Bitcoin (BTC) and Ether (ETH) have again risen to a new all-time high on Nov. 10, indicating that the trend remains firmly in favor of the bulls.In
Bitcoin (BTC) and Ether (ETH) have again risen to a new all-time high on Nov. 10, indicating that the trend remains firmly in favor of the bulls.
In a recent report from Kraken exchange, analysts said that the current quarter’s price action has a correlation of 0.88 with the fourth quarter of 2017.
Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
Long-term holders, who have held their Bitcoin for more than 12 months, are reluctant to spend their coins, according to Glassnode’s “The Week On-Chain” report. Another positive is that investors continue to withdraw coins from centralized exchanges whose share of supply has dropped to a new record low at 12.9%.
Can Bitcoin and altcoins sustain their bullish momentum or will profit-booking drag prices lower? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
The bears tried to pull Bitcoin below the breakout level at $67,000 on Nov. 9 but they could not sustain the lower levels. The modest pullback indicates that bulls are buying on every minor dip.
Both moving averages are sloping up and the relative strength index (RSI) is near the overbought territory, indicating that bulls are in control.
If buyers sustain the price above $67,000, the BTC/USDT pair could pick up momentum and accelerate to the next target objective at $75,000. A break and close above this resistance may open the doors for a possible rally to $89,476.12.
On the downside, the zone between $67,000 and $63,750 is likely to act as a strong support. If this zone is breached, it will indicate that traders may be aggressively booking profits. The pair may then drop to the 50-day simple moving average ($56,348).
ETH/USDT
Ether has been trading inside an ascending channel for many days. The bulls are attempting to keep the price above the centerline of the channel. The major target to watch on the upside is the psychological level at $5,000.
This level is likely to act as a stiff resistance but if bulls do not give up much ground, the ETH/USDT pair may overcome the barrier and rally to the next target objective at $5,283.17.
If the price turns down from the resistance line of the channel, the pair could drop to the support line. This is an important level to keep an eye on because a break below it will suggest a possible change in the short-term trend.
The pair could first drop to $4,146.30 but if this support also gives way, the correction could reach the psychological support at $4,000.
BNB/USDT
Binance Coin (BNB) slipped below the $630 support today but the bears could not sustain the lower levels. The altcoin staged a strong recovery and the bulls are now trying to push the price above $669.30.
If they manage to do that, the BNB/USDT pair will challenge the overhead resistance at $691.80. The rising moving averages and the RSI in the overbought zone indicate the path of least resistance is to the upside.
On the other hand, if the price turns down from the overhead resistance, it will suggest that traders are defending the level aggressively. The bears will then make one more attempt to pull the price down to the 20-day exponential moving average ($566).
ADA/USDT
Cardano (ADA) broke and closed above the downtrend line on Nov. 9, indicating that the selling pressure is reducing. The bears are currently attempting to pull the price back below the breakout level.
If they succeed, it will suggest that the break above the downtrend line may have been a bear trap. The ADA/USDT pair could then drop below the moving averages and retest the critical support at $1.87.
On the contrary, if the price rebounds off the breakout level, it will suggest that bulls are buying on dips. The pair could then rally to the overhead resistance at $2.47. This is an important resistance for the bears to defend because if it cracks, the pair could rise to $2.80.
SOL/USDT
The long tail on Solana’s (SOL) Nov. 8 candlestick shows buying at the centerline of the ascending channel. However, the bulls could not build on this advantage as strong selling at higher levels pulled the price below the centerline on Nov. 9.
The SOL/USDT pair could now drop to the support line of the channel. A strong rebound off this support will indicate that the up-move remains intact. Both moving averages are sloping up and the RSI is in the positive territory, signaling that bulls have the upper hand.
A break and close above the channel will indicate strength and the pair may rally to $300 and then to $321. Conversely, if bears sink the price below the channel and the $216 support, the decline could extend to the 50-day SMA ($179).
XRP/USDT
XRP broke and closed above the overhead…
cointelegraph.com