Bitcoin (BTC) continues to weaken after the massive market shakeout of the leveraged traders on November 10th, which caused the funding rate on the exchanges to fall to the neutral range of 0.01%.
Data analytics firm Arcane Research said in its latest weekly newsletter that the derivatives market is more mature than its all-time high in April. The company stressed that the futures contract base, the difference between Bitcoin’s spot and futures prices, which peaked in April, has become much smaller, “indicating healthier markets.”
According to Bloomberg Senior ETF Analyst Eric Balchunas, ProShares Bitcoin Strategy ETF (BITO) has become popular with an average volume in the top 2% of all ETFs in terms of total trading volume.
Another sign of the growing popularity of cryptocurrencies is that the number of assets under management by Grayscale Investments has risen to $ 60 billion, overturning the largest gold fund, SPDR Gold Shares (GLD).
Will Bitcoin and Altcoins bounce back from their strong support in the short term, or will the gains push prices to much lower levels? Let’s check out the top 10 cryptocurrency charts to find out.
BTC technical analysis
Bitcoin reversed direction from $ 69,000 on November 10, falling to the 20-day EMA ($ 62,532). The long tail of the intraday bar shows strong buying on the 20-day EMA.
BTC / USDT daily chart | Source: TradingView
However, the bulls were unable to push the price higher on November 11th, indicating reluctance to buy at higher levels. The bears resumed selling on November 12th and are trying to keep the price below the 20-day EMA.
If successful, the BTC / USDT pair can fall to the 50-day SMA ($ 57,048). The bearish divergence in the relative strength index (RSI) also warns that the bulls may lose control.
Conversely, if price bounces off current levels, it will show that sentiment remains positive and traders continue to accumulate on the downside. A breakthrough and a closing price above USD 69,000 signal the continuation of the uptrend. After that, the pair can climb to $ 75,000.
Technical analysis of the ETH
Ether (ETH) fell from $ 4,868 on November 10th, moving to the support line of the ascending channel. The bulls bought the slump and tried to resume the November 11th rally, but the higher levels put selling pressure on.
ETH / USDT daily chart | Source: TradingView
The ETH / USDT pair fell to the support line of the channel again on Nov. 12. If the price recovers from these levels, the bulls will attempt to continue the uptrend by pushing the price above the all-time high of $ 4,868.
The 20-day EMA is rising ($ 4,430) and the RSI is in positive territory, suggesting an advantage for buyers. Even if the price falls below the channel, it signals that the bullish momentum has subsided. After that, the pair may drop to the critical support at $ 4,000.
BNB. Technical analysis
Binance Coin (BNB) formed an outer bar on November 10 as the price reversed from $ 662.90 and fell to the 20-day EMA ($ 573). On a small positive side, the bulls bought the drop to the 20-day EMA as shown by the long tail of the intraday bar.
BNB / USDT daily chart | Source: TradingView
The BNB / USDT pair formed an inside-bar candlestick pattern on Nov 11, showing indecision between the bulls and the bears. If the price drops below $ 600, the pair can retest the 20-day EMA.
If this support breaks the pair may drop to the 50% fib retracement support at $ 552.30 and then to the 61.8% fib retracement level at $ 524.70.
Conversely, if the price rises from current levels and breaks out above $ 635.20, it will show accumulation at lower levels. After that, the pair may challenge the $ 691.80 resistance again.
Technical analysis of the ADA
Cardano (ADA) turned sharply and fell below the downtrendline and moving averages on November 10th. This shows that traders are selling heavily at higher levels.
Daily ADA / USDT Chart | Source: TradingView
The bulls attempted to push the price back above the downtrend line on November 11th but failed. Continuation of selling pulled the price back below the 20-day EMA ($ 2.06) on November 12th. The ADA / USDT pair may now fall into the critical support area of $ 1.80 – $ 1.87.
A break and close below this zone would be a huge minus as it could add selling pressure and cause it to drop sharply to $ 1.50. The bulls will have to push and hold the price above $ 2.47 to regain strength.
SOL. technical analysis
Solana (SOL) fell to the support line of the ascending channel on November 10, but the bulls were actively buying the break, as can be seen from the long tail of the intraday candle. They attempted to push price back above the center line of the channel on November 11, but failed.
Daily SOL / USDT chart | Source: TradingView
The bears sold at higher levels and pulled the price back to the support line on November 12th. Repeated retests of the support in a short period of time tend to often weaken it.
If the bears drag the price below the channel and strong support at $ 216, the SOL / USDT pair may plunge to the 50-day SMA ($ 182).
Conversely, if price rebounds from current levels with strength, the bulls will take one more step to continue the uptrend. If buyers push the price above $ 248, the pair can challenge the all-time high of $ 259.90.
Technical XRP analysis
Ripple (XRP) went bullish from $ 1.34 and fell below the 20-day EMA ($ 1.16) on November 10th. The bulls pushed the price back above the 20-day EMA on November 11, but failed to break the overhead barrier at $ 1.24.
XRP / USDT daily chart | Source: TradingView
This could have resulted in sales from the traders and the price has fallen back to the 20-day EMA. If that support breaks, the XRP / USDT pair may slide to the 50-day SMA ($ 1.09). Such a decline would suggest the pair is likely to stay in the range for a few more days.
The 20-day EMA is flat and the RSI is also just above the middle, indicating some near-term consolidation. The next trend move could begin after a break above $ 1.41 or a break below $ 1.
Technical DOT analysis
Polkadot (DOT) tumbled below the breakout at $ 49.78 and the 20-day EMA ($ 47.35) on November 10, showing that traders were actively taking profits.
DOT / USDT daily chart | Source: TradingView
Buyers pushed the price back above the 20-day EMA on November 11th but failed to break the overhead barrier at $ 49.78. This led to selling on November 12th and the DOT / USDT pair fell below the 20-day EMA.
If price closes below the 20-day EMA, the pair may slide to strong support at the 50-day SMA ($ 40.32). This level can act as strong support again, but any rebound is likely to face a sell at the 20-day EMA. The bulls need to push and hold the price above $ 49.78 to signal strength.
DOGE technical analysis
Dogecoin (DOGE) broke below the moving average on November 10, but the bulls were actively buying the break, as can be seen by the long tail of the intraday candle. They pushed the price above the 20-day EMA ($ 0.26) on November 11th and 12th but failed to hold the higher levels. This shows that if the price rebounds above the 20-day EMA, the bears will sell.
Daily DOGE / USDT Chart | Source: TradingView
Both moving averages are flat and the RSI is just below the middle, indicating a balance between supply and demand. If the price drops below the 50-day SMA ($ 0.24), the DOGE / USDT pair can drop to $ 0.22 and then to $ 0.19.
Conversely, if the price rebounds from the 50-day SMA, the bulls will attempt to push the pair above the downtrend line. If successful, the pair can rise to $ 0.30 and then retest the overhead resistance at $ 0.34.
Technical SHIB analysis
SHIBA INU (SHIB) broke the downtrend line and the 20-day EMA ($ 0.00053) on Nov 11, indicating that the bulls are aiming for a return. However, the bears have other plans as they attempt to lower the price on Nov.
Daily SHIB / USDT Chart | Source: TradingView
If successful, the SHIB / USDT pair may fall to the critical support of $ 0.000043. A sharp rise of $ 0.000043 indicates accumulation at lower levels. After that, the pair could consolidate between $ 0.000043 and $ 0.000065 for a few days.
The flat 20-day EMA and the RSI near the middle point to short-term action in the area. The next trend move could begin after the bulls pushed the price above $ 0.000065 or the bears pushed the pair below $ 0.000043.
Technical analysis by LUNA
Terra (LUNA) fell below critical support at $ 49.54 on November 10, but the long tail of the bar shows strong buying on the rising wedge support line.
Daily LUNA / USDT chart | Source: TradingView
The bulls pushed the price back above $ 49.54 on November 11th but failed to hold out. Strong bear selling pushed the price to the 20-day EMA ($ 47.17).
A break and a close below support would complete the bearish pattern and indicate increased selling. There is minor support for the 50-day SMA ($ 42.43), but if it is broken the decline can extend to $ 35.29.
Contrary to this assumption, if price bounces off current levels, it will show accumulation at lower levels. After that, the LUNA / USDT pair can go back up to $ 52 and higher to $ 54.95.
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