November 16 Technical Analysis: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, LUNA
Bitcoin (BTC) was unable to sustain its gains as the U.S. trading market kicked off the new week, showing that the bears have not given up yet.
PlanB, the creator of the famous Bitcoin stock-to-flow model, seems unimpressed by the lengthy price movement of the past few days. Analysts believe that forecast worst case scenario remains $ 98,000 on December 1st and $ 135,000 on January 1st.
Long-term owners don’t seem to be waiting for higher levels, however, and have started taking profits, according to Glassnode.
Not everyone is optimistic about Bitcoin. Billionaire Kyle Bass speak told the podcast network investor that it is “really difficult” to make money with Bitcoin right now because of the strict regulations imposed by the US government.
Could lower levels attract bull buying or will traders continue to take profits? Let’s check out the top 10 cryptocurrency charts to find out.
BTC technical analysis
Bitcoin bounced off the 20-day EMA ($ 63,232) on November 12, but the bears are challenging in the resistance area between $ 67,000 and $ 69,000.
BTC / USDT daily chart | Source: TradingView
The Relative Strength Index (RSI) has formed a bearish divergence, suggesting that bullish momentum may be wearing off. The BTC / USDT pair has formed a rising wedge that represents a bearish pattern and will be completed when the price breaks through and closes below the support line.
When this happens, it shows that traders are actively booking profits and this could result in a slide to the 50-day SMA ($ 58,396). The target of this bearish pattern is $ 53,770.
Contrary to this assumption, if the price rises from current levels and breaks above $ 67,000, the next stop could be at $ 69,000. A break and close above the resistance line of the wedge could open the door to a rally to $ 75,000.
Technical analysis of the ETH
Ether (ETH) fell below the ascending channel support line on February 14th, but the long tail of the intraday bar shows strong buying at lower levels. The bulls tried to resume the uptrend today but the long wick on the candle shows strong sales near the $ 4,800 mark.
ETH / USDT daily chart | Source: TradingView
Now the bears will make another attempt to drag and hold the price below the channel’s support line and the 20-day EMA ($ 4,491). If they are successful, this indicates a short-term trend reversal. After that, the ETH / USDT pair may drop to the 50-day SMA ($ 3,980).
Conversely, if the price bounces off the support line, it shows that the bulls are actively defending this level. Buyers will then attempt to break the $ 4,868 hurdle and propel the pair to the psychological level of $ 5,000. The rally could intensify if the bulls push price above the channel.
BNB. Technical analysis
Binance Coin (BNB) is trying to break the November 7th high at $ 669.30, but the bears are in no mood to give way. They aggressively defend the overhead resistance.
Daily BNB / USDT Chart | Source: TradingView
The BNB / USDT pair formed a doji candlestick pattern on Nov. 14, signaling indecision between bulls and bears. If this downside uncertainty is removed, the pair can slide to the 20-day EMA (USD 593).
The bears will have to pull the price below $ 573 to prevail. If successful, the pair can fall to the 61.8% fib retracement level at $ 524.70.
On the other hand, if the price rises from current levels or the 20-day EMA, it shows that sentiment is still positive and traders are buying the dip. A break above $ 669.30 could re-test the all-time high of $ 691.80. The upside momentum could pick up if buyers push and hold the pair above this level.
SOL. technical analysis
Solana (SOL) bounced off the support line of the ascending channel on Nov 13, indicating that the bulls are actively buying the break. Now the bulls will attempt to push the price above the overhead resistance at $ 248 and challenge the all-time high of $ 259.90.
Daily SOL / USDT chart | Source: TradingView
The upward sloping moving averages and the RSI in positive territory suggest that the path of least resistance is up. If the bulls push the price above the all-time high, the SOL / USDT pair can move up to the resistance line of the ascending channel.
This positive view will be invalidated if the price deviates from current levels and falls below the channel’s support line. This could pave the way for a decline to the 50-day SMA ($ 189).
Technical analysis of the ADA
Cardano (ADA) has traded below the 20-day EMA ($ 2.06) for the past three days, but the bears failed to capitalize on it and dragged the price onto the strong support at $ 1.87.
Daily ADA / USDT Chart | Source: TradingView
The flat 20-day EMA and the RSI just below the middle point to a near-term range.
If the bulls push the price above the downtrend line it will indicate that the bears may be losing their hold. Thereafter, the ADA / USDT pair can rebound to the USD 2.47 resistance level where the bears can create another strong resistance.
Alternatively, the pair may fall to $ 1.87 if the price drops down from current levels. The bears will need to pull the price below this support to signal the start of the downtrend.
Technical XRP analysis
Ripple (XRP) has held above the 20-day EMA ($ 1.17) for the past few days, but the bulls are struggling to push the price above the $ 1.24 resistance. The long wick on the November 15 bar shows that the bears are selling at higher levels.
XRP / USDT daily chart | Source: TradingView
The inability to push the price above $ 1.24 could result in profit-taking by short-term traders. This can push the price down to the 50-day SMA ($ 1.10). If this support breaks too, the bears may sniff an opportunity and seek to push the XRP / USDT pair below USD 1.
Conversely, if the price rebounds from current levels and breaks the $ 1.24 mark, it shows that the bulls have overwhelmed the bears. That move could pave the way for a rally to $ 1.41. This is the hurdle the cops have to overcome to gain the upper hand.
Technical DOT analysis
Polkadot (DOT) broke below the 20-day EMA ($ 47.15) on November 10, but the bears failed to extend that advantage and pushed the price down to the 50-day SMA ($ 41.33). This shows that traders are buying at lower levels.
DOT / USDT daily chart | Source: TradingView
The DOT / USDT pair has been clinging to the 20-day EMA for the past few days, increasing the prospect of a breakout above it. If so, the pair can rebound to $ 49.78 and then challenge the all-time high of $ 55.09.
Conversely, the pair can slide to the 50-day SMA if the price drops down from current levels and falls below $ 44.04. The bears will have to drag the price below the strong support at $ 40 to gain the upper hand.
DOGE technical analysis
Dogecoin (DOGE) has been trading between the moving averages for the past few days. The bulls pushed price above the 20-day EMA ($ 0.26) on November 14th, but the long wick on the candle shows that the bears are actively defending the downtrend line.
Daily DOGE / USDT Chart | Source: TradingView
The 20-day EMA has flattened and the RSI is near the middle, showing an equilibrium between bulls and bears.
A breakout and close above the downtrendline are the first signs that selling pressures may ease. Thereafter, the DOGE / USDT pair can rise to $ 0.30 and above to the overhead resistance at $ 0.34.
Conversely, if the bears push the price below the 50-day SMA, sales could pick up. The pair can then fall to $ 0.22 and below the strong support at $ 0.19.
Technical SHIB analysis
SHIBA INU (SHIB) has fluctuated above and below the 20-day EMA ($ 0.00053) for the past few days, showing clear directionlessness.
Daily SHIB / USDT Chart | Source: TradingView
The flat 20-day EMA and the RSI near the middle point to a balance between supply and demand. If buyers push the price above $ 0.000057, the SHIB / USDT pair may attempt to rise to the $ 0.000065 resistance level.
On the downside, a break below $ 0.000048 could open the door for a decline towards the strong support at $ 0.00043. The next trend move could begin on a breakout above $ 0.000065 or a breakout below $ 0.00043.
Technical analysis by LUNA
Terra (LUNA) rebounded from the 20-day EMA ($ 48.23) on Nov 13, showing that bulls will continue to buy if they fall to this support. The rising moving averages and the RSI in positive territory suggest that buyers have the upper hand.
Daily LUNA / USDT chart | Source: TradingView
The LUNA / USDT pair formed an inside-bar candlestick pattern on Nov. 14, showing indecision between the bulls and the bears.
If the bulls push the price above $ 53.43, the pair can retest the all-time high of $ 54.95 and then rebound to the resistance line of the wedge. The upside momentum may pick up if buyers push the price above the resistance line.
This bullish view will be invalidated if price goes down and falls below the support line of the wedge. This can push the price down to the 50-day SMA ($ 43.26).
You can see the coin prices Here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
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Analysis
November 16 Technical Analysis: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, LUNA
Bitcoin (BTC) was unable to sustain its gains as the U.S. trading market kicked off the new week, showing that the bears have not given up yet.
PlanB, the creator of the famous Bitcoin stock-to-flow model, seems unimpressed by the lengthy price movement of the past few days. Analysts believe that forecast worst case scenario remains $ 98,000 on December 1st and $ 135,000 on January 1st.
Long-term owners don’t seem to be waiting for higher levels, however, and have started taking profits, according to Glassnode.
Not everyone is optimistic about Bitcoin. Billionaire Kyle Bass speak told the podcast network investor that it is “really difficult” to make money with Bitcoin right now because of the strict regulations imposed by the US government.
Could lower levels attract bull buying or will traders continue to take profits? Let’s check out the top 10 cryptocurrency charts to find out.
BTC technical analysis
Bitcoin bounced off the 20-day EMA ($ 63,232) on November 12, but the bears are challenging in the resistance area between $ 67,000 and $ 69,000.
BTC / USDT daily chart | Source: TradingView
The Relative Strength Index (RSI) has formed a bearish divergence, suggesting that bullish momentum may be wearing off. The BTC / USDT pair has formed a rising wedge that represents a bearish pattern and will be completed when the price breaks through and closes below the support line.
When this happens, it shows that traders are actively booking profits and this could result in a slide to the 50-day SMA ($ 58,396). The target of this bearish pattern is $ 53,770.
Contrary to this assumption, if the price rises from current levels and breaks above $ 67,000, the next stop could be at $ 69,000. A break and close above the resistance line of the wedge could open the door to a rally to $ 75,000.
Technical analysis of the ETH
Ether (ETH) fell below the ascending channel support line on February 14th, but the long tail of the intraday bar shows strong buying at lower levels. The bulls tried to resume the uptrend today but the long wick on the candle shows strong sales near the $ 4,800 mark.
ETH / USDT daily chart | Source: TradingView
Now the bears will make another attempt to drag and hold the price below the channel’s support line and the 20-day EMA ($ 4,491). If they are successful, this indicates a short-term trend reversal. After that, the ETH / USDT pair may drop to the 50-day SMA ($ 3,980).
Conversely, if the price bounces off the support line, it shows that the bulls are actively defending this level. Buyers will then attempt to break the $ 4,868 hurdle and propel the pair to the psychological level of $ 5,000. The rally could intensify if the bulls push price above the channel.
BNB. Technical analysis
Binance Coin (BNB) is trying to break the November 7th high at $ 669.30, but the bears are in no mood to give way. They aggressively defend the overhead resistance.
Daily BNB / USDT Chart | Source: TradingView
The BNB / USDT pair formed a doji candlestick pattern on Nov. 14, signaling indecision between bulls and bears. If this downside uncertainty is removed, the pair can slide to the 20-day EMA (USD 593).
The bears will have to pull the price below $ 573 to prevail. If successful, the pair can fall to the 61.8% fib retracement level at $ 524.70.
On the other hand, if the price rises from current levels or the 20-day EMA, it shows that sentiment is still positive and traders are buying the dip. A break above $ 669.30 could re-test the all-time high of $ 691.80. The upside momentum could pick up if buyers push and hold the pair above this level.
SOL. technical analysis
Solana (SOL) bounced off the support line of the ascending channel on Nov 13, indicating that the bulls are actively buying the break. Now the bulls will attempt to push the price above the overhead resistance at $ 248 and challenge the all-time high of $ 259.90.
Daily SOL / USDT chart | Source: TradingView
The upward sloping moving averages and the RSI in positive territory suggest that the path of least resistance is up. If the bulls push the price above the all-time high, the SOL / USDT pair can move up to the resistance line of the ascending channel.
This positive view will be invalidated if the price deviates from current levels and falls below the channel’s support line. This could pave the way for a decline to the 50-day SMA ($ 189).
Technical analysis of the ADA
Cardano (ADA) has traded below the 20-day EMA ($ 2.06) for the past three days, but the bears failed to capitalize on it and dragged the price onto the strong support at $ 1.87.
Daily ADA / USDT Chart | Source: TradingView
The flat 20-day EMA and the RSI just below the middle point to a near-term range.
If the bulls push the price above the downtrend line it will indicate that the bears may be losing their hold. Thereafter, the ADA / USDT pair can rebound to the USD 2.47 resistance level where the bears can create another strong resistance.
Alternatively, the pair may fall to $ 1.87 if the price drops down from current levels. The bears will need to pull the price below this support to signal the start of the downtrend.
Technical XRP analysis
Ripple (XRP) has held above the 20-day EMA ($ 1.17) for the past few days, but the bulls are struggling to push the price above the $ 1.24 resistance. The long wick on the November 15 bar shows that the bears are selling at higher levels.
XRP / USDT daily chart | Source: TradingView
The inability to push the price above $ 1.24 could result in profit-taking by short-term traders. This can push the price down to the 50-day SMA ($ 1.10). If this support breaks too, the bears may sniff an opportunity and seek to push the XRP / USDT pair below USD 1.
Conversely, if the price rebounds from current levels and breaks the $ 1.24 mark, it shows that the bulls have overwhelmed the bears. That move could pave the way for a rally to $ 1.41. This is the hurdle the cops have to overcome to gain the upper hand.
Technical DOT analysis
Polkadot (DOT) broke below the 20-day EMA ($ 47.15) on November 10, but the bears failed to extend that advantage and pushed the price down to the 50-day SMA ($ 41.33). This shows that traders are buying at lower levels.
DOT / USDT daily chart | Source: TradingView
The DOT / USDT pair has been clinging to the 20-day EMA for the past few days, increasing the prospect of a breakout above it. If so, the pair can rebound to $ 49.78 and then challenge the all-time high of $ 55.09.
Conversely, the pair can slide to the 50-day SMA if the price drops down from current levels and falls below $ 44.04. The bears will have to drag the price below the strong support at $ 40 to gain the upper hand.
DOGE technical analysis
Dogecoin (DOGE) has been trading between the moving averages for the past few days. The bulls pushed price above the 20-day EMA ($ 0.26) on November 14th, but the long wick on the candle shows that the bears are actively defending the downtrend line.
Daily DOGE / USDT Chart | Source: TradingView
The 20-day EMA has flattened and the RSI is near the middle, showing an equilibrium between bulls and bears.
A breakout and close above the downtrendline are the first signs that selling pressures may ease. Thereafter, the DOGE / USDT pair can rise to $ 0.30 and above to the overhead resistance at $ 0.34.
Conversely, if the bears push the price below the 50-day SMA, sales could pick up. The pair can then fall to $ 0.22 and below the strong support at $ 0.19.
Technical SHIB analysis
SHIBA INU (SHIB) has fluctuated above and below the 20-day EMA ($ 0.00053) for the past few days, showing clear directionlessness.
Daily SHIB / USDT Chart | Source: TradingView
The flat 20-day EMA and the RSI near the middle point to a balance between supply and demand. If buyers push the price above $ 0.000057, the SHIB / USDT pair may attempt to rise to the $ 0.000065 resistance level.
On the downside, a break below $ 0.000048 could open the door for a decline towards the strong support at $ 0.00043. The next trend move could begin on a breakout above $ 0.000065 or a breakout below $ 0.00043.
Technical analysis by LUNA
Terra (LUNA) rebounded from the 20-day EMA ($ 48.23) on Nov 13, showing that bulls will continue to buy if they fall to this support. The rising moving averages and the RSI in positive territory suggest that buyers have the upper hand.
Daily LUNA / USDT chart | Source: TradingView
The LUNA / USDT pair formed an inside-bar candlestick pattern on Nov. 14, showing indecision between the bulls and the bears.
If the bulls push the price above $ 53.43, the pair can retest the all-time high of $ 54.95 and then rebound to the resistance line of the wedge. The upside momentum may pick up if buyers push the price above the resistance line.
This bullish view will be invalidated if price goes down and falls below the support line of the wedge. This can push the price down to the 50-day SMA ($ 43.26).
You can see the coin prices Here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
SN_Nour
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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