Bitcoin (Bitcoin) Fell below $56,000 on November 19, completing nearly 20% callback from the highest point in historyThe cryptocurrency fear and greed index, which has been in the greed zone for most of the past two months, has fallen into the fear category with a reading of 34.
Cryptocurrency Research Company Delphi Numbers stated in a recent report Bitcoin’s sell-off was “mainly driven by a wave of liquidation rather than a fundamental shift in narrative,” and analysts expect this pullback to be “relatively short-lived.”
The recent adjustment does not seem to shake long-term holders. According to the Hodl Waves indicator, Investor-held supply As of November 17, the number of purchases in the past 6 to 12 months has soared from 8.7% in early June to 21.4%.
Will the lower levels attract strong buying, leading to a sharp recovery, or will the bears sell when they rebound? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin bounced off the 50-day simple moving average (SMA) ($59,718) on November 17, but the bulls’ failure to push the price above the 20-day exponential moving average (EMA) ($61,696) indicated that buying was in Higher level.
The BTC/USDT currency pair plummeted on November 18 and closed below the 50-day moving average. The moving average is on the verge of a bearish crossover, and the relative strength index (RSI) is in the negative zone, indicating that the bears have the upper hand.
If the bulls fail to push the price higher and maintain it above the moving average, the selling may intensify and the currency pair may fall to the support zone of US$52,500 to US$50,000.
Conversely, if the bulls push the price above the moving average, the currency pair may rise to the downtrend line. This level may be an obstacle, but if the bulls push the price above this level, the currency pair may rise to the upper zone of $67,000 to $69,000.
Ether (Ethereum) Rebounded from the 50-day MA ($4,082) on November 17, but the bulls were unable to clear the obstacles above the 20-day MA ($4,387). This exacerbated the sell-off, and the price fell below the 50-day moving average on November 18.
The inability of the shorts to maintain a lower level of selling pressure may have attracted strong buying from aggressive bulls. The bulls pushed the price back above the 50-day moving average on November 19. The ETH/USDT currency pair may now reach the 20-day moving average, and the shorts may once again pose a serious challenge.
If the price falls from the 20-day EMA, the bears will try to pull the currency pair lower and maintain it below $3,956.44. This may clear the way for a possible drop to 3,371 USD. Alternatively, a breakout and close above the 20-day moving average would indicate that the correction phase may be over. Then the currency pair can retest all-time highs.
Binance Coin (Bitcoin) Plummeted to the 50-day moving average ($517) on November 18, but the strong rebound on November 19 indicated aggressive buying at a lower level. The bulls will now try to push the price above the 20-day moving average ($585).
If the BNB/USDT pair stays above the 20-day moving average, it indicates that the short-term correction may have ended. The currency pair may then rise to the upper resistance zone of US$669.30 to US$691.80, where the bears may pose a serious challenge.
A break and close at the upper resistance level may indicate the resumption of the uptrend. Conversely, if the price falls from the 20-day moving average, the probability of breaking below the 50-day moving average will increase. The currency pair may then fall to the 78.60% Fibonacci retracement level of $485.40.
The bulls tried to push Solana (SOL) above the 20-day moving average ($221) on November 17 and 18, but the bears did not relax. Failure to clear this obstacle may have attracted a sell-off by traders on November 18th, thereby pulling the price to the 50-day moving average ($195).
The aggressive buying at lower levels led to a sharp rebound on November 19, indicating that the bulls are defending the 50-day moving average support.
If buyers push the price above the 20-day moving average, the SOL/USDT pair may rebound to the downtrend line. Breaking and closing above the downtrend line may improve the prospects for resuming the uptrend.
Contrary to this assumption, if the price falls from the 20-day moving average, the bears will try again to pull the currency pair below the 50-day moving average and trend line. If they manage to do this, the sell-off may intensify and the currency pair may fall to $140.
The long tail on the candlesticks on November 16 and 17 indicates that the bulls are trying to defend the strong support of $1.87. However, it failed to maintain Cardano (Have) Higher than $1.87 may prompt traders to sell heavily on November 18.
The bulls are currently trying to push the price back above $1.87. If they manage to maintain prices above that level, they may trap aggressive shorts. This may start a strong recovery and may hit a downtrend line.
Contrary to this assumption, if the price drops from the current level or the 20-day moving average ($1.99), it indicates that the market sentiment is still negative and traders sell on rallies. The bears will then try to pull the currency pair below $1.70 and extend the decline to $1.50.
The bulls pushed Ripple (Ripple) Is higher than the moving average on November 18, but the long wick on the candlestick shows aggressive selling at a higher level. The price fell to the psychological support of $1, and the bulls are strengthening their defenses.
A rebound from current levels may again face strong selling near the moving average. If the price retreats from the 20-day EMA ($1.13), the bears will try to push the XRP/USDT pair below $1.
If they can pull it down, the currency pair may continue to fall to the next support level of $0.85. Selling may accelerate below this support.
Conversely, if the bulls push and maintain the price above the moving average, the currency pair may rise to the upper resistance at $1.24.
DOT / USDT
Polkadot (DOT) fell below the horizontal support level of $38.70 on November 18, but the bulls stepped in and stopped at the rising trend line. The sharp rebound indicates strong demand at lower levels.
However, the downward sloping 20-day EMA (45 USD) and negative zone RSI indicate that bears are in a dominant position. The rebound may face strong resistance in the area between $43.27 and the 20-day moving average.
If the price falls from the upper zone, the bears will try to pull the DOT/USDT pair below $37.53. A close below this level will complete a bearish head and shoulders pattern, indicating the beginning of a deeper correction. Conversely, if the bulls push the price above the 20-day moving average, the currency pair may rebound to $47.83.
Dogecoin (dog) Fell to a strong support level of $0.21 on November 18. This level played a supportive role during the previous two declines, and the rally on November 19 indicated that the bulls are trying to begin to relieve the rally.
The recovery may face strong resistance at the downtrend line. The downward sloping 20-day EMA ($0.25) and the RSI in the negative zone indicate that bears have the upper hand.
If the price falls from the downtrend line, the bears will try again to push the DOGE/USDT currency pair below 0.21 USD. If this happens, the currency pair may fall to the key support level of $0.19.
If the bulls push the price higher and maintain it above the downtrend line, this negative perception will be invalid. Then the currency pair will try to rebound to 0.30 USD.
SHIBA INU (SHIB) fell below the key support level of $0.000043 on November 18, but the bears failed to break the price below the 50-day moving average ($0.000041). This shows that the bulls are actively buying at lower levels.
The relief rebound may face strong resistance at the 20-day moving average (0.000051 USD). If the price drops from this resistance level, it indicates that market sentiment has turned negative and traders are selling on rallies.
Then the bears will try again to pull the price below the 50-day moving average. This move may accelerate the selling, and the SHIB/USDT currency pair may complete a 100% retracement and fall to 0.000027 US dollars.
On the contrary, breaking and closing above the 20-day moving average will be the first sign that the correction may end. Then the currency pair may rebound to 0.000057 USD and then rise to 0.000065 USD.
AVAX / USDT
Avalanche (AVAX) fell from $110.41 on November 18, but the long tail on the candlestick indicates that the bulls continue to buy at lower levels.
The rising 20-day moving average ($88) and RSI close to the overbought zone indicate that the bulls are in control. Buyers try to resume the upward trend by pushing prices to historical highs.
If they succeed, the AVAX/USDT currency pair may start to move towards 115.14 USD and then reach the 161.8% Fibonacci extension level of 128.01 USD.
Or, if the bulls fail to maintain the price above $110.41, the currency pair may experience profit-taking and fall to the 20-day moving average. A break and close below this support level may indicate that the uptrend may be losing momentum. The currency pair may fall to 81 US dollars.
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Market data by Bitcoin exchange.