Bitcoin (BTC) and most of the major altcoins remain below their respective overhead resistances, suggesting that bears are selling on rallies.

According to Ki Young Ju, CEO of the on-chain analysis company CryptoQuant, “whales deposit Bitcoin on exchanges”. Oddly enough, the outflows on the exchanges have also continued and the reserves are therefore still near their lowest level since mid-2018.

In a somewhat contradicting report, Glassnode said that long-term owners may “reduce their expenses and therefore add to positions rather than leave”.

Daily performance of the cryptocurrency market. Source: Coin360

While Bitcoin is in a correction phase in terms of dollars, it has proven to be a purchasing power saver for Turkish investors. While the lira continues to decline in value in 2021, Bitcoin has regularly hit new all-time highs in lira considerations, exceeding 700,000 lira on November 23.

Let’s look at the top 10 cryptocurrency charts to see if it’s time to rebound or could the correction deepen?

BTC / USDT

The bulls are trying to halt the correction near $ 55,000, but the bears are unwilling to give way. Bitcoin’s relief rally on November 23rd went down from $ 58,000, suggesting bears are trying to convert that level into resistance.

BTC / USDT daily chart. Source: TradingView

The moving averages have made a bearish crossover and the relative strength index (RSI) remains in negative territory, suggesting that the bears have the upper hand.

If the price falls below $ 55,317, selling could intensify and the BTC / USDT pair could fall to the support zone of $ 52,500 to $ 50,000. The bulls will likely defend this zone aggressively, but the subsequent rebound could lead to selling at the 20-day exponential moving average (EMA) ($ 60,084).

This negative view will be invalidated if the price rises from the current level and breaks above the downtrend line. The pair could then attempt to resume the uptrend.

ETH / USDT

Ether (ETH) rebounded from near the neckline of the developing head and shoulders (H&S) pattern on November 22nd. Resistance.

ETH / USDT daily chart. Source: TradingView

If price turns down from current levels and falls below the 50-day simple moving average (SMA) ($ 4,169), the bears will try again to pull the ETH / USDT pair below the neckline. If they are successful, it will complete the bearish pattern that has a target of $ 3,047.

Conversely, if the bulls push price above the 20-day EMA and resistance at $ 4,451, it suggests that selling pressures may ease. The pair will then attempt to recover to the overhead resistance zone at $ 4,772.01 to $ 4,868. A break and a close above this zone signals the resumption of the uptrend.

BNB / USDT

Binance Coin (BNB) fell from $ 605.20 on November 21 and fell back below the 20-day EMA ($ 584). However, the bears failed to take advantage of this weakness and brought the price down to the 50-day SMA ($ 532).

BNB / USDT daily chart. Source: TradingView

This suggests that bulls are piling up at lower levels. Buyers attempted to break the overhead barrier on November 23, but the bears again aggressively defended that level. The price is currently hovering around the 20-day EMA.

If the price rises from current levels and breaks above $ 605.20, the BNB / USDT pair could attempt to break the resistance at $ 669.20. If crossed that level, the pair could retest the all-time high of $ 691.80.

On the contrary, if the price stays below the 20-day EMA, the bears will try again to pull the pair towards the 50-day SMA. A break below and close below this support could signal the beginning of a deeper correction.

SOL / USDT

Solana (SOL) broke below the 20-day EMA (USD 219) on November 22nd. The bulls pushed the price back above this level on November 23rd but failed to hold the higher levels. This suggests that bears are defending the 20-day EMA.

SOL / USDT daily chart. Source: TradingView

The bears will now try to pull the price towards the support line of the symmetrical triangle. This is an important level for the bulls to defend as a break below it could tip the advantage in favor of the bears. The SOL / USDT pair could then begin its bearish move to $ 153 and later to $ 140.

Alternatively, if the price rises and breaks above the resistance line, it signals that the bulls have the upper hand. The pair could then climb to the all-time high of $ 259.90 where the bears are likely to build strong resistance.

ADA / USDT

Cardano (ADA) broke off the 20-day EMA ($ 1.90) on November 21, and the bears pulled the price below the critical support at $ 1.70. If bears keep the price below $ 1.70, sales momentum could pick up.

ADA / USDT daily chart. Source: TradingView

The falling moving averages and RSI near the oversold zone show that the bears are in control. The ADA / USDT pair could now fall to the strong support at $ 1.50 where buyers are likely to step in.

On the flip side, the bulls need to push and hold the price above the 20-day EMA to indicate that selling pressures may be easing. The trend could turn in favor of the bulls on a break and close above the downtrend line.

XRP / USDT

Ripple (XRP) bounced off psychological support at $ 1 on November 23, but the bulls were unable to push the price down to the 20-day EMA ($ 1.10). The shallow rebound suggests that the bears keep selling on any small recovery rally.

XRP / USDT daily chart. Source: TradingView

The bears will try again to bring the price below and hold below the strong support at USD 1. If they do, selling could accelerate and the XRP / USDT pair could fall to the critical support at $ 0.85.

The falling 20-day EMA and the negative RSI suggest that the path of least resistance is on the downside. That negative view will be invalid if the price climbs and breaks above the 50-day SMA ($ 1.12). That could open the doors to a possible rally to $ 1.24.

DOT / USDT

Polkadot (DOT) rallied from the uptrend line on November 23, but the bulls were unable to sustain higher levels. The price has turned down again and fell on the uptrend line.

DOT / USDT daily chart. Source: TradingView

Frequently retesting a level of support tends to weaken it. The moving averages have made a bearish crossover and the RSI is below 40, suggesting the bears are in charge.

If the price breaks and closes below $ 37.53, the DOT / USDT pair will complete an H&S bearish pattern. The pair may then begin a deeper correction towards $ 26.

Conversely, if the price recovers from current levels, the bulls will make another attempt to break the $ 43.56 barrier. If they manage to do it, it will signal that the sellers may be losing control.

Related: Shiba Inu slump continues: data shows retail interest is waning as SHIB is down 60% in 4 weeks

DOGE / USDT

Dogecoin (DOGE) bounced off critical support at $ 0.21 on November 23, but the long wick on the daily candle suggests that bears will continue to sell near the downtrendline.

DOGE / USDT daily chart. Source: TradingView

The DOGE / USDT pair fell below the $ 0.21 support on Nov. 24 and the bears will now attempt to pull the price towards the critical support at $ 0.19. This is important support for the bulls to be defended because if it cracks the pair could fall to $ 0.15.

The falling 20-day EMA ($ 0.24) and the RSI below 37 show the bears have the upper hand. The first sign of strength will be a break and a close above the downtrend line. That points to a possible bull comeback.

AVAX / USDT

The bulls failed to push Avalanche (AVAX) above the all-time high of $ 147 on Nov. 22, suggesting the bears are aggressively defending overhead resistance. This may have led to profit bookings from the short-term traders.

AVAX / USDT daily chart. Source: TradingView

The AVAX / USDT pair has initiated a correction that could find strong support in the zone between the 38.2% Fibonacci retracement level at USD 112.63 and the 20-day EMA (USD 103).

If the price rebounds from this zone, it suggests that sentiment will remain positive and traders will buy on dips. The bulls will then make one more attempt to push the pair above the all-time high and continue the uptrend.

Alternatively, a break and a close below the 20-day EMA signals that supply is exceeding demand. The pair could then fall to the 61.8% Fibonacci retracement level at $ 91.39.

CRO / USDT

Crypto.com Coin (CRO) has been on a strong uptrend for the past few days. The vertical rally has brought the RSI near 90, suggesting that the rally is overheating in the short term. This could result in a minor correction or consolidation for a few days.

CRO / USDT daily chart. Source: TradingView

The upside move could result in profit booking near the psychologically important barrier at USD 1. If so, the CRO / USDT pair could initiate a correction. The first major support on the downside is the 38.2% Fibonacci retracement level at $ 0.73.

In general, vertical rallies are followed by large declines. If the price drops below $ 0.73, the correction can extend to the 61.8% retracement level at $ 0.59. Conversely, if the price bounces off $ 0.73, the bulls will make another attempt to resume the uptrend.

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.

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