Bitcoin (BTC) succumbed to profit-booking on Nov. 13 and 14, which pulled the price below $35,000. Corrections are a normal part of every up-move and are considered healthy as they shake out the weak hands and allow the stronger hands to add to their positions.
A note of caution to the eager dip buyers is that Glassnode data shows the number of whale wallets with more than $1,000 Bitcoin dropped to its lowest level in about a month. This indicates that some whales may have sold into the recent strength.
DecenTrader co-founder Filbfilb said in an interview with Cointelegraph that a drawdown could come before the rally leading into Bitcoin halving in April 2024. Filbfilb believes Bitcoin could pick up pace after that and reach $46,000 to $48,000 by halving.
Could Bitcoin and the select altcoins resume their uptrend, or will higher levels attract solid selling by the bears?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin re-entered the ascending channel pattern on Nov. 13, which may have trapped the aggressive bulls. That started a liquidation, which pulled the price to the channel’s support line on Nov. 14.
The strong bounce off the support line suggests that lower levels continue to attract buyers. The bulls will try to push the BTC/USDT pair above the resistance line, but may encounter strong selling by the bears.
If the price turns down and breaks below the channel, it will suggest that traders are rushing to the exit. That may yank the price to the $32,400 to $31,000 support zone. The bulls are expected to aggressively buy at lower levels. The bulls will be back in control after they shove the price above $38,000.
Ether price analysis
Ether (ETH) turned up on Nov. 13, but the long wick on the day’s candlestick suggests selling at higher levels. The selling continued on Nov. 14, and the price slipped below the psychological level of $2,000.
The failure of the bulls to flip the $2,000 level into support is a negative sign, but a solace is that buyers held the 20-day exponential moving average ($1,921) on the downside. If buyers retain the price above $2,000, it will indicate vigorous buying at lower levels. The ETH/USDT pair may then retest the overhead zone between $2,137 and $2,200.
Conversely, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are back in the game. That could clear the path for a decline to the 50-day SMA ($1,745).
BNB price analysis
BNB (BNB) broke below the 20-day EMA ($239) on Nov. 14 but snapped back from the solid support at $235. This suggests robust buying at lower levels.
The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls have a slight edge. Buyers will try to push the price to the $258 to $265 overhead resistance zone.
Sellers are expected to protect this zone with vigor. If the price turns down sharply from $265, the BNB/USDT pair may drop to $235 and oscillate between these two levels for some time.
XRP price analysis
The selling continued on Nov. 14, pulling the price below the 20-day EMA ($0.62). This level is likely to witness a tough battle between the bulls and the bears. If the price maintains below the 20-day EMA, the next stop could be the 50-day SMA ($0.56). Such a move suggests that the XRP/USDT pair may swing between $0.56 and $0.74 for a while.
The bulls will be back in the driver’s seat after they propel the price above the overhead resistance at $0.74. The pair may then climb to $0.85 and later to $1.
Solana price analysis
The bears tried to start a correction in Solana (SOL) on Nov. 13, but the bulls stepped in and arrested the decline at $51 on Nov. 14.
Buying continued on Nov. 15, and the bulls are trying to overcome the barrier at $64. If they manage to do that, the SOL/USDT pair could start the next leg of the uptrend. The pair may then rally to $77 and subsequently to $95.
The risk to the upside move is that the RSI has been in overbought territory for the past several days. That suggests the rally is overextended in the near term and may witness a correction or consolidation.
Cardano price analysis
Cardano (ADA) remained above $0.38 from Nov. 10 to 12, but the bulls could not build upon the next leg of the uptrend. That may have tempted short-term traders to book profits, pulling the price to the 20-day EMA ($0.34) on Nov. 14.
The ADA/USDT pair rebounded sharply off the 20-day EMA, as seen from the long tail on the candlestick. Buyers will try to propel the price to the $0.38 to $0.39 resistance zone. If bulls overcome this obstacle, the pair could rally to $0.46.
Instead, if the price turns down and plunges below the 20-day EMA, it will open the doors for a possible decline to $0.32. Such a move will indicate that the pair may consolidate between $0.24 and $0.38 for a few days.
Dogecoin price analysis
The bears pulled the price below the 20-day EMA, but the long wick on the candlestick shows solid buying at lower levels. The bulls will again try to push the price to $0.08, where they are likely to encounter strong selling by the bears.
If the price turns down from $0.08 and breaks below the 20-day EMA, it will indicate that the DOGE/USDT pair may stay range-bound for a while. Contrarily, a break and close above $0.08 will signal the start of the next leg of the up-move to $0.10.
Polygon price analysis
The failure of the bulls to sustain the price below the $0.89 level suggests that the bulls are trying to flip the level into support. The bulls may again face stiff opposition from the bears at the psychological level of $1.
If the price turns down from this level but does not slip below $0.89, it will increase the likelihood of the resumption of the uptrend. Above $1, the MATIC/USDT pair could reach $1.20. On the contrary, a fall below $0.84 could start a correction to the 20-day EMA ($0.77).
Chainlink price analysis
If the bounce off the 20-day EMA sustains, the bulls will try to push the price to the local high of $16.60. This is a critical level to watch out for because a break above it will signal the resumption of the uptrend. The LINK/USDT pair could next rally to $20.
Contrary to this assumption, if the price turns down from $16.60, it will suggest that the bears remain active at higher levels. That could keep the pair stuck between $16.60 and the 20-day EMA for some time.
Toncoin price analysis
Toncoin (TON) found support at $2.31 on Nov. 12, but the rebound was short-lived. The price turned down and plummeted below $2.31 on Nov. 14.
The failure of the bulls to defend the 20-day EMA ($2.31) suggests that the positive momentum is weakening. Both moving averages have flattened out, and the RSI is near the midpoint, indicating a range-bound action in the near term.
On the downside, if the 50-day SMA cracks, the TON/USDT pair could fall to $2 and thereafter to $1.89. Buyers are expected to guard this level with vigor. The bulls will have to propel the price above $2.77 to indicate the start of the next leg of the up-move.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.