Bitcoin (Bitcoin) The inability to sustain its gains and succumb to profit settlement at the beginning of the week in the US trading market may indicate that the shorts have not given up.
PlanB, the creator of the popular BTC stock-to-flow model, does not seem to be bothered by the flat price movements of the past few days.Analysts believe that his Worst case forecast is 98,000 USD The $135,000 before December 1st and January 1st still exists.
However, according to William Clement, an analyst citing Glassnode data, long-term holders do not seem to have waited for higher levels and have begun booking profits. According to Clement, “Bull market distribution has already begun.”
Not everyone is optimistic about Bitcoin. Billionaire fund manager Kyle Bas told Investor’s Podcast Network, Making money from Bitcoin will be “very difficult” Due to the strict supervision of the US government, from the current level.
Will lower levels attract longs to buy or will traders continue to book profits? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin bounced off the 20-day exponential moving average (63,232 USD) on November 12, but the bears posed a severe challenge in the upper resistance zone of 67,000 to 69,000 USD.
The relative strength index (RSI) has formed a negative divergence, indicating that the bullish momentum may be weakening. The BTC/USDT currency pair has formed a bearish ascending wedge pattern, which will complete at the breakout and close below the support line.
If this happens, it indicates that the trader is actively booking profits, which may lead to a decline to the 50-day simple moving average (58,396 USD). The target for the ascending wedge pattern is $53,770.
Contrary to this assumption, if the price recovers from the current level and breaks through $67,000, the next stop may be $69,000. A break and close above the wedge-shaped resistance line may open the door for a possible rebound to $75,000.
Ether (Ethereum) It broke the support line of the ascending channel on February 14, but the long tail on the candlestick that day indicated strong buying at lower levels. The bulls are trying to resume the uptrend today, but the long wick on the candlestick indicates that the selling price is close to $4,800.
The bears will now try to sink the price again and maintain it below the channel support line and the 20-day moving average ($4,491). If they succeed, it indicates that the short-term trend will change. The ETH/USDT currency pair may fall to the 50-day moving average (3,980 USD).
Conversely, if the price rebounds from the support line again, it indicates that the bulls are actively defending the level. The buyer will then try to overcome the $4,868 barrier and push the currency pair to the psychological level of $5,000. If the bulls push the price above the channel, the bullish momentum may pick up further.
Binance Coin (Bitcoin) Tried to break the November 7 high of $669.30, but the bears did not relax. They are actively defending overhead resistance.
The BNB/USDT currency pair formed a doji candlestick pattern on November 14th, indicating the hesitation between bulls and bears. If this uncertainty resolves the downside, the currency pair may fall to the 20-day moving average ($593).
The bears will have to pull the price below $573 to deepen the correction to the 61.8% Fibonacci retracement level of $524.70.
On the other hand, if the price recovers from the current level or the 20-day EMA, it indicates that the market sentiment is still optimistic and traders are buying on dips. A break of $669.30 may lead to a retest of the all-time high of $691.80. If buyers push and maintain the currency pair above this level, the bullish momentum may pick up.
Solana (Sol) The rebound from the support line of the ascending channel on November 13 indicates that the bulls continue to buy on dips. The bulls will now try to push the price above the upper resistance level of $248 and challenge the all-time high of $259.90.
The upward sloping moving average and RSI in the positive zone indicate that the path of least resistance is to the upside. If the bulls push the price above all-time highs, the SOL/USDT pair may rebound to the resistance line of the ascending channel.
If the price falls from the current level and breaks below the support line of the channel, this positive view will be invalidated. This may clear the way for a possible fall to the 50-day moving average ($189).
Cardano (Have) Has been trading below the 20-day moving average ($2.06) for the past three days, but the bears have failed to take advantage of this to pull the price to a strong support level of $1.87.
The flat 20-day EMA and the RSI just below the midpoint indicate that there will be range fluctuations in the near future.
If the bulls push the price above the downtrend line, it indicates that the bears may be losing control. The ADA/USDT currency pair may rise to the upper resistance of 2.47 US dollars, and the shorts may once again form strong resistance here.
Or, if the price falls from the current level, the currency pair may fall to $1.87. The bears will have to pull the price below this support level to signal the beginning of a downtrend.
Ripple It has remained above the 20-day moving average ($1.17) in the past few days, but the bulls are trying to push the price above the overhead resistance of $1.24. The long wick on the candlestick today indicates that the bears are selling at a higher level.
Failure to push the price above $1.24 may prompt short-term traders to take profit. This may pull the price to the 50-day moving average ($1.10). If this support also breaks, the bears may sniff the opportunity and try to push the XRP/USDT currency pair below 1 U.S. dollar.
Conversely, if the price rebounds from current levels and breaks above $1.24, it indicates that buyers have overwhelmed the shorts. This may clear the way for a possible rebound to 1.41 USD. The bulls must clear this barrier to gain the upper hand.
DOT / USDT
polka dot(point) Fell below the 20-day moving average ($47.15) on November 10, but the bears were unable to use this advantage to sink the price to the 50-day moving average ($41.33). This shows that traders are buying at a lower level.
In the past few days, the DOT/USDT currency pair has been stuck above the 20-day moving average, increasing the possibility of breaking through this line. If this happens, the currency pair may rise to 49.78 USD and then challenge the all-time high of 55.09 USD.
Conversely, if the price falls from the current level and breaks below 44.04 USD, the currency pair may fall to the 50-day moving average. The bears must pull the price below the strong support of $40 to gain the upper hand.
Dogecoin (dog) Have been trading between moving averages for the past few days. The bulls pushed the price above the 20-day moving average ($0.26) on November 14, but the long wick on the candlestick shows that the bears are actively defending the downtrend line.
The 20-day EMA is flattening, and the RSI is near the center, indicating that the bulls and bears are in balance.
A break and close above the downtrend line will be the first sign that selling pressure may be easing. The DOGE/USDT currency pair may rise to 0.30 USD, and then rise to the upper resistance level of 0.34 USD.
Conversely, if the bears push the price below the 50-day moving average, the selling may intensify. The currency pair may then fall to $0.22, next to the strong support of $0.19.
In the past few days, SHIBA INU (SHIB) has been oscillating above and below the 20-day moving average (0.000053 USD), indicating a lack of clear direction.
The flat 20-day EMA and RSI near the midpoint indicate that supply and demand are in balance. If buyers push the price above $0.000057, the SHIB/USDT currency pair may try to rebound to the upper resistance level of $0.000065.
On the other hand, a break below US$0.000048 may open the door to strong support that may fall to US$0.000043. The next trend trend may start from a break of $0.000065 or a break of $0.000043.
On November 13, Terra’s LUNA token rebounded from the 20-day moving average ($48.23), indicating that the bulls continued to buy the support level on dips. The rising moving average and positive regional RSI indicate that buyers have the upper hand.
The LUNA/USDT currency pair formed an intraday candlestick pattern on November 14, indicating the hesitation between bulls and bears.
If the bulls push the price above $53.43, the currency pair may retest its all-time high of $54.95 and then rebound to the wedge-shaped resistance line. If buyers push the price above the resistance line, the bullish momentum may pick up.
If the price falls and breaks below the wedge-shaped support line, this bullish view will be invalidated. This may pull the price to the 50-day moving average ($43.26).
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.