Bitcoin and most of the major altcoins are trying to hold above their immediate resistance levels, which is a sign that bulls could buy on any dip.

Bitcoin (BTC) and Ether (ETH) are testing key psychological support levels at $60,000 and $4,000 respectively. These two levels are critical for maintaining an uptrend in the short term.

While the decline may scare off leveraged traders, Bitcoin Whales seem to see this decline as a buying opportunity. On-chain data shows that the third largest bitcoin whale added 207 bitcoins to its holdings at an average price of around $62,053 per bitcoin.

According to journalist Colin Wu, the whale’s holdings have increased by 635 bitcoins in November since the last purchase.

Daily dynamics of the cryptocurrency market. Source: Coin360
However, this is not all bullish news for bitcoin and cryptocurrencies. The US dollar rose to a 16-month high on expectations that rising inflation could force the US Federal Reserve to raise interest rates and cut its $120 billion monthly asset purchase program to boost the dollar.

LMAX Group FX Strategist Joel Krueger also said that a stronger dollar could hit risky assets the hardest and this could be the reason for the recent pullback in bitcoin and altcoins.

Will the bulls defend strong support levels and initiate a recovery, or will aggressive selling push crypto prices below their strong support levels? Let’s examine the charts of the top 10 cryptocurrencies to find out.

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Bitcoin/US dollar
Bitcoin fell below the 20-day exponential moving average (EMA) ($62,607) and the rising wedge pattern support line on Nov. 16. This is the first sign that the bulls may be losing ground.

BTC/USDT daily chart. Source: Trading View
Buyers are trying to protect the 50-day simple moving average (SMA) ($59,122), but a small bounce suggests that the bulls lack the urgency to buy at current levels.

If the price deviates from current levels or the 20-day EMA, the bears will try to push the BTC/USDT pair below $57,820. If successful, the selling could gain momentum and the pair could drop to $52,500.

Contrary to this view, a rise above the 20-day EMA from current levels indicates strong accumulation at lower levels. The pair could then retest the upper zone at $67,000-$69,000.

ETH/USDT
Ether broke below the rising channel on November 15, and further selling followed on November 16, sending the price below the 20-day EMA ($4,439). It was the first close below the 20-day EMA since October 1st.

Daily ETH/USDT chart. Source: Trading View
The long tail of the November 17 candlestick suggests that the bulls are trying to defend the 50-day SMA ($4,033). The 20-day EMA has started to turn lower and the Relative Strength Index (RSI) has moved into negative territory, indicating that the bears are making a comeback.

If the price deviates from current levels or the 20-day EMA, this would indicate that sentiment has turned negative and traders are selling on the rally. The ETH/USDT pair could then break the 50-day SMA and drop to the next support at $3,600.

This bearish view will be reversed if the pair rises from current levels and breaks the 20-day EMA.

BNB/USDT
Binance Coin (BNB) broke the upper resistance at $669.30 on November 15 and fell below the 20-day EMA ($591) on November 16. Selling continued on November 17, and the bears pulled the price up to the 50% level. Fibonacci retracement level at $552.30.

BNB/USDT daily chart. Source: Trading View
The long tail of the November 17 candle suggests strong buying at lower levels. Buyers will now try to push the price above the 20-day EMA. If they succeed, the BNB/USDT pair will make another attempt to rise to $669.30.

Alternatively, if the price reverses down from the 20-day EMA, this would indicate that sentiment has turned negative and traders are selling on the upside. The pair could then continue lower to the 50-day SMA ($509).

SOL/USDT
Solana (SOL) fell below the rising channel and the 20-day EMA ($224) on November 16, suggesting that the bulls may lose ground.

Source: CoinTelegraph

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