Bitcoin (BTC) is still below $ 60,000, suggesting higher levels are attracting sales from traders.

The S&P 500 hit a new all-time high on November 22nd on reports that US President Joe Biden had named Jerome Powell chairman of the Federal Reserve for a second term. This news also sent the US dollar currency index (DXY) up to its highest level since July 2020.

Usually, strong gains in DXY are inversely correlated with Bitcoin and the same can be seen this November as well. While the DXY was up about 2.3% in November, Bitcoin was down about 5.5% over the same period.

Daily performance of the cryptocurrency market. Source: Coin360

Independent market analyst TechDev said Bitcoin’s performance in 2021 will follow the 2017 price action, but with a 5 to 8 day lag. If the correlation persists, the highly anticipated blow-off top phase in Bitcoin is likely to occur.

Could the current drop be the last dip before the uptrend resumed, or is the drop the start of a bigger correction? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin’s rebound from $ 55,600 on November 19 hit the 50-day simple moving average (SMA) ($ 60,350) on November 20, but the bulls failed to clear that hurdle. This suggests that the bears are trying to turn the 50-day SMA into resistance.

BTC / USDT daily chart. Source: TradingView

The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) is in negative territory, suggesting that the path of least resistance is on the downside.

If the price turns down and falls below $ 55,600, it signals the beginning of a deeper correction into the $ 52,500 to $ 50,000 support zone.

This negative view will be invalidated if the price rises from the current level and breaks above the downtrend line. Such movement indicates that the correction may be over.

The BTC / USDT pair could then begin its march north towards the overhead resistance zone at $ 67,000 to $ 69,000.

ETH / USDT

Ether (ETH) ‘s relief rally from the November 18 intraday low of $ 3,956.44 surged above the 20-day exponential moving average (EMA) ($ 4,364) on November 20, but the bulls failed the higher levels keep. The bears pulled the price back below the 20-day EMA on November 21.

ETH / USDT daily chart. Source: TradingView

The ETH / USDT pair fell to the 50-day SMA (USD 4,240) on November 22nd, but the candle’s long tail suggests that the bulls are defending that support. If buyers push the price above $ 4,451, the pair could rise to the 61.80% Fibonacci retracement level at $ 4,519.78 and then to the 78.60% retracement level at $ 4,672.93.

On the contrary, if the price moves down from current levels, the bears will try again to move the pair below the 50-day SMA. If successful, the pair could drop to $ 3,956.44. A break and close below this level completes a head and shoulders pattern. The pair could then fall to $ 3,400 and eventually the pattern target at $ 3,047.

BNB / USDT

Binance Coin (BNB) rebounded from the 50-day SMA ($ 526) on November 19, but the bulls were unable to extend the relief rally past the 61.8% Fibonacci retracement level at $ 602.40.

BNB / USDT daily chart. Source: TradingView

The bears pulled the price below the 20-day EMA ($ 585) on November 22nd. If the price stays below the 20-day EMA, the bears will make another attempt to bring the BNB / USDT pair below the 50-day SMA. If successful, the pair could slide to $ 485.40.

Conversely, if the price rises from current levels and breaks above $ 605.20, it indicates that the bulls are back in the game. The pair could then climb to the overhead resistance zone at $ 659.50 to $ 669.30.

The flat 20-day EMA and near-center RSI do not give the bulls or bears a clear advantage.

SOL / USDT

Solana (SOL) rebound from the 50-day SMA ($ 198) hit a strong hurdle on the downtrendline on Nov. 21, suggesting bears will continue to sell in rallies.

SOL / USDT daily chart. Source: TradingView

The price movement of the past few days has formed a symmetrical triangle pattern, which indicates a balance between supply and demand. This equilibrium will shift in favor of the bulls on a breakthrough and close above the triangle’s resistance line. The SOL / USDT pair could then retest the all-time high of $ 259.90.

Alternatively, if price stays below the 20-day EMA, the pair could fall to the support line of the triangle. The bears will have to drop the price below this support to get the upper hand. The pair could then fall to $ 153.

ADA / USDT

Cardano (ADA) rose above the $ 1.87 dip on November 20, but the bulls were unable to push the price above the 20-day EMA ($ 1.95). This suggests sentiment remains negative and traders sell on rallies to the 20-day EMA.

ADA / USDT daily chart. Source: TradingView

The price fell back below $ 1.87 on November 21, and the bears will now seek to break the ADA / USDT pair below $ 1.70. If they do that, sales could intensify and the pair could fall to $ 1.50.

Contrary to this assumption, the pair could rally to the downtrendline if the price rallies up from current levels and breaks above the 20-day EMA. A break and a close above this resistance indicates the correction may be over.

XRP / USDT

Ripple (XRP) rallied from strong support at $ 1 on November 19, but the recovery attempt faded at $ 1.10, suggesting that demand is drying up at higher levels.

XRP / USDT daily chart. Source: TradingView

The falling 20-day EMA ($ 1.12) and the negative RSI show that the bears have the upper hand. If the price drops below $ 1, the selling could gain momentum and the XRP / USDT pair could drop to $ 0.85.

Conversely, if price bounces off current levels and rises above the moving averages, it indicates that the bulls are aggressively defending the support at $ 1. The pair could then begin their march north toward $ 1.24.

DOT / USDT

Polkadot (DOT) bounced off the uptrendline on November 18, but the relief rally is facing resistance at the 50-day SMA ($ 42.96). This suggests that the bears are trying to turn the 50-day SMA into resistance.

DOT / USDT daily chart. Source: TradingView

The moving averages are about to complete a bearish crossover and the RSI is in negative territory, suggesting the bears are in control. If the price breaks below the uptrendline and closes, the DOT / USDT pair could fall to $ 32 and then to $ 29.

Contrary to this assumption, if price rises from current levels and breaks above the moving averages, it will indicate that bulls will continue to buy on dips. The pair could then rebound to the overhead resistance zone at $ 47.83 to $ 49.78.

Related: Institutional managers bought the dip when crypto funds were seeing weekly inflows of $ 154 million

AVAX / USDT

The long wick of the Avalanche (AVAX) candlestick on November 21st shows traders posted gains near the 200% Fibonacci expansion level at $ 146.18. Lower levels attracted buying and the bulls attempted to resume the uptrend on November 22nd.

AVAX / USDT daily chart. Source: TradingView

Buyers need to push and hold the price above $ 147 to signal the resumption of the uptrend. The AVAX / USDT pair could then rebound to the 261.8% Fibonacci expansion level at $ 175.58.

While the rising 20-day EMA ($ 100) suggests the bulls are in charge, the RSI above 81 suggests the rally could be overheated in the short term.

When the price drops from $ 147, short-term traders can rush to exit. That could push the price down to $ 123. A break below this support could signal the start of a lower correction to USD 110 and then the 20-day EMA.

DOGE / USDT

Dogecoin (DOGE) rebounded from strong support at $ 0.21 on November 19 and fizzled out at $ 0.23. This weak recovery rally suggests that demand is drying up at higher levels.

DOGE / USDT daily chart. Source: TradingView

The falling 20-day EMA ($ 0.24) and the negative RSI show that the bears have the upper hand. If sellers pull the price below $ 0.21, the DOGE / USDT pair could hit the critical support at $ 0.19.

Contrary to this assumption, if the price rebounds from current levels, the pair could climb onto the downtrendline. The bulls need to push and hold the pair above this resistance to signal the correction may be over.

SHIB / USDT

The SHIBA INU (SHIB) fell from the 20-day EMA (0.000049) US dollar on November 20, suggesting sentiment has turned negative and traders are selling on rallies to the overhead resistance levels.

SHIB / USDT daily chart. Source: TradingView

The bears are trying to bring the price below the 50-day SMA ($ 0.000043) and the 78.6% Fibonacci retracement level at $ 0.000040. If they do, the SHIB / USDT pair could fall to $ 0.000027 and complete a 100% retracement.

The falling 20-day EMA and the negative RSI show that the bears have the upper hand. Contrary to this assumption, as the price recovers from current levels, the bulls will seek to push the pair above the 20-day EMA and begin an upward move towards $ 0.0000057.

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.

Market data is provided by HitBTC Exchange.