Bitcoin (BTC) experienced a bout of profit-taking on Nov. 13 and 14, resulting in a price dip below $35,000. Such corrections are normal during an uptrend and can be considered beneficial, as it can flush out weaker holders and allow those with a stronger grip on the market to increase their holdings.
However, a word of warning to those looking to buy the dip: data from Glassnode shows that the number of whale wallets with more than $1,000 in Bitcoin has dropped to its lowest level in around a month. This could mean that some whales have sold off their holdings during the recent surge.
In an interview with Cointelegraph, DecenTrader co-founder Filbfilb suggested that a pullback could come before the rally leading up to Bitcoin’s halving in April 2024. Filbfilb believes that Bitcoin could accelerate after that, reaching $46,000 to $48,000 by the time of the halving.
Will Bitcoin and other altcoins resume their uptrend, or will the bears take control at higher levels?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
On Nov. 13, Bitcoin re-entered the ascending channel pattern, which could have entrapped the aggressive bulls. This initiated a liquidation, causing the price to drop to the channel’s support line on Nov. 14.
The strong bounce from the support line indicates that lower levels are still appealing to buyers. The bulls will attempt to push the BTC/USDT pair above the resistance line, but they may encounter heavy selling from the bears.
If the price reverses and breaks below the channel, it could signify that traders are hurriedly exiting. This could pull the price down to the $32,400–$31,000 support zone. The bulls are likely to purchase aggressively at these lower levels. The bulls will be back in control once they push the price above $38,000.
Ether price analysis
Ether (ETH) experienced a rise on Nov. 13, but the extended wick on the day’s candlestick suggests that selling took place at higher levels. The selling continued on Nov. 14, and the crypto price dropped below the psychological level of $2,000.
The failure of the bulls to convert the $2,000 level into support is a negative sign, but buyers managed to keep the 20-day exponential moving average ($1,921) from falling. If buyers can keep the price above $2,000, it will show that there is strong demand at lower prices. The ETH/USDT pair could then attempt to retest the overhead zone between $2,137 and $2,200.
Conversely, if the crypto price turns down and breaks below the 20-day EMA, it will signal that the bears are back in the game. That could lead to a decrease to the 50-day simple moving average (SMA) ($1,745).
BNB price analysis
BNB (BNB) recently dropped below the 20-day EMA ($239) on Nov. 14, however, the crypto saw a strong bounce off the support at $235, indicating robust buying at lower levels.
The uptrend of the moving averages and the crypto sentiment analysis being in the positive territory suggest that bulls have a slight edge. Buyers will attempt to push the price to the $258–$265 overhead resistance zone.
Sellers may guard this zone with vigor. If the BNB/USDT pair turns down sharply from $265, it may retreat to $235 and oscillate between these two levels for a while.
XRP price analysis
XRP (XRP) pierced the $0.74 resistance on Nov. 13 and then turned down quickly, indicating aggressive selling at higher levels. The crypto sentiment analysis continued on Nov. 14, pulling the price below the 20-day EMA ($0.62). This level is likely to witness a tough battle between the bulls and the bears. If the price maintains below the 20-day EMA, the next stop could be the 50-day SMA ($0.56). Such a move suggests that the XRP/USDT pair may swing between $0.56 and $0.74 for a while.
The bulls will be back in the driver’s seat after they propel the price above the overhead resistance at $0.74. The pair may then climb to $0.85 and later to $1. Crypto Top traders may also keep an eye on the crypto telegram channels for recent updates regarding the crypto sol of chainlink crypto today and its possible movements in May 2022.
Solana price analysis
On Nov. 13, crypto bears attempted to initiate a correction in Solana’s SOL (SOL) but the bulls intervened and halted the drop at $51 on Nov. 14.
Buying pressure persisted on Nov. 15, and the bulls are making an effort to breach the $64 barrier. If they are successful, the SOL/USDT pair could begin its next uptrend phase, potentially reaching $77 and later $95.
The downside risk to the rising price is that the RSI has been in an overbought state for a few days, which suggests that the rally is overstretched in the short term and may experience a correction or consolidation.
Cardano price analysis
From Nov. 10 to 12, Cardano’s ADA (ADA) stayed above $0.38, but the bulls could not continue with the next stage of the uptrend. This might have encouraged short-term traders to take their profits, resulting in the price dropping to the 20-day EMA ($0.34) on Nov. 14.
The ADA/USDT pair bounced back aggressively from the 20-day EMA, as seen from the long tail on the candlestick. Buyers will try to push the price to the $0.38–$0.39 resistance zone. If the bulls succeed in this, the pair could rally to $0.46.
If the opposite happens and the price drops below the 20-day EMA, it could lead to a potential drop to $0.32. This would mean that the pair might consolidate between $0.24 and $0.38 for a few days.
Dogecoin price analysis
Dogecoin (DOGE) failed to maintain its position above $0.08 on Nov. 11 and 12, which resulted in a correction to the 20-day EMA ($0.07) on Nov. 14.
The bears pulled the price below the 20-day EMA, however, the long wick on the candlestick shows solid crypto sentiment analysis at lower levels. The bulls will again try to push the price to $0.08, where they are likely to encounter strong crypto negative by the bears.
If the price turns down from $0.08 and breaks below the 20-day EMA, it will indicate that the DOGE/USDT pair may stay range-bound for a while. On the other hand, a break and close above $0.08 will signal the start of the next leg of the up-move to $0.10.
Polygon price analysis
The MATIC/USDT pair’s large intraday ranges on Nov. 13 and 14 indicate a fierce battle between the bulls and the bears. The bulls’ inability to keep the price below the $0.89 level implies they are attempting to make it a support. The bears may oppose the bulls at the psychological level of $1.
If the price reverses from this level but doesn’t fall below $0.84, it could signal the continuation of the uptrend. Above $1, the MATIC/USDT pair may reach $1.20. However, if it drops below $0.84, it could start a correction towards the 20-day EMA ($0.77).
Chainlink price analysis
Chainlink’s LINK (LINK) is currently correcting in a strong uptrend. The price dropped to the 20-day EMA ($13.16) on Nov. 14, which is likely to act as a strong support. If the bounce off the 20-day EMA is sustained, the bulls may attempt to push the crypto price to the local high of $16.60. This is an essential level to keep an eye on since a break above it would indicate the resumption of the uptrend. The LINK/USDT pair could then rally to $20.
Conversely, if the crypto price turns down from $16.60, it will indicate that the bears remain active at higher levels. This could keep the pair between $16.60 and the 20-day EMA for some time.
Toncoin price analysis
On Nov. 12, Toncoin (TON) found support at $2.31, but the rebound was short-lived. The price then dropped below $2.31 on Nov. 14.
The failure of the bulls to defend the 20-day EMA ($2.31) suggests that the crypto sentiment analysis is weakening. Both moving averages have flattened out, and the RSI is near the midpoint, indicating a range-bound action in the near term.
If the 50-day SMA cracks, the TON/USDT pair could fall to $2 and thereafter to $1.89. Buyers are expected to guard this level with vigor. The bulls will have to propel the price above $2.77 to indicate the start of the next leg of the crypto real time up-move.
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