Bitcoin (BTC) and Ether (ETH) surged again to all-time highs on November 10, indicating that the trend remains in favor of the bulls.
In a recent report from the Kraken exchange, analysts said that price movements in the current quarter correlated 0.88 with the fourth quarter of 2017.
Bitcoin surged 220% in the fourth quarter of 2017, and if history repeats itself, Bitcoin could reach $96,355, possibly the peak of this cycle.
Daily performance in the cryptocurrency market. Source: Coin360
Long-term owners who have held their bitcoins for more than 12 months are reluctant to use their coins, Glassnode’s A Week on the Net reports. Another positive development is investors continuing to withdraw coins from central exchanges, whose share of supply has fallen to a new all-time low of 12.9%.
Will Bitcoin and altcoins maintain the bullish momentum, or will profit booking lead to lower prices? Let’s take a look at the top 10 cryptocurrency charts to find out.
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BTC / USDT
On November 9, bears attempted to push Bitcoin below the breakout level of $67,000, but failed to sustain the lower levels. The modest pullback indicates that the bulls are buying on every smaller dip.
BTC/USDT daily chart. Source: TradingView
Both moving averages are sloping and the Relative Strength Index (RSI) is close to the overbought zone, indicating that the bulls are in control of the market.
If the buyers keep the price above $67,000, the BTC/USDT pair could pick up speed and accelerate to the next target of $75,000. A stop and a close above this resistance could open the door to a potential advance to $89,476.12.
On the other hand, the area between $67,000 and $63,750 is likely to provide strong support. If this area is breached, it means that traders can aggressively claim profits. After that, the pair could drop to the 50-day simple moving average (SMA) ($56,348).
ETH / USDT
Ether is trading in a bullish channel for several days. The bulls are trying to keep the price above the channel’s mid-line. The main goal of the research is the psychological level of $5,000.
ETH/USDT daily chart. Source: TradingView
This level is likely to act as a strong resistance, but if the bulls do not give up much territory, ETH/USDT could break the barrier and rally towards the next target of $5,283.17.
If the price moves down from the resistance line to the channel, the pair may go down to the guide line. This is an important level to watch because a break below it will indicate a possible change in the short-term trend.
The pair may drop initially to $4,146.30, but if this support also fades, the correction could reach the psychological support at $4000.
BNB / USDT
On November 11, Binance Coin (BNB) fell below the $630 support level, but the bears were unable to hold onto lower levels. Altcoin showed a strong improvement and the bulls are now trying to push the price above $669.30.
BNB/USDT daily chart. Source: TradingView
If they do, the BNB/USDT pair will challenge the upward resistance at $691.80. The rising moving averages and the overbought RSI indicate an upward path of least resistance.
On the other hand, if the price drops from the general resistance, this indicates that the traders are aggressively defending the level. The bears will then make another attempt to lower the price to the 20-day exponential moving average (EMA) ($566).
ADA / USDT
Cardano (ADA) broke out and closed above the downtrend line on November 9, indicating an easing of selling pressure. The bears are currently trying to bring the price back below the flash level.
ADA/USDT daily chart. Source: TradingView
If they succeed, it will indicate that a break above the downtrend line could be a bear trap. Then the ADA/USDT pair may drop below the moving averages and retest the important support at $1.87.
Conversely, if the price bounces from the breakout level, this indicates that the bulls are buying on the dip. After that, the pair may rise to the upper resistance at $2.47. This is an important resistance for the bears, because if it is breached, the pair could rise to $2.80.