Bitcoin (BTC) was unable to sustain its gains and succumbed to profit-taking as the US markets started the week, possibly indicating that the bears have yet to give up.
Plan B, Creator of the popular BTC stock-to-flow model, he doesn’t seem to be fazed by the boring price action of the past few days. The analyst believes his worst-case projection of $ 98,000 for December 1 and $ 135,000 for January 1 remains in effect.
However, long-term holders do not appear to be expecting higher levels and have started taking profits, according to analyst William Clemente, who cited data from Glassnode. According to Clemente, “the distribution of the bull market has begun.”
Not everyone is bullish on Bitcoin. The Billionaire Fund Manager Kyle Bass told Investor’s Podcast Network that making money from Bitcoin will be “really difficult” from current levels due to intense regulation from the US government.
Could the lower levels attract buying from the bulls or will traders continue to make a profit? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin bounced off the 20-day exponential moving average ($ 63,232) on November 12, but the bears pose a stiff challenge in the upper resistance zone of $ 67,000 to $ 69,000.
The Relative Strength Index (RSI) has formed a negative divergence indicating that bullish momentum may be weakening. The BTC / USDT pair has formed a bearish ascending wedge pattern, which will complete on a breakout and close below the support line.
If that happens, it will suggest that traders are aggressively posting profits and that may result in a drop to the 50-day SMA ($ 58,396). The target of the rising wedge pattern is $ 53,770.
Contrary to this assumption, If the price rises from the current level and exceeds $ 67,000, the next stop could be $ 69,000. A breakout and close above the resistance line of the wedge could open the doors for a possible rally to $ 75,000.
ETH / USDT
Ether (ETH) fell below the support line of the ascending channel on February 14, but the long tail on the daily candle suggests a strong buying at lower levels. The bulls tried to resume the uptrend today, but the long wick on the candle indicates a sell near $ 4,800.
The bears will now make one more attempt to sink and hold the price below the channel support line and the 20-day EMA ($ 4.491). If they are successful, it will suggest a short-term trend change. The ETH / USDT pair could fall to the 50-day SMA ($ 3,980).
Conversely, if the price rebounds off the support line, it will suggest that the bulls are aggressively defending this level. Then the buyers will try to overcome the $ 4,868 hurdle and carry the pair to the psychological mark of $ 5,000. The bullish momentum could increase further if the bulls push the price above the channel.
BNB / USDT
Binance Coin (BNB) is trying to break above the November 7 high at $ 669.30, but the bears are in no mood to budge. They are aggressively defending the upper resistance.
The BNB / USDT pair formed a Doji candlestick pattern on November 14, indicating indecision between the bulls and bears. If this uncertainty is resolved to the downside, the pair could slide to the 20-day EMA ($ 593).
The bears will have to pull the price below $ 573 to deepen the correction to the 61.8% Fib retracement level at $ 524.70.
Secondly, If the price rises from the current level or from the 20-day EMA, it will indicate that the sentiment is still positive and traders are buying on dips. A break above $ 669.30 could result in a retest of the all-time high at $ 691.80. Bullish momentum could rebound if buyers push and hold the pair above this level.
SOL / USDT
Solana (SOL) bounced off the support line of the ascending channel on November 13, indicating that the bulls continue to buy on the dips. The bulls will now attempt to push the price above the resistance above $ 248 and challenge the all-time high of $ 259.90.
Rising moving averages and RSI in positive territory indicate that the path of least resistance is to the upside. If the bulls push the price above the all-time high, the SOL / USDT pair could rise to the resistance line of the ascending channel.
This positive view will be invalidated if the price turns down from the current level and breaks below the support line of the channel. That could clear the way for a possible dip to the 50-day SMA ($ 189).
ADA / USDT
Cardano (ADA) has been trading below the 20-day EMA ($ 2.06) for the past three days, but the bears have been unable to take advantage of this and push the price to the strong support at $ 1.87.
The 20-day flat EMA and RSI just below the midpoint suggest in-range action in the near term.
If the bulls push the price above the downtrend line, it will suggest that the bears may be losing control. The ADA / USDT pair could rise to resistance above $ 2.47, where bears can reassemble strong resistance.
Alternatively, if the price turns down from the current level, the pair could drop to $ 1.87. The bears will have to pull the price below this support to signal the start of a downtrend.
XRP / USDT
XRP has held above the 20-day EMA ($ 1.17) for the past few days, but the bulls are struggling to push the price above the overhead resistance at $ 1.24. Today’s long candle wick suggests that bears are selling higher.
Failure to push the price above $ 1.24 can lead to profit booking by traders in the short term. That can push the price to the 50-day SMA ($ 1.10). If this support also cracks, the bears may smell an opportunity and attempt to sink the XRP / USDT pair below $ 1.
Conversely, if the price rebounds from the current level and rises above $ 1.24, it will indicate that the buyers have dominated the bears. That could clear the way for a possible rally to $ 1.41. The bulls will have to overcome this hurdle to win.
DOT / USDT
Polkadot (DOT) broke below the 20-day EMA ($ 47.15) on November 10, but the bears were unable to take advantage of this advantage and lower the price to the 50-day SMA ($ 41.33). This suggests that traders are buying at the lower levels.
The DOT / USDT pair has held onto the 20-day EMA for the past few days, raising the prospects for a breakout above it. If that happens, the pair could rally to $ 49.78 and then challenge the all-time high of $ 55.09.
Conversely, if the price turns down from the current level and breaks below $ 44.04, the pair could slide to the 50-day SMA. The bears will have to pull the price below the strong $ 40 support to gain the upper hand.
DOGE / USDT
Dogecoin (DOGE) has been trading between moving averages for the past few days. The bulls pushed the price above the 20-day EMA ($ 0.26) on November 14, but the long wick on the candle suggests that the bears are aggressively defending the downtrend line.
The 20-day EMA has stabilized and the RSI is near the center, which suggests a state of balance between the bulls and the bears.
A breakout and close above the downtrend line will be the first sign that selling pressure may be easing. The DOGE / USDT pair could rise to $ 0.30 and then to the overhead resistance at $ 0.34.
Conversely, the selling could intensify if the bears sink the price below the 50-day SMA. The pair could then drop to $ 0.22 and later to strong support at $ 0.19.
SHIB / USDT
SHIBA INU (SHIB) has been swinging above and below the 20-day EMA ($ 0.000053) for the past few days, indicating a lack of clear direction.
The 20-day flat EMA and the RSI near the midpoint suggest a balance between supply and demand. If buyers push the price above $ 0.000057, the SHIB / USDT pair could attempt to climb to the overhead resistance at $ 0.000065.
On the other hand, a break below $ 0.000048 could open the doors for a possible dip to the strong support at $ 0.000043. The next trend move could start at a breakout above $ 0.000065 or a break below $ 0.000043.
MOON / USDT
Terra’s LUNA token rallied from the 20-day EMA ($ 48.23) on November 13, indicating that the bulls continue to buy on dips to this support. Rising moving averages and RSI in the positive zone indicate that buyers have the upper hand.
The LUNA / USDT pair formed a candlestick pattern inside the day on November 14, suggesting indecision between the bulls and the bears.
If the bulls carry the price above $ 53.43, the pair could retest the all-time high at $ 54.95 and then move up to the wedge resistance line. The bullish momentum could rebound if buyers push the price above the resistance line.
This bullish view will be invalidated if the price turns down and breaks below the wedge support line. That can push the price to the 50-day SMA ($ 43.26).
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should do your own research when making a decision.
Market data is provided by the exchange HitBTC.