Bitcoin (BTC) is nearing a new all-time high, and Ether (ETH) is finally at a new high at $4,800. According to CoinGecko data, on November 8th, this brought the total value of the cryptocurrency market to over $3 trillion for the first time.
Santiment data shows that bitcoin whales that have between 10,000 and 100,000 BTC in their wallets have been buying actively in recent days. They added 92,000 bitcoins in the last 25 days, of which about 43,000 were purchased in the past five days.
Daily performance in the cryptocurrency market. Source: Coin360
Another important group that has maintained its vault is the Bitcoin miners. CryptoQuant data shows that, with few exceptions, the flow of funds from miners’ wallets has remained largely unchanged in recent months.
Could the bullish trend in Bitcoin and Ether push other major currencies higher? Let’s check out the charts of the top 10 cryptocurrencies to find out.
BTC / USDT
Bitcoin broke the bullish flag pattern on November 2, indicating a possible resumption of the trend. The bears repeatedly tried to pull the price back to the flag, but failed to break the support at the 20-day exponential moving average (EMA) ($61,400).
BTC/USDT daily chart. Source: TradingView
The rising moving averages and the RSI in positive territory indicates that the path of least resistance is to the upside. If the bulls push the price above $67,000, the BTC/USDT pair could accelerate.
The first target on the upside is $75,000, which might act as resistance, but if the bulls overcome this hurdle, the pair could start its march towards the target pattern at $89,476.12.
Contrary to this assumption, if the price drops from the highest resistance level, the pair may fall to the 20-day moving average. A stop and a close during this support could open the door for a possible drop to the 50-day simple moving average (SMA) ($55,284).
ETH / USDT
Ether returned from the breakout to $4,375 on November 6, indicating that the bulls reversed that level as support. Buying resumed on November 7 and the bulls pushed the price above the previous record high of $4,665.87 on November 8.
ETH/USDT daily chart. Source: TradingView
ETH/USDT could reach the psychologically important $5,000 level, where the bears are expected to put up a strong resistance. If the price drops from $5,000, but does not fall below the 20-day moving average, this indicates a strong fall buy.
A breakout and a close above $5,000 could open the door for further gains to $5,283.17. An important support for the bearish outlook is the 20-day moving average, which has not broken since October 1.
If this support is broken, it will indicate weak bullish momentum. After that, the pair could drop to $3,888.
BNB / USDT
Binance Coin (BNB) gained speed after hacking $518.90. Bears are trying to defend the resistance at $691.80 seen over the long week in the November 7 candle.
BNB/USDT daily chart. Source: TradingView
If the bulls do not give up a large area of the current level, this will indicate strength and increase the chances of a breakout above the upper resistance. If this happens, the BNB/USDT pair could rise to $717.80.
While the ascending moving averages indicate an advantage for the buyers, the overbought levels of the RSI indicate that the pair may soon enter into a consolidation or a slight correction. The first back support is $600.
If this support is broken, the pair may drop to the 20-day EMA ($549). Such a deep correction could delay the start of the next phase of the uptrend.
ADA / USDT
Cardano (ADA) has been trading between the 20-day EMA ($2.04) and the critical support at $1.87 in recent days. Although the bears were defending the 20-day moving average, they were unable to push the price below $1.87, which indicates a build-up at lower levels.
ADA/USDT daily chart. Source: TradingView
The buyers pushed the price above the 20-day moving average and the RSI also rose into positive territory, indicating that the bearish momentum may be weakening. The ADA/USDT pair can now rise to the resistance line.
A break and close of the resistance line will signal that the bulls are back in play. The pair could then rise to $2.47, as the bears are likely to put in place a strong resistance.
Alternatively, if the price breaks from the downtrend line, the bears will once again attempt to push the pair below $1.87.