Bitcoin (BTC) is about to hit a new all-time high and Ether (ETH) eventually rose to a new high of $ 4,800. This drove total crypto market cap to over $ 3 trillion for the first time on Nov. 8, according to data from CoinGecko.
Data from Santiment shows that Bitcoin whales hold between 10,000 BTC and 100,000 BTC in their wallets have been buying aggressively in the past few days. You have added 92,000 bitcoin in the past 25 days, of which about 43,000 have been purchased in the past five days.
Daily performance of the cryptocurrency market. Source: Coin360
Another important group that has kept their stash are the Bitcoin miners. CryptoQuant data shows that the outflows from miner wallets have remained largely unchanged in recent months, with a few exceptions.
Could the uptrend in Bitcoin and Ether pull the other big coins up? Let’s check out the top 10 cryptocurrency charts to find out.
BTC / USDT
Bitcoin broke the bullish flag pattern on November 2nd, indicating a possible resumption of the uptrend. The bears made repeated attempts to get the price back under 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 relative strength index (RSI) in positive territory indicate that the path of least resistance is up. If the bulls push the price above $ 67,000, the BTC / USDT pair could gain momentum.
The initial upside target is $ 75,000, which could act as resistance, but if the bulls break that hurdle the pair could begin its march towards the pattern target at $ 89,476.12.
Contrary to this assumption, the pair could fall to the 20-day EMA if the price deviates from the overhead resistance. A break and close below this support could open the doors for a possible decline to the 50-day simple moving average (SMA) ($ 55,284).
ETH / USDT
Ether rebounded from the breakout level at $ 4,375 on November 6, suggesting that the bulls have flipped that level into support. Buying resumed on November 7th and the bulls pushed price above previous all-time high of $ 4,665.87 on November 8th.
ETH / USDT daily chart. Source: TradingView
The ETH / USDT pair could now rebound to the psychologically important level of $ 5,000, where the bears are likely to build strong resistance. If the price is down from $ 5,000 but not below the 20-day EMA, it indicates strong buying on dips.
A break and close above USD 5,000 could open the doors for another rally to USD 5,283.17. The major support to watch on the downside is the 20-day EMA, which has not been breached since October 1st.
If this support breaks it will signal that bullish momentum may be wearing off. The pair could then fall to $ 3,888.
BNB / USDT
Binance Coin (BNB) has gained momentum after the breakout of $ 518.90. The bears are trying to defend overhead resistance at $ 691.80, as evidenced by the long wick of the November 7th candle.
BNB / USDT daily chart. Source: TradingView
If the bulls don’t give in much from current levels it will indicate strength and increase the prospect of a break above the overhead resistance. If so, the BNB / USDT pair could rise to $ 717.80.
Although the rising moving averages are giving buyers an advantage, the overbought levels in the RSI suggest that the pair may enter some minor consolidation or correction soon. Initial support on the downside is at $ 600.
If this support breaks, the pair could hit the 20-day EMA ($ 549). Such a deep correction could delay the start of the next leg of the uptrend.
ADA / USDT
Cardano (ADA) has traded between the 20-day EMA ($ 2.04) and the critical support at $ 1.87 for the past few days. Although the bears successfully defended the 20-day EMA, they failed to bring the price below $ 1.87, suggesting accumulation at lower levels.
ADA / USDT daily chart. Source: TradingView
Buyers have pushed price above the 20-day EMA and the RSI has also moved into positive territory, suggesting that bearish momentum may be easing. The ADA / USDT pair may hit the resistance line now.
A break and close above the resistance line indicates that the bulls are back in the game. The pair could then climb to $ 2.47 where the bears are likely to build stiff resistance.
Alternatively, if the price deviates from the downtrend line, the bears will try again to bring the pair below $ 1.87.
SOL / USDT
Solana (SOL) is in a strong uptrend and trades within an ascending channel. The bullish move is facing profit booking near the resistance line of the channel, but one positive sign is that the bulls haven’t given up much ground.
SOL / USDT daily chart. Source: TradingView
If price bounces off the center line of the channel, the bulls will make another attempt to push the SOL / USDT pair above the resistance line. If they do that, the pair could climb to $ 300 and then to $ 321.
Alternatively, if price falls below the midline, the pair could fall to the support line of the channel. A break below the channel could trigger a deeper correction to $ 200 and later to the 50-day SMA ($ 175).
XRP / USDT
Ripple (XRP) broke the overhead resistance of $ 1.24 on November 8, but the bulls are finding it difficult to sustain the breakout. This suggests that bears are active at higher levels.
XRP / USDT daily chart. Source: TradingView
The 20-day EMA ($ 1.13) is sloping up and the RSI is in positive territory, suggesting that the path of least resistance is up. If the bulls hold the price above $ 1.24, the XRP / USDT pair could rise to $ 1.41.
This level could act as a strong resistance again, but if buyers clear this hurdle, the upward momentum could pick up.
On the contrary, if the price falls from current levels, the pair could fall to the 20-day EMA. The sell could strengthen if the support cracks and the pair could drop to $ 1.
DOT / USDT
Polkadot (DOT) bounced off the breakout level at $ 49.78 on Nov. 6, suggesting the bulls are trying to flip that level into support. Buyers will now try to push the price above $ 55.09 and continue the uptrend.
DOT / USDT daily chart. Source: TradingView
If successful, the DOT / USDT pair could begin its march north towards the next target at $ 63.08. The rising moving averages and the RSI near the overbought zone show that buyers have the upper hand.
If price deviates from overhead resistance, the pair could stay in a range between $ 49.78 and $ 55. A break and close below $ 49.78 is the first indication that traders may be making profits on their positions.
The pair could then hit the 20-day EMA ($ 47.41). If the price recovers from these levels the bulls will try again to resume the uptrend, but if the support breaks the pair could fall to the 50-day SMA ($ 38.92).
Related: Bitcoin holds $ 65,000 after Elon Musk sell-off causes BTC to exceed Tesla’s market cap
SHIB / USDT
SHIBA INU (SHIB) has been in a strong correction phase in the last few days. Although the price rebounded from just below the 20-day EMA ($ 0.000053) on November 5th, the bulls are struggling to hold the higher levels.
SHIB / USDT daily chart. Source: TradingView
This suggests that traders are selling at higher levels. If bears let the price dip below the 20-day EMA, the SHIB / USDT pair could fall to $ 0.000043. This is an important level to keep an eye on because if it collapses the correction can extend to $ 0.000040.
The longer the price stays below the 20-day EMA, the greater the likelihood of falling to the 50-day SMA ($ 0.000031).
A breakout and close above the downtrendline are the first signs that selling pressures may ease. The pair could then rise to $ 0.000065 and later to $ 0.000075.
DOGE / USDT
Dogecoin (DOGE) fell below the 20-day EMA ($ 0.26) on Nov 4th, 5th and 6th, but the long tail of the candles suggests strong buying at lower levels.
DOGE / USDT daily chart. Source: TradingView
The gradually rising 20-day EMA and the RSI in positive territory suggest that bulls have a slight advantage. The bulls are trying to push the price down onto the stiff overhead resistance at $ 0.34, but the long wick on the November 8 candlestick suggests that the bears are selling on rallies.
If the price drops from current levels, the bears will try again to pull the price below the 20-day EMA. If so, the DOGE / USDT pair could fall to the 50-day SMA ($ 0.24). Breaking below this support could cause it to fall to $ 0.19.
AVAX / USDT
Avalanche (AVAX) is on a strong uptrend. The upside gained momentum after price rose above the overhead resistance at $ 81. The bulls will now try to push the price up to $ 100.
AVAX / USDT daily chart. Source: TradingView
If crossed that level, the AVAX / USDT pair could extend the upside move to $ 108.56. The rising 20-day EMA ($ 72) and the RSI above 75 indicate that the bulls are in charge.
However, if the price moves down from current levels, the pair could fall to the breakout level at $ 81. If the bulls flip this level into support, the likelihood of the uptrend continuing will increase.
The first sign of weakness will be a break and close below the $ 81 support. The pair could then fall to the 20-day EMA, which is an important level for the bulls, as a break below it could signal that a near-term high has been reached.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement carries risks. You should do your own research when making a decision.
Market data is provided by HitBTC Exchange.
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