Bitcoin (BTC) is close to making a new all-time high and Ether (ETH) finally soared to hit a new high at $4,800. This pushed the total crypto marke
Bitcoin (BTC) is close to making a new all-time high and Ether (ETH) finally soared to hit a new high at $4,800. This pushed the total crypto market capitalization above $3 trillion for the first time ever on Nov. 8, according to data from CoinGecko.
Data from Santiment shows that Bitcoin whales holding between 10,000 BTC to 100,000 BTC in their wallets have been aggressively buying in the past few days. They have added 92,000 Bitcoin in the past 25 days out of which roughly 43,000 have been purchased in the past five days.
Another important group that has been holding their stash is the Bitcoin miners. Data from CryptoQuant shows that barring a few exceptions, the outflows from miner wallets have largely remained flat in the past few months.
Could the bullish trend in Bitcoin and Ether pull the other major coins higher? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin broke above the bullish flag pattern on Nov. 2, indicating the possible resumption of the uptrend. The bears repeatedly attempted to pull the price back inside the flag but could not break the support at the 20-day exponential moving average ($61,400).
The rising moving averages and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside. If bulls drive the price above $67,000, the BTC/USDT pair could pick up momentum.
The first target on the upside is $75,000 which may act as a resistance but if bulls overcome this hurdle, the pair could start its march toward the pattern target at $89,476.12.
Contrary to this assumption, if the price turns down from the overhead resistance, the pair could drop to the 20-day EMA. A break and close below this support could open the doors for a possible decline to the 50-day simple moving average ($55,284).
ETH/USDT
Ether rebounded off the breakout level at $4,375 on Nov. 6, indicating that bulls have flipped this level into support. The buying resumed on Nov. 7 and the bulls have pushed the price above the previous all-time high at $4,665.87 today.
The ETH/USDT pair could now rally to the psychologically important level at $5,000 where the bears are expected to mount a stiff resistance. If the price turns down from $5,000 but does not break below the 20-day EMA, it will suggest strong buying on dips.
A break and close above $5,000 could open the doors for a further rally to $5,283.17. The important support to watch on the downside is the 20-day EMA and it has not been broken since Oct. 1.
If this support cracks, it will signal that the bullish momentum may be weakening. The pair could then drop to $3,888.
BNB/USDT
Binance Coin (BNB) picked up momentum after breaking out of $518.90. The bears are attempting to defend the overhead resistance at $691.80 as seen from the long wick on the Nov. 7 candlestick.
If bulls do not give up much ground from the current level, it will indicate strength and increase the prospects of a break above the overhead resistance. If that happens, the BNB/USDT pair could move up to $717.80.
Although the upsloping moving averages indicate advantage to buyers, the overbought levels on the RSI suggest that the pair could soon enter a minor consolidation or correction. The first support on the downside is $600.
If this support is breached, the pair could drop to the 20-day EMA ($549). Such a deep correction could delay the start of the next leg of the uptrend.
ADA/USDT
Cardano (ADA) had been trading between the 20-day EMA ($2.04) and the critical support at $1.87 for the past few days. Although the bears successfully defended the 20-day EMA, they could not sink the price below $1.87, indicating accumulation at lower levels.
The buyers have propelled the price above the 20-day EMA and the RSI has also climbed into the positive zone, indicating that the bearish momentum may be weakening. The ADA/USDT pair could now rise to the resistance line.
A break and close above the resistance line will indicate that bulls are back in the game. The pair could then rise to $2.47 where the bears are likely to mount a stiff resistance.
Alternatively, if the price turns down from the downtrend line, the bears will again try to sink the pair below $1.87.
SOL/USDT
Solana (SOL) is in a strong uptrend and trading inside an ascending channel. The up-move is facing profit-booking near the resistance line of the channel but a positive sign is that the bulls have not given up much ground.
If the price rebounds off the centerline of the channel, the bulls will make one more attempt to push the SOL/USDT pair above the resistance line. If they manage to do that, the pair could rally to $300 and then to $321.
Alternatively, if the price breaks below the centerline, the pair could drop…
cointelegraph.com