Bitcoin (BTC) is still below $ 60,000, indicating that higher levels are attracting sales from traders.

The S&P 500 index reached a new all-time high on November 22 amid reports that US President Joe Biden has reappointed Jerome Powell for another term as central bank governor. The news also pushed the US Dollar Currency Index (DXY) up to its highest level since July 2020.

DXY skyrocketing tends to be inversely correlated with Bitcoin, and the same can be seen in November as well. While the DXY rose around 2.3% in November, the bitcoin price fell around 5.5% in the same period.

Daily market indicators for cryptocurrency. Source: Coin360
Independent market analyst TechDev said that Bitcoin’s performance in 2021 is in line with the 2017 price action, but at intervals of 5-8 days. If the correlation continues, the long-awaited upper phase of the Bitcoin explosion is likely to occur.

Could the current downturn be the last downturn before the uptrend resumes, or is the downturn the start of a sharper correction? Let’s take a look at the lists of the 10 best cryptocurrencies to find out.

BTC / USDT
Bitcoin’s recovery from $ 55,600 on November 19 reached its 50-day simple moving average (SMA) ($ 60,350) on November 20, but the bulls failed to overcome the hurdle. This indicates that the bears are trying to turn the 50-day simple moving average into resistance.

BTC / USDT daily chart. Source: TradingView
The moving averages are completing their bearish crossover, and the Relative Strength Index (RSI) is in negative territory, indicating that the path of least resistance is down.

If the price falls and falls below $ 55,600, it will signal the start of a deeper correction of the $ 52,500 support range to $ 50,000.

This negative perception will become invalid if the price rises from the current level and breaks the downtrend line. Such a movement will indicate that the correction can be completed.

The BTC / USDT pair can then begin their march north toward the upper resistance range of $ 67,000 to $ 69,000.

ETH / USDT
Ethereum (ETH) rose from a low during the day on November 18 to $ 3,956.44 above the 20-day exponential moving average ($ 4,364) on November 20, but the bulls failed to hold higher levels. On November 21, the bears pushed the price below the 20-day moving average.

ETH / USDT daily chart. Source: TradingView
ETH / USDT fell to a 50-day moving average ($ 4,240) on November 22, but the long tail of the candlestick indicates that bulls are protecting that support. If buyers push the price above $ 4,451, the pair can rally to the 61.80% Fibonacci retracement level of $ 4,519.78 and then to the 78.60% retracement level of $ 4,672.93.

Conversely, if the price falls below today’s level, the bears will again try to drop the pair below the 50-day SMA. If successful, the pair could drop to $ 3956.44. A break and close below this level will complete the head and shoulder formation. Then the pair can fall to $ 3400 and finally to a target model of $ 3047.

BNB / USDT
Binance coin (BNB) jumped from the 50-day simple moving average ($ 529) on November 19, but the bulls failed to extend the rally above the 61.8% Fibonacci retracement level of $ 602.40.

BNB / USDT daily chart. Source: TradingView
The Bears pushed the price below the 20-day moving average ($ 585) on November 22nd. If the price continues to stay below the 20-day moving average, the Bears will make another attempt to push the BNB / USDT pair below the 50-day single moving average. average. If successful, the pair could drop to $ 485.40.

Conversely, if the price breaks out of the current level and exceeds $ 605.20, this will be a signal for the bulls to return to the game. The pair may then rise to the upper resistance range of $ 659.50 to $ 669.30.

The 20-day fixed exponential moving average and RSI near the midpoint provide no clear advantage for bulls or bears.

SOL / USDT
Solana (SOL) returned the 50-day simple moving average ($ 198) and stumbled on November 21 over a strong downside on the downtrend line, indicating that bears continue to sell at the rally.

SOL / USDT daily chart. Source: TradingView
The price action in recent days has formed a symmetrical triangle, which indicates a balance between supply and demand. This balance will shift in favor of the bulls in the event of an outbreak and close over the triangle’s resistance line. The SOL / USDT pair can then test the record again at $ 259.90.

Source: CoinTelegraph

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