Bitcoin (BTC) could not sustain its gains and succumbed to profit-booking as the U.S. trading markets started the week, possibly indicating that be
Bitcoin (BTC) could not sustain its gains and succumbed to profit-booking as the U.S. trading markets started the week, possibly indicating that bears have not given up yet.
PlanB, creator of the popular BTC stock-to-flow model, does not seem to be perturbed by the dull price action of the past few days. The analyst believes that his worst-case scenario projection of $98,000 by Dec. 1 and $135,000 by Jan. 1 remains in place.
However, long-term holders do not seem to be waiting for higher levels and have started booking profits, according to analyst William Clemente who cited Glassnode data. According to Clemente, “bull market distribution has begun.”
![](https://s3.cointelegraph.com/uploads/2021-11/0c3c905a-83dd-48c9-9ac0-5bd5f173d64f.png)
Not everyone is bullish on Bitcoin. Billionaire fund manager Kyle Bass told Investor’s Podcast Network that making money from Bitcoin will be “really difficult” from the current levels because of the intense regulation by the U.S.government.
Could lower levels attract buying by the bulls or will traders continue to book profits? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin bounced off the 20-day exponential moving average ($63,232) on Nov. 12, but the bears are posing a stiff challenge at the overhead resistance zone at $67,000 to $69,000.
![](https://s3.cointelegraph.com/uploads/2021-11/15b55374-9a18-4df6-9aee-f09ff0926ace.png)
The relative strength index (RSI) has formed a negative divergence indicating that the bullish momentum may be weakening. The BTC/USDT pair has formed a bearish rising wedge pattern, which will complete on a break and close below the support line.
If that happens, it will suggest that traders are booking profits aggressively and that may result in a slide to the 50-day simple moving average ($58,396). The pattern target of the rising wedge pattern is $53,770.
Contrary to this assumption, if the price turns up from the current level and breaks above $67,000, the next stop could be $69,000. A break and close above the resistance line of the wedge could open the doors for a possible rally to $75,000.
ETH/USDT
Ether (ETH) dipped below the support line of the ascending channel on Feb. 14 but the long tail on the day’s candlestick suggests strong buying at lower levels. The bulls attempted to resume the uptrend today but the long wick on the candlestick indicates selling near $4,800.
![](https://s3.cointelegraph.com/uploads/2021-11/7cc9ba2c-7107-4964-969b-0e21e1f78969.png)
The bears will now make one more attempt to sink and sustain the price below the support line of the channel and the 20-day EMA ($4,491). If they succeed, it will suggest a change in the short-term trend. The ETH/USDT pair could then drop to the 50-day SMA ($3,980).
Conversely, if the price once again rebounds off the support line, it will suggest that bulls are aggressively defending this level. The buyers will then try to overcome the hurdle at $4,868 and push the pair to the psychological mark at $5,000. The bullish momentum could pick up further if bulls thrust the price above the channel.
BNB/USDT
Binance Coin (BNB) is attempting to break above the Nov. 7 high at $669.30 but the bears are in no mood to relent. They are defending the overhead resistance aggressively.
![](https://s3.cointelegraph.com/uploads/2021-11/34c365b0-1933-4dc1-806b-f9036eb0becc.png)
The BNB/USDT pair formed a Doji candlestick pattern on Nov. 14, signaling indecision among the bulls and the bears. If this uncertainty resolves to the downside, the pair could slide to the 20-day EMA ($593).
The bears will have to pull the price below $573 to deepen the correction to the 61.8% Fibonacci retracement level at $524.70.
On the other hand, if the price turns up from the current level or the 20-day EMA, it will indicate that sentiment remains positive and traders are buying on dips. A break above $669.30 could result in a retest of the all-time high at $691.80. The bullish momentum could pick up if buyers push and sustain the pair above this level.
SOL/USDT
Solana (SOL) rebounded off the support line of the ascending channel on Nov. 13, indicating that bulls continue to buy on dips. The bulls will now try to push the price above the overhead resistance at $248 and challenge the all-time high at $259.90.
![](https://s3.cointelegraph.com/uploads/2021-11/7f2e1b19-d527-4def-90e9-277984255a54.png)
The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If bulls push the price above the all-time high, the SOL/USDT pair could rally to the resistance line of the ascending channel.
This positive view will invalidate if the price turns down from the current level and breaks below the support line of the channel. That could clear the path for a possible decline to the 50-day SMA ($189).
ADA/USDT
Cardano (ADA) has been trading below the 20-day EMA ($2.06) for the past three days but the bears have not been able to capitalize on this and pull the price to the strong support at $1.87.
![](https://s3.cointelegraph.com/uploads/2021-11/bb9cb64d-c3b2-4dee-8836-bc8a7ba57dee.png)
The flattish 20-day EMA and the RSI just below the midpoint suggest a range-bound action in the near term.
If bulls propel the…
cointelegraph.com