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VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K

Bitcoin (BTC) seems to be poised to end the week with gains of about 6%, indicating continuous demand from the bulls. MicroStrategy co-founder Michael Saylor revealed during a speech at the 2023 Australia Crypto Convention on Nov. 10 that Bitcoin’s demand on a monthly basis could surge between two to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Saylor expects both of these events to cause the price “to adjust up.”

While Bitcoin holds the spotlight, several major altcoins have been charging higher. This broad-based cryptocurrency rally increases hopes that an altcoin season may be around the corner.

**Bitcoin price analysis**

– Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level.
– The bulls will try to thrust the price above $38,000 and start the northward march toward $40,000.

**VeChain price analysis**

– VeChain (VET) completed a double bottom pattern after bulls pushed the price above the overhead resistance of $0.021 on Nov. 6.
– The bulls have managed to ward off attempts by the bears to pull the price back below $0.021.
– The pair has been consolidating above the breakout level of $0.021 for some time.

**Immutable price analysis**

– Immutable (IMX) has risen sharply in the past few days, indicating that the bulls are attempting a comeback.
– The recovery is expected to face a formidable resistance at $1.30.

**The Graph price analysis**

– The Graph (GRT) has corrected after a sharp up-move, but a positive sign is that the bulls have managed to keep the price above the 20-day EMA ($0.12).

**Algorand price analysis**

– Algorand (ALGO) is forming a rounding bottom pattern, which will complete on a break and close above the overhead resistance at $0.14.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making a decision.

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