Today’s crypto market is being reshaped by blockchain technology. It has been a wild ride with the world of digital assets on fire over the past few years, but things got even more complicated in December 2018 when Bitcoin Cash was created and divided from its original coin while Ethereum underwent a hard fork that led to two separate coins going forward: Ethereum Classic and New Ethereum.
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At $60,000 and $4,000, respectively, Bitcoin (BTC) and Ether (ETH) are challenging psychologically crucial support levels. Both of these levels are crucial in maintaining the uptrend in the near run.
While the drop may frighten away leveraged traders, Bitcoin whales seem to be seizing the chance. The third-largest Bitcoin whale added 207 Bitcoin to his holdings at an average price of around $62,053 per Bitcoin, according to on-chain statistics.
According to writer Colin Wu, the whale’s holdings climbed by 635 Bitcoin in November after the last acquisition.
Performance of the bitcoin market on a daily basis. Coin360 is the source of this information.
But it’s not all good news for Bitcoin and other cryptocurrencies. On predictions that rising inflation would push the US Federal Reserve to hike rates and expedite the tapering of its $120 billion per month asset buying program, the dollar has surged to a sixteen-month high.
A stronger dollar, according to LMAX Group currency expert Joel Kruger, may impact risky assets the hardest, which might explain the current dip in Bitcoin and altcoins.
Will bulls be able to hold the strong support levels and mount a comeback, or will aggressive selling drive crypto prices below the strong support levels? Let’s look at the charts of the top ten cryptocurrencies to see what we can learn.
On Nov. 16, Bitcoin fell below the 20-day exponential moving average ($62,607) and the rising wedge pattern’s support line. This is the first indicator that the bulls’ hold is slipping.
Daily chart of BTC/USDT. TradingView is the source of this information.
The buyers are seeking to defend the 50-day simple moving average ($59,122), but the modest recovery suggests that the bulls are not in a hurry to purchase at these prices.
The bears will aim to plunge the BTC/USDT pair below $57,820 if the price falls below the present level or the 20-day EMA. If they succeed, selling might gain traction, and the pair could fall under $52,500.
Contrary to popular belief, if the price climbs over the 20-day EMA from its present level, it indicates substantial accumulation at lower levels. The two might then try the $67,000 to $69,000 overhead zone.
On Nov. 15, Ether fell below the rising channel, which was followed by further selling on Nov. 16, bringing the price below the 20-day EMA ($4,439). Since Oct. 1, this was the first closure below the 20-day EMA.
Daily chart of ETH/USDT. TradingView is the source of this information.
Today’s candlestick has a lengthy tail, indicating that bulls are aiming to defend the 50-day SMA ($4,033). The 20-day exponential moving average (EMA) has begun to decline, and the relative strength index (RSI) has entered the negative territory, suggesting that bears are making a return.
If the price falls below the present level or the 20-day EMA, it means that traders are selling on rallies and sentiment has become negative. The ETH/USDT pair may potentially break through the 50-day SMA and fall below $3,600, the next support level.
If the pair climbs from its present level and breaks above the 20-day EMA, this bearish outlook will be invalidated.
On Nov. 15, Binance Coin (BNB) retreated from the overhead barrier of $669.30, plunging below the 20-day EMA ($591) on Nov. 16. The bears dragged the price towards the 50% Fibonacci retracement line at $552.30 today, as the selling persisted.
Daily chart of the BNB/USDT currency pair. TradingView is the source of this information.
Today’s candlestick has a lengthy tail, indicating strong buying at lower levels. Buyers will now attempt to drive the price back above the 20-day moving average. If they succeed, the BNB/USDT pair will attempt to surge above $669.30 once again.
If, on the other hand, the price falls below the 20-day EMA, it indicates that mood has become negative and traders are selling on rallies. The pair’s slide may then be extended to the 50-day SMA ($509).
On Nov. 16, Solana (SOL) fell below the rising channel and the 20-day EMA ($224), signaling that the bulls are losing control. The buyers are trying to hold the $216 breakthrough level, but any recovery will almost certainly be met by selling at higher levels.
Daily chart of SOL/USDT. TradingView is the source of this information.
The 20-day EMA has flattened out, and the RSI has fallen to the middle, suggesting that supply and demand have reached a point of equilibrium. If the price breaks and holds below $216, the balance will move in favor of the bears.
The SOL/USDT pair, on the other hand, might ascend to the downtrend line if the price bounces off the present level. This level may function as a stumbling block for bulls, but if they overcome it, the pair might revisit the all-time high of $259.90.
Cardano (ADA) fell significantly on Nov. 16 and dipped below the important support level of $1.87, however bulls prevented the price from closing below it. The candlestick’s extended tail shows that buyers are trying to protect the support level.
Daily chart of the ADA/USDT currency pair. TradingView is the source of this information.
The bulls are seeking to reclaim $1.87 today, but higher levels may invite selling. Both moving averages have begun to decline, and the RSI has entered the negative territory, suggesting the bears are in charge.
The bears will aim to push the ADA/USDT pair below $1.75 if the price falls below the present level or the 20-day EMA. If they are successful, the pair might fall below $1.50. A break and closure above the downtrend line will be the first indication of strength.
Bears sold on rallies to the overhead resistance at $1.24, as shown by the lengthy wick on XRP’s Nov. 15 candlestick. On November 16, the selling increased, and bears dragged the price down below the moving averages.
Daily chart of XRP/USDT. TradingView is the source of this information.
The XRP/USDT pair might test the solid support at $1 if bears keep the market below the moving averages. The 20-day exponential moving average ($1.15) has begun to decline, and the RSI has slipped into negative territory, suggesting that bears have a minor advantage.
If the price breaks and closes below $1, it might drop to $0.85. This level might operate as a powerful support once again, but if it breaks, $0.70 could be the next stop.
The pair might advance to $1.24 if the price breaks above the moving averages. To signify a return, the bulls will have to lift the price above this level and keep it there.
The inability of Polkadot (DOT) to bounce back above the 20-day EMA ($45.99) may have caused short-term bulls to book profits and aggressive bears to sell. The selling accelerated, and the price fell below the 50-day SMA ($41.88) on Nov. 16.
Daily DOT/USDT chart. TradingView is the source of this information.
The DOT/USDT pair is trying to recover from the uptrend line, showing that bulls are still buying on dips. The pair might move to the 20-day EMA if bulls keep the price above the 50-day SMA.
This level is likely to pose as a stumbling block once again. If the price falls below the 20-day EMA, bears will try once again to drag the pair below the uptrend line, extending the slump to $32 and then $26.
To show that the bears are losing control, the bulls must lift the price above the 20-day EMA and keep it there.
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Dogecoin (DOGE) made a significant move down on Nov. 16 after trading between the moving averages for a few days. This means that supply is greater than demand.
Daily chart of DOGE/USDT. TradingView is the source of this information.
The bulls are aiming to hold the $0.22 support level. They’ll aim to get the price above the downtrend line presently. If they succeed, it will imply that the bears’ hold on the situation is slipping. After that, the DOGE/USDT pair might soar to $0.30.
The 20-day EMA ($0.25), on the other hand, has begun to decline, and the RSI has entered negative territory, suggesting that bears have gained the upper hand. The risk of a break below $0.22 rises if the price falls below the present level or the downtrend line. The pair may then fall below $0.19, which is a major support level.
On Nov. 14 and 15, bulls attempted to keep SHIBA INU (SHIB) above the 20-day EMA ($0.000052), but the lengthy wick on the candlestick indicates selling at higher levels.
Daily chart of SHIB/USDT. TradingView is the source of this information.
On Nov. 16, the selling persisted, pushing the price below the 20-day EMA. Bulls are trying to defend the important support level of $0.000043, which is a small positive. The SHIB/USDT pair might try to ascend to the barrier at $0.000065 if buyers push and maintain the price above the 20-day EMA.
On the other hand, if the price falls below the present level or the 20-day EMA, it means that traders are selling on any tiny uptick. A break below $0.000043 and the 50-day SMA ($0.000040) will be more likely as a result. If that occurs, the pair may drop below $0.000027 and complete a 100 percent retracement.
The stock Avalanche (AVAX) is on the rise. On Nov. 16, the bears attempted to halt the uptrend by sinking the price below the important support level of $81 but the bulls refused. The day’s candlestick has a lengthy tail, indicating that buyers defended the 20-day EMA ($85.20) with strength.
Daily chart of AVAX/USDT. TradingView is the source of this information.
The bulls have pushed the price over the overhead barrier at $101.82 as buying resumed today. The AVAX/USDT pair might surge to $115.14 if buyers keep the price above the psychologically important threshold of $100.
Bulls are in control, as seen by the upsloping 20-day EMA and the RSI in overbought zone. To signify a probable shift in the short-term trend, the bears will have to knock the price down below the breakthrough mark at $81.
The author’s thoughts and opinions are purely his or her own and do not necessarily represent those of Cointelegraph. Every investing and trading decision has some level of risk. When making a choice, you should do your own research.
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The “bitcoin news” is a cryptocurrency that has been around for a while. There are many different coins, but the most popular ones are BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB and AVAX.
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