Key points:
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An in depth below the $107,000 support level will see Bitcoin complete a double top reversal pattern.
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Several altcoins have broken below their immediate support levels, clearing the way in which for further downside.
After the dismal performance in October, Bitcoin (BTC) has failed to alter course. BTC began the brand new month with a decline to crucial support at $107,000, signaling that bears are attempting to take control.
According to data from Farside Investors, demand from institutional investors has slowed, as shown by net outflows from BTC exchange-traded funds of $799 million last week.
Charles Edwards, founding father of Capriole Investments, said in a post on
Daily view of crypto market data. Source: Coin360
A small glimmer of hope for bulls is that BTC recorded a mean gain of 42.34% in November, in response to data from CoinGlass. However, traders mustn’t rely solely on this historical figure as BTC has closed November within the red 4 times since 2018. This suggests that markets could move in a single direction or the opposite.
Could BTC proceed its decline and drag altcoins lower? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Price prediction for the S&P 500 index
The S&P 500 Index (SPX) continues to trend upwards; However, the negative divergence on the relative strength index (RSI) suggests that the bullish momentum could also be weakening.
Sellers need to tug the value below the 50-day easy moving average (6,647) to signal strength. If they succeed, the index could initiate a deeper correction to six,550 after which to six,400.
Buyers probably produce other plans. They will try to defend the 20-day exponential moving average (6,764) and push the index above 6,920. In this case, the index could rise to the 7,000 mark.
US Dollar Index Price Prediction
The US Dollar Index (DXY) rebounded from the 20-day EMA (98.92) on Wednesday, signaling positive sentiment.
The index could rise to 100.50, where the bears are expected to mount a powerful defense. If buyers don’t allow the value to fall below the 20-day EMA, the probability of a rally to the stiff overhead resistance at 102 increases.
The first sign of weakness can be a break and shut below the 20-day EMA. This suggests that the bears are energetic at higher levels. The index could then decline to the 50-day SMA (98.24).
Bitcoin price prediction
BTC turned sharply lower from the 20-day EMA ($110,837) on Monday and subsequently plunged below the $107,000 support level.
An in depth below $107,000 would complete a double top pattern and signal the beginning of a correction phase. The BTC/USDT pair could then fall to the psychologically significant level of $100,000. Buyers are expected to defend the $100,000 level with all their might as a break below could signal the beginning of a brand new downtrend.
The bulls have to push the value above the moving averages to signal that the bears are losing control. Bullish momentum could gain momentum after buyers pushed Bitcoin price above $118,000.
Ether price prediction
Ether (ETH) turned lower from the 20-day EMA ($3,937) on Monday and broke below the support line of the descending channel pattern.
The falling moving averages and the RSI below 37 suggest that the bears have the advantage. If the value closes below the support line, the ETH/USDT pair could fall to the $3,435-$3,350 support zone.
This negative view can be invalidated within the near term if Ether price rises sharply from current levels and breaks above the moving averages. This suggests that markets have rejected the break below the channel. The pair could then climb to the channel's resistance line.
XRP price prediction
Buyers attempted to push XRP (XRP) above the 20-day EMA ($2.52), but sellers held their ground.
The bears will try to push the XRP/USDT pair to $2.20, which is an important near-term level to look at out for. If the $2.20 support breaks, XRP price could fall to $2 after which to $1.80.
Any recovery attempt is prone to face selling on the 20-day EMA after which the 50-day SMA ($2.69). The bulls have to push the value above the descending trend line to point a possible trend reversal.
BNB price prediction
BNB (BNB) closed below the 50-day SMA ($1,092) on Sunday, and selling intensified on Monday.
The moving averages are near completing a bearish crossover and the RSI is in negative territory, signaling that bears are in charge. The $1,021 support was broken, paving the way in which for a decline to $932 and eventually to the October 10 intraday low of $860. Such a move suggests that the BNB/USDT pair can have peaked within the near term.
The cops are running out of time. They have to quickly push BNB price back above the 20-day EMA to signal strength.
Solana price prediction
Solana (SOL) turned lower on Monday and broke below the uptrend line of the symmetrical triangle pattern, suggesting that uncertainty has resolved in favor of the bears.
The SOL/USDT pair could fall to the strong support at $155. A rebound from the $155 level will likely face selling on the 20-day EMA ($190). In this case, Solana price is liable to falling to $137.
On the opposite hand, if the value rises from the present level or $155, it indicates demand at lower levels. The bulls will then try to push the value above the 20-day EMA. If they succeed, the pair could rise to the resistance line.
Dogecoin price prediction
Dogecoin (DOGE) has remained in a big selection between $0.14 and $0.29 over the past few days.
The DOGE/USDT pair is prone to fall to the solid support at $0.14, which is anticipated to draw buyers. If the value bounces off the $0.14 support and rises above the moving averages, it can suggest that the range-bound move could proceed for a while.
Sellers probably produce other plans. They will try to sink the Dogecoin price below the $0.14 support and proceed the downtrend. If they succeed, the pair could fall to $0.10.
Cardano price prediction
Buyers tried to maintain Cardano (ADA) above the $0.59 level, but bears renewed their selling on Monday.
The bears will try to sink the ADA/USDT pair to the crucial support at $0.50. Buyers are expected to vigorously defend the $0.50 level as a break below it could open the door for a decline to $0.40.
To gain strength, bulls have to push Cardano price above the 20-day EMA ($0.64). The pair could then rise to the breakout level of $0.75, where the bears are expected to intervene.
Hyperliquid price prediction
Hyperliquid (HYPE) slipped below the 20-day EMA ($42.73) on Sunday, suggesting bears proceed to use pressure.
The HYPE/USDT pair has fallen to the neck line and will extend the decline to solid support at $35.50. Buyers are expected to aggressively protect the $35.50 level as a break below could speed up selling. The hyperliquid price could then collapse to $30.50 and later to $28.
If the value as an alternative rises sharply from the $35.50 level and breaks above the 20-day EMA, it can signal demand at lower levels. The pair could then fluctuate between $35.50 and $52 for a number of days.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
