Bitcoin (BTC) and Ether (ETH) had their highest monthly close ever in October, suggesting strong momentum favoring buyers. The focus is now shifting to November, which was largely bullish for Bitcoin.

Since 2013, Bitcoin has only closed November in the red twice, in 2018 and 2019. Another positive stimulus for Bitcoin could be the tailwind from the US stock markets, which also had an enviable record in November.

The S&P 500 saw an average gain of 2% in November, the only month of the year that saw such impressive average returns.

Daily performance of the cryptocurrency market. Source: Coin360

Glassnode data also shows that Bitcoin reserves on the exchanges are at their lowest level in three years. The amount of Bitcoin in the wallets has dropped from 3.1 million Bitcoin in April 2020 to 2.47 million BTC. According to analysts, this could be bullish for Bitcoin if demand skyrockets as it could trigger a supply shock.

Could Ether lead the Altcoins up or will Bitcoin stay in the driver’s seat? Let’s analyze the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin turned away from the resistance line of the flag pattern on October 31, but the bulls did not allow the price to stay below the 20-day exponential moving average (EMA) ($ 59,876). This is a positive sign as it shows that traders buy on break-ins.

BTC / USDT daily chart. Source: TradingView

A break and close above the resistance line complete the bullish flag setup. The BTC / USDT pair could then soar to the all-time high of $ 67,000. This level is likely to act as a major obstacle, but if the bulls can get past it, the pair could begin their journey towards the target target at $ 89,476.12.

The rising moving averages and relative strength index (RSI) in positive territory show that the bulls have the upper hand. The first sign of weakness will be a breakout and close below the 20-day EMA. Such a move could cause the pattern’s support line to decline.

Sales could accelerate if the bears keep the price under the flag. The pair could then hit the 50-day simple moving average (SMA) ($ 53,115).

ETH / USDT

The long tail on Ethers candlestick on November 1st shows that bulls are buying heavily on dips. The bulls have not let the price drop below the 20-day EMA ($ 4,042) since October 1st and hold, suggesting sentiment remains positive.

ETH / USDT daily chart. Source: TradingView

If the bulls lift the price above the overhead resistance at $ 4,460.47, the ETH / USDT pair could resume the uptrend. The pair could then rebound to the psychologically important level of $ 5,000 where the bears are likely to be a major challenge.

Contrary to this assumption, if price deviates from overhead resistance, the bears will attempt to pull the pair towards the 20-day EMA. This is an important support to look out for as a break below it could cause short-term traders to post profits.

BNB / USDT

The bears have been trying to push Binance Coin (BNB) back below $ 518.90 for the past two days, but the long tail on the candle shows that the cops had other plans. Lower levels will attract strong buying and the bulls will now seek to resume the uptrend.

BNB / USDT daily chart. Source: TradingView

The rising 20-day EMA (486) and the RSI just below the overbought zone suggest that the bulls are in charge. If the bulls hold the price above $ 540.50, the BNB / USDT pair could move towards the pattern target at $ 554 and later towards the psychological resistance at $ 600.

Conversely, if the price goes down and falls below the 20-day EMA, it indicates aggressive selling at higher levels. This could trap several aggressive bulls and drag the pair to the critical support at $ 392.20.

ADA / USDT

The bulls have successfully defended strong support at USD 1.87 for the past few days but are struggling to push Cardano (ADA) above the 20-day EMA (USD 2.07). This indicates a lack of demand at higher levels.

ADA / USDT daily chart. Source: TradingView

The bears will now attempt to lower the price below the $ 1.87 to $ 1.80 support zone. If so, the ADA / USDT pair could fall to $ 1.58. The falling moving averages and the negative RSI show that the bears are in control.

If, contrary to this assumption, the price rises from current levels and breaks above the moving averages, it indicates a strong accumulation at $ 1.87. The pair could then move to the overhead resistance at $ 2.47.

SOL / USDT

Solana (SOL) rallied from the 20-day EMA on October 31st, signaling strong buying at lower levels. The bulls will now attempt to push the price above the overhead resistance zone from $ 216 to $ 218.93.

SOL / USDT daily chart. Source: TradingView

If successful, the SOL / USDT pair could continue its uptrend and rebound to the pattern target at $ 239.83. A break and a close above this resistance could open the doors for a possible rally to $ 265.80.

The rising 20-day EMA ($ 185) and the RSI in positive territory suggest that the bulls have the upper hand. This positive view will be dashed if price deviates from the overhead resistance and falls below the 20-day EMA. That could pull the price down to the trend line.

XRP / USDT

Ripple (XRP) is stuck between the downtrend line and the $ 1 support as the bears sell on rallies and bulls buy on dips. The bulls attempted to push the price above the downtrend line on October 31st, but the long wick on the candle indicates that it is selling at higher levels.

XRP / USDT daily chart. Source: TradingView

The bears are trying to bring the price below the moving averages starting November 1st. If so, the XRP / USDT pair could fall back to the strong support at USD 1. This is an important level to watch as a break below it could pull the price down to $ 0.85.

If the bulls push the price above the downtrendline, the pair could rise to overhead resistance at $ 1.24. The flat moving averages and the near-center RSI do not give the bulls or bears a clear advantage.

DOT / USDT

Polkadot (DOT) bounced off the 20-day EMA ($ 41.93) on October 31, as indicated by the long tail of the daily candle. This is a positive sign as it shows that traders accumulate on dips.

DOT / USDT daily chart. Source: TradingView

Sustained buying on November 1st pushed price above the overhead resistance at $ 46.39. The bulls tried to break the next hurdle at the all-time high of $ 49.78, but the bears are unwilling to give way.

If price turns down from current levels or the overhead resistance and finds support at $ 46.30, it improves the prospect of a resumption of the upward move towards the pattern target at $ 53.90.

The first sign of weakness will be a close below $ 46.39. The pair could then fall to the 20-day EMA.

Related: The Bitcoin whale indicator detects a multi-month accumulation trend while BTC is watching a $ 67K retest

SHIB / USDT

The long tail of SHIBA INU (SHIB) on the October 31st candlestick suggests that the bulls aggressively bought the decline to the 50% Fibonacci retracement level at $ 0.00005778.

SHIB / USDT daily chart. Source: TradingView

Buyers will now try to push the price towards the all-time high of $ 0.00008854. This level is likely to attract strong sales from the bears. If the price deviates from the overhead resistance, the SHIB / USDT pair could trade between $ 0.00008854 and $ 0.00005778 for a few days.

A break and close above $ 0.00008854 could indicate the resumption of the uptrend which could reach the 300% Fibonacci expansion level at $ 0.00010349. Conversely, a breakout and a close below $ 0.00005778 can push the price to the 20-day EMA ($ 0.000048).

DOGE / USDT

Dogecoin (DOGE) bounced off the 20-day EMA ($ 0.25) on October 31, but the bulls are struggling to keep the price above $ 0.27. This suggests that bears are selling in rallies.

DOGE / USDT daily chart. Source: TradingView

The 20-day EMA ($ 0.25) is rising and the RSI is just above the middle, suggesting a small advantage for buyers. If the price holds above $ 0.27, the DOGE / USDT pair could rise to $ 0.30 and later to $ 0.35.

This positive view will be invalid in the short term if bears pull price below the 20-day EMA. The pair could then fall to the 50-day SMA ($ 0.23). If this support breaks, the downside could extend to $ 0.19.

MOON / USDT

The Terra Protocol’s LUNA token traded between the resistance line of the symmetrical triangle and the 20-day EMA ($ 41.65), which is a positive sign. This suggests that traders will buy on dips to the 20-day EMA.

LUNA / USDT daily chart. Source: TradingView

Buyers need to press and hold the price above the triangle to indicate the possible resumption of the uptrend. The LUNA / USDT pair could rise to $ 49.54 initially, and if that obstacle is overcome, the uptrend could extend to the pattern target at $ 62.59.

If bears drag below the 20-day EMA, the pair could slide to the 50-day SMA ($ 38.89) and later to the triangle’s support line. A break and a close below this support indicates that the bears have overwhelmed the bulls. The pair could then drop to $ 33 and all the way down to $ 22.40.

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 involves risks. You should do your own research when making a decision.

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