Bitcoin (BTC) fell below $ 56,000 on November 19, completing a correction of almost 20% from the all-time high. The Crypto Fear & Greed Index, which has been greedy for most of the last two months, fell into the fear category with a score of 34.
Cryptocurrency research firm Delphi Digital said in a recent report that Bitcoin sales were largely driven by a wave of liquidations rather than a fundamental shift in storytelling, and analysts expect the withdrawal to be “relatively short-lived.”
Daily market indicators for cryptocurrency. Source: Coin360
The latest correction does not seem to have shaken the long-standing owners. According to Hodl Waves, the supply of investors who made purchases increased in the last 6-12 months to 21.4% as of November 17, up from 8.7% in early June.
Can lower levels attract strong purchases, trigger a sharp improvement, or will the bears sell at a rally? Let’s take a look at the lists of the 10 best cryptocurrencies to find out.
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BTC / USDT
Bitcoin returned 50-day single-moving average (SMA) ($ 59,718) on November 17, but bulls’ inability to push the price above the 20-day exponentially moving average ($ 61,696) indicates a halt to higher-level buying …
BTC / USDT daily chart. Source: TradingView
The BTC / USDT pair fell and closed below the 50-day simple moving average on November 18. The moving averages are on the verge of a bearish crossover, and the Relative Strength Index (RSI) is in negative territory, indicating that the bears have an upper palm.
If the bulls fail to push the price above the moving averages and keep it, sales may intensify and the pair may fall to the $ 52,500-50,000 support range.
Conversely, if the bulls push the price above the moving averages, the pair may rise to the downtrend line. This level can act as an obstacle, but if the bulls push the price over them, the pair can rise to the upper range of $ 67,000 to $ 69,000.
ETH / USDT
Ether (ETH) jumped off the 50-day SMA ($ 4,082) on November 17, but the bulls failed to break the upper barrier of the 20-day SMA ($ 4387). These sales intensified, and on November 18 the price fell below the 50-day simple moving average.
ETH / USDT daily chart. Source: TradingView
The bears were not able to withstand sales pressure at lower levels, which may have attracted strong purchases from aggressive bulls. On November 19, the bulls pushed the price back above 50-day SMA and ETH / USDT could now reach 20-day SMA as the bears could pose a major problem again.
If the price falls from the 20-day moving average, the bears will try to pull the pair and keep it below $ 3,956.44. This could lay the groundwork for a possible fall to $ 3,371. Alternatively, a breakout and closing above the 20-day EMA would indicate that a retracement phase may be over. The couple can then test their all-time high.
BNB / USDT
Binance Coin (BNB) fell to its 50-day SMA ($ 517) on November 18, but the strong rise on November 19 indicates strong purchases at lower levels. Now the bulls will try to push the price above the 20-day moving average ($ 585).
BNB / USDT daily chart. Source: TradingView
If the BNB / USDT pair continues to move above the 20-day moving average, it will indicate that the short-term correction may be over. The pair can then rise to the upper resistance range of $ 669.30 to $ 691.80, where bears can pose a major problem.
A break and closure over general resistance can signal a resumption of the trend. Conversely, if the price falls from the 20-day moving average, the probability of a break below the 50-day simple moving average increases. After that, the pair may go down to the 78.60% Fibonacci retracement level of $ 485.40.
SOL / USDT
The 17th-18th November, the bulls tried to push Solana (SOL) over the 20-day EMA ($ 221), but the bears were not in the mood to let them down. Failure to remove this hurdle may have triggered a November 18 sale of traders, pushing the price toward the 50-day simple moving average ($ 195).
SOL / USDT daily chart. Source: TradingView
Aggressive purchases at lower levels triggered a sharp upswing on November 19, indicating that the bulls are protecting 50-day SMA support.
If buyers push the price above the 20-day moving average, the SOL / USDT may move up to the downtrend line. A break and closure above the downtrend line can increase the chances of a resumption of uptrend.