Bitcoin (Bitcoin) And ether (Ethereum) The highest monthly closing price in history was set in October, indicating that the strong momentum is beneficial to buyers. Now the focus shifts to November, which is basically bullish for Bitcoin.
Since 2013, Bitcoin closed in November Only two losses occurred in 2018 and 2019. Another positive driver for Bitcoin may be the tailwind from the US stock market, which also set an enviable record in November.
The Standard & Poor’s 500 Index recorded a median gain of 2% in November, the only month of the year to achieve such a substantial median return.
Glassnode’s data also shows that Bitcoin The exchange’s reserves are at the lowest level In three years. The number of bitcoins held on the exchange’s books has fallen from 3.1 million bitcoins in April 2020 to 2.47 million bitcoins. According to analysts, if demand surges, this could be beneficial to Bitcoin, as it could cause a supply shock.
Can Ethereum lead altcoins higher, or will Bitcoin still dominate? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin retreated from the flag-shaped resistance line on October 31, but the bulls did not allow the price to stay below the 20-day exponential moving average (EMA) ($59,876). This is a positive signal because it shows that traders are buying on dips.
Breaking and closing above the resistance line will complete the bullish flag setting. The BTC/USDT currency pair may rebound to a record high of US$67,000. This level may become a major obstacle, but if the bulls can overcome it, the currency pair may begin to move towards the target of $89,476.12.
The rising moving average and the relative strength index (RSI) of the positive zone indicate that the bulls have the upper hand. The first sign of weakness will be a breakout and close below the 20-day moving average. Such a move may cause the support line of the pattern to fall.
If the bears keep the price below the flag, the selling may accelerate. Then the currency pair may fall to the 50-day simple moving average (SMA) (53,115 USD).
The long tail on the Ether candlestick on November 1 indicates that the bulls are actively buying on dips. Since October 1, the bulls have not allowed the price to fall and stayed below the 20-day moving average ($4,042), which indicates that the market sentiment is still optimistic.
If the bulls push the price to the upper resistance level of 4,460.47 USD, the ETH/USDT currency pair may resume its upward trend. Then, the currency pair may rebound to an important psychological level of $5,000, where short positions may pose a serious challenge.
Contrary to this assumption, if the price falls from the above resistance, the bears will try to pull the currency pair to the 20-day moving average. This is an important support that deserves attention, because a break below it may prompt short-term traders to profit.
The bears are trying to pull Binance Coin (Bitcoin) It has returned below $518.90 in the past two days, but the long tail on the candlestick indicates that the bulls have other plans. The lower level has attracted strong buying and the bulls will now try to resume the uptrend.
The rising 20-day moving average (486) and the RSI just below the overbought zone indicate that the bulls are in a dominant position. If the bulls maintain the price above US$540.50, the BNB/USDT currency pair may move towards the pattern target of US$554 and then to the psychological resistance level of US$600.
Conversely, if the price falls and breaks below the 20-day moving average, it indicates an aggressive sell-off at a higher level. This may trap several aggressive bulls and pull the currency pair to a key support level of $392.20.
The bulls have successfully defended the strong support of $1.87 in the past few days, but they are working hard to push Cardano (Have) Is higher than the 20-day moving average ($2.07). This indicates that the higher level of demand is insufficient.
The bears will now try to push the price below the $1.87 to $1.80 support zone. If this happens, the ADA/USDT pair may fall to $1.58. The downward sloping moving average and negative RSI indicate that the bears are in control.
Contrary to this assumption, if the price rises from the current level and breaks the moving average, it indicates a strong accumulation at $1.87. The currency pair may then rebound to the upper resistance at $2.47.
Solana (SOL) rebounded from the 20-day moving average on October 31, indicating strong buying at lower levels. The bulls will now try to push the price to the upper resistance zone of $216 to $218.93.
If they succeed, the SOL/USDT currency pair may resume its uptrend and rebound to the pattern target of $239.83. Breaking and closing above the resistance level may open the door for a possible rebound to $265.80.
The rising 20-day EMA ($185) and the positive zone RSI indicate that the bulls have the upper hand. If the price falls from above resistance and breaks below the 20-day moving average, this positive view will be negated. This may pull the price down to the trend line.
Ripple (Ripple) Trapped between the downtrend line and the $1 support level, because shorts sell when they rebound and longs buy on dips. The bulls tried to push the price above the downtrend line on October 31, but the long wick on the candlestick showed selling at a higher level.
The bears are trying to drive prices below the moving average on November 1. If this happens, the XRP/USDT currency pair may fall to the strong support level of 1 U.S. dollar again. This is an important level to watch, because a break below this level may pull the price down to $0.85.
If the bulls push the price above the downtrend line, the currency pair may rebound to the upper resistance at $1.24. The flat moving average and the RSI near the midpoint do not give the bulls or bears a clear advantage.
DOT / USDT
It can be seen from the long tail of the candlestick that day that Polkadot (DOT) rebounded from the 20-day moving average ($41.93) on October 31. This is a positive sign because it shows that traders are accumulating on dips.
Continued buying on November 1 pushed the price to the upper resistance level of $46.39. The bulls tried to clear the next upper barrier at the all-time high of $49.78, but the bears were unwilling to relax.
If the price retreats from the current level or above resistance and finds support at $46.30, it will improve the prospect of resuming the pattern target of moving up to $53.90.
The first sign of weakness will be closing below $46.39. Then the currency pair may fall to the 20-day moving average.
The long tail of SHIBA INU (SHIB) on the candlestick on October 31 indicates that the bulls are actively buying the 50% Fibonacci retracement level of the $0.00005778 downtrend.
Buyers will now try to push the price to an all-time high of $0.00008854. This level may attract strong selling by shorts. If the price drops from the above resistance, the SHIB/USDT currency pair may trade between 0.00008854 USD and 0.00005778 USD for a few days.
A break and close above $0.00008854 may indicate the resumption of the uptrend and may reach the 300% Fibonacci extension level at $0.00010349. Conversely, a break and close below $0.00005778 may pull the price down to the 20-day moving average ($0.000048).
Dogecoin (dog) Rebounded from the 20-day moving average ($0.25) on October 31, but the bulls are trying to maintain the price above $0.27. This shows that the bears are selling on rallies.
The 20-day moving average ($0.25) is sloping upward, and the RSI is slightly higher than the midpoint, indicating that buyers have a smaller advantage. If the price stays above US$0.27, the DOGE/USDT currency pair may rebound to US$0.30 and then rise to US$0.35.
If the bears pull the price below the 20-day moving average, this positive view will become invalid in the short term. Then the currency pair may fall to the 50-day moving average ($0.23). If this support is broken, the downtrend may extend to $0.19.
The LUNA token of the Terra protocol has been trading between the resistance line of the symmetrical triangle and the 20-day moving average ($41.65), which is a positive sign. This indicates that traders are buying the 20-day moving average on dips.
Buyers will have to push and maintain prices above the triangle to indicate that the upward trend may resume. The LUNA/USDT currency pair may first rise to 49.54 USD. If this barrier is broken, the upward trend may extend to the pattern target of 62.59 USD.
If the bears pull the price below the 20-day moving average, the currency pair may fall to the 50-day moving average ($38.89) and then to the support line of the triangle. A break and close below this support level would indicate that the bears have overwhelmed the bulls. The currency pair may fall to 33 USD and then to 22.40 USD.
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Market data by Bitcoin exchange.