Bitcoin (BTC) and Ether (ETH) test psychologically important support levels at $ 60,000 and $ 4,000, respectively. Both levels are crucial to keep the uptrend intact in the short term.

While the decline may scare off leveraged traders, Bitcoin whales appear to be viewing this decline as a buying opportunity. On-chain data shows that the third largest bitcoin whale added 207 bitcoin to its holdings at an average price of around $ 62,053 per bitcoin.

After the recent purchase, the whale’s population increased by 635 bitcoin in November, according to journalist Colin Wu.

Daily performance of the cryptocurrency market. Source: Coin360

It’s not all bullish news for bitcoin and cryptocurrencies, however. The US dollar rose to a 16-month high as rising inflation was expected to force the US Federal Reserve to hike rates and accelerate its $ 120 billion monthly purchase program cutback.

LMAX Group’s currency strategist Joel Kruger also said a stronger dollar could hit risky assets the hardest, and this could be the reason behind the recent decline in bitcoin and altcoins.

Will the bulls defend strong support levels and rebound or will aggressive selling pull crypto prices below their strong support levels? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Bitcoin plunged below the 20-day exponential moving moving average (EMA) ($ 62,607) and the support line of the rising wedge pattern on November 16. This is the first sign that the bulls may lose their footing.

BTC / USDT daily chart. Source: TradingView

Buyers are trying to defend the 50-day simple moving average (SMA) ($ 59,122) but the flat rally suggests a lack of urgency among the bulls to buy at current levels.

If the price breaks down from current levels or the 20-day EMA, the bears will seek to bring the BTC / USDT pair below USD 57,820. If successful, sales could gain momentum and the pair could drop to $ 52,500.

Contrary to this assumption, this indicates strong accumulation at lower levels as the price rises from current levels above the 20-day EMA. The pair could then retest the overhead zone at $ 67,000 to $ 69,000.

ETH / USDT

Ether broke below the ascending channel on November 15, followed by further selling on November 16, pushing the price below the 20-day EMA ($ 4,439). This was the first closing price below the 20-day EMA since October 1st.

ETH / USDT daily chart. Source: TradingView

The long tail of the November 17th candle suggests the bulls are trying to defend the 50-day SMA ($ 4,033). The 20-day EMA has started falling and the Relative Strength Index (RSI) has fallen into negative territory, suggesting the bears are making a comeback.

If the price drops from current levels or the 20-day EMA, it suggests that sentiment has turned negative and traders are selling on rallies. The ETH / USDT pair could then break the 50-day SMA and fall to the nearest support at USD 3,600.

This bearish view will be offset if the pair rallies from current levels and breaks above the 20-day EMA.

BNB / USDT

Binance Coin (BNB) broke off the overhead resistance at $ 669.30 on November 15 and fell below the 20-day EMA ($ 591) on November 16. Selling continued on November 17th, with the bears pulling the price near the 50% Fibonacci retracement levels at $ 552.30.

BNB / USDT daily chart. Source: TradingView

The long tail of the November 17th candlestick suggests strong buying at lower levels. Buyers will now try to push the price back above the 20-day EMA. If they succeed, the BNB / USDT pair will try again to climb to $ 669.30.

Alternatively, if the price is falling from the 20-day EMA, it suggests that sentiment has turned negative and traders are selling on rallies. The pair could then extend its decline to the 50-day SMA ($ 509).

SOL / USDT

Solana (SOL) fell below the ascending channel and the 20-day EMA ($ 224) on November 16, suggesting the bulls may lose their hold. Buyers are trying to defend the breakout level at $ 216, but any rebound is likely to face sales at higher levels.

SOL / USDT daily chart. Source: TradingView

The 20-day EMA has flattened and the RSI has fallen to the middle, suggesting a balance between supply and demand. That balance will shift in favor of the bears if the price breaks through and stays below $ 216.

On the contrary, if the price recovers from current levels, the SOL / USDT pair could climb onto the downtrend line. This level could act as strong resistance, but if the bulls overcome this hurdle the pair could retest the all-time high of $ 259.90.

ADA / USDT

Cardano (ADA) turned sharply lower on November 16, breaking the critical support at $ 1.87, but one small positive is that the bulls did not close below that. The long tail on the candle indicates that buyers are trying to defend support.

ADA / USDT daily chart. Source: TradingView

The bulls attempt to push the price back above $ 1.87 on November 17th, but higher levels may attract sales. Both moving averages have started falling and the RSI has slipped into negative territory, suggesting that the bears are in charge.

If the price breaks down from current levels or the 20-day EMA, the bears will seek to move the ADA / USDT pair below $ 1.75. If they do that, the pair could fall to $ 1.50. The first sign of strength will be a break and a close above the downtrend line.

XRP / USDT

The long wick of the November 15 Ripple or XRP candle shows that bears are selling on rallies to overhead resistance at $ 1.24. Sales accelerated on November 16 and bears pushed the price back below the moving averages.

XRP / USDT daily chart. Source: TradingView

If bears keep the price below the moving averages, the XRP / USDT pair could challenge the strong support at USD 1. The 20-day EMA ($ 1.15) has started falling and the RSI has plunged into negative territory, suggesting that bears have a slight advantage.

A break and close below $ 1 could pull the price to $ 0.85. This level could act as strong support again, but if it breaks the next stop could be at $ 0.70.

Conversely, if the price falls above the moving averages, the pair could rise to $ 1.24. The bulls will have to push and hold the price above this level to signal a comeback.

DOT / USDT

Polkadot’s (DOT) failure to climb back above the 20-day EMA ($ 45.99) may have resulted in profit booking from short-term bulls and sales by the aggressive bears. This stepped up sales, dragging the price below the 50-day SMA ($ 41.88) on November 16.

DOT / USDT daily chart. Source: TradingView

The DOT / USDT pair is trying to rebound from the uptrend line, suggesting that bulls will continue to buy on dips. If the bulls hold above the 50-day SMA, the pair could rise to the 20-day EMA.

This level should act as a barrier again. If the price drops off the 20-day EMA, the bears will make one more attempt to drag the pair below the uptrend line, extending the decline to $ 32 and later to $ 26.

The bulls need to push and hold price above the 20-day EMA to indicate that the bears may be losing their hold.

Related: Metaverse gaming tokens Ethverse and Axie Infinity avoid crypto downtrend

DOGE / USDT

After trading between the moving averages for the past few days, Dogecoin (DOGE) fell significantly on November 16. This suggests that supply is exceeding demand.

DOGE / USDT daily chart. Source: TradingView

The bulls are trying to hold the $ 0.22 support. You will now try to push the price above the downtrend line. If they manage to do it, it suggests that the bears may be losing their grip. The DOGE / USDT pair could then rise to $ 0.30.

However, the 20-day EMA ($ 0.25) has started falling and the RSI is in negative territory, suggesting that the bears have the upper hand. If the price drops from the current level or the downtrend line, the likelihood of a break below $ 0.22 increases. The pair could then fall to the critical support at $ 0.19.

SHIB / USDT

The bulls attempted to keep the SHIBA INU (SHIB) above the 20-day EMA ($ 0.000052) on November 14th and 15th, but the long wick on the candle shows that it is selling at higher levels.

SHIB / USDT daily chart. Source: TradingView

The selling continued on November 16, dragging the price below the 20-day EMA. On one small positive, the bulls are trying to hold the critical support at $ 0.000043. If buyers push and hold the price above the 20-day EMA, the SHIB / USDT pair could attempt to rise to resistance at $ 0.000065.

Conversely, if the price is falling from current levels or the 20-day EMA, it indicates that traders are selling on every small increase. This increases the likelihood of a break below $ 0.00043 and the 50-day SMA ($ 0.00040). If so, the pair can complete a 100% retracement and drop to $ 0.000027.

AVAX / USDT

Avalanche (AVAX) is on an uptrend. The bears attempted to halt the bullish move and bring the price below the key support level of $ 81 on November 16, but the bulls did not give way. The long tail of the day’s candlestick shows that buyers were vigorously defending the 20-day EMA ($ 85.20).

AVAX / USDT daily chart. Source: TradingView

Buying resumed November 17th and the bulls pushed the price above the overhead resistance at $ 101.82. If buyers hold the price above the psychologically critical $ 100 level, the AVAX / USDT pair could rise to $ 115.14.

The rising 20-day EMA and the RSI in the overbought area indicate that the bulls are in control. The bears must pull the price back below the breakout level at USD 81 to signal a possible change in the short-term trend.

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.