing range
An hour or two goes by in crypto and an incredibly fast-paced environment can alter very quickly. Bitcoin is still looking to challenge the $38,000 price level but early signs are that the king of the cryptocurrencies could get rejected once again, but will this be for long?
Source: Trading View
Looking at the short term 4-hour time frame, wicks up to the resistance tell the story of rejection. However, an ascending triangle may be forming, and this can narrow the price into an ever-narrowing range, with the more likely scenario that bitcoin bursts out of the top.
Will $ETH consolidate above its flag?
Source: Trading View
In the meantime, altcoins are either consolidating their gains from Wednesday, or they are having a slight retrace. Ethereum has broken out of its bull flag and has got a daily confirmation of the top. $ETH is the other key player, besides bitcoin, for a continuation of the altcoin drive, so a move up or down from here could be pivotal for all alts.
Is Injective rolling over?
Source: Trading View
Injective is a well-favoured crypto project, given the technology employed, and its decentralised aspect. However, a 12% gain on Wednesday has been slightly decreased on Thursday. Also, the price does look to be rolling over since the local top on 11 November. It would be good to see $INJ holding the current support, while the downward channel chart pattern does have a majority of bullish outcomes.
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