Bitcoin (BTC) fell below $ 56,000 on November 19, completing a nearly 20 percent correction from all-time highs. The Crypto Greed and Fear Index plunged into the fear zone at 34 after spending nearly two months in the greed zone.
Cryptocurrency research firm Delphi Digital said in a recent report that the Bitcoin sell-off was “largely driven by a wave of long liquidations rather than a fundamental narrative change” and that analysts expect this decline to be “short-lived” will be.
The recent correction does not appear to have shaken long-term owners. follow Hodl wave indicator, the supply from investors who bought between the last 6 months and 12 months rose to 21.4% on November 17, much higher than the 8.7% in early June.
Will lower levels attract buying and lead to a strong rally, or will bears sell as they rebound? Let’s check out the top 10 cryptocurrency charts to find out.
BTC technical analysis
Bitcoin bounced off the 50-day SMA ($ 59,718) on Nov. 17, but the bulls’ failure to push the price above the 20-day EMA ($ 61,696) suggests that buying is at higher levels dry up.
BTC / USDT daily chart | Source: TradingView
The BTC / USDT pair fell deep, closing below the 50-day SMA on November 18. The moving averages are preparing for a bearish cross and the relative strength index (RSI) is in negative territory, suggesting that the bears are dominating.
If the bulls fail to push and hold the price above the moving averages, selling pressures may mount and the pair may fall into the $ 52,500 to $ 50,000 support area.
Conversely, if the bulls push the price above the moving averages, the pair may rise to the downtrend line. This level could act as a barrier, but if the bulls push the price above it, the pair can move into the overhead zone at $ 67,000 to $ 69,000.
Technical analysis of the ETH
Ether (ETH) rallied from the 50-day SMA ($ 4,082) on Nov 17th, but the bulls failed to break the barrier at the 20-day EMA ($ 4,387). This boosted sales and the price fell below the 50-day SMA on November.
ETH / USDT daily chart | Source: TradingView
The bears have been unable to maintain selling pressures at the lower levels, which may have attracted strong buying from aggressive bulls. The bulls pushed the price back above the 50-day SMA on November 19, and the ETH / USDT pair may now hit the 20-day EMA, where the bears can again pose a tough challenge.
If the price deviates from the 20-day EMA, the bears will seek to get and hold the pair below $ 3,956.44. That could pave the way for a decline to $ 3,371. Additionally, a breakout and close above the 20-day EMA signals that the correction may be over. The pair could then retest the all-time high.
BNB. Technical analysis
Binance Coin (BNB) fell to the 50-day SMA ($ 517) on November 18, but the sharp rally on November 19 shows strong buying activity at lower levels. Now the bulls will try to push the price above the 20-day EMA ($ 585).
Daily BNB / USDT Chart | Source: TradingView
If the BNB / USDT pair holds above the 20-day EMA, it shows that the near-term correction is over. Thereafter, the pair can rebound to the $ 669.30 to $ 691.80 resistance area where the bears can present a tough challenge.
A breakout and close above this resistance area could signal the continuation of the uptrend. Conversely, if the price deviates from the 20-day EMA, the possibility of a break below the 50-day SMA increases. The pair can then fall to the 78.60% fib retracement level at $ 485.4.
SOL. technical analysis
The bulls managed to push Solana (SOL) above the 20-day EMA ($ 221) on November 17th and 18th, but the bears are in no mood to give way. Failure to break this barrier could have resulted in sales from traders on Nov. 18, which pushed the price down to the 50-day SMA ($ 195).
Daily SOL / USDT chart | Source: TradingView
Aggressive buying at lower levels resulted in a strong rally on November 19th, indicating that the bulls are defending 50-day SMA support.
If buyers push the price above the 20-day EMA, the SOL / USDT pair can rally to the downtrend line. A breakout and a close above the downtrendline could improve the prospects for the uptrend to rebound.
Contrary to this assumption, the bears will take one more step to pull the pair below the 50-day SMA and ascending support line if the price deviates from the 20-day EMA. If this succeeds, sales can rise and the pair can drop to $ 140.
Technical analysis of the ADA
The long tail of the candlesticks on November 16-17 shows that the bulls managed to hold strong support at $ 1.87. However, the inability to keep Cardano (ADA) above $ 1.87 could have resulted in strong sales from merchants in November.
Daily ADA / USDT Chart | Source: TradingView
The bulls are currently trying to push the price back above $ 1.87. If they can keep the price above this level, some aggressive bears will be trapped. This could help ADA / USDT initiate a strong rally and potentially hit the downtrend line.
Contrary to this assumption, this suggests that sentiment will remain negative and traders will sell on a rebound as price drops from current levels or the 20-day EMA ($ 1.99). The bears will then attempt to pull the pair below $ 1.70 and extend the decline to $ 1.50.
Technical XRP analysis
The bulls pushed Ripple (XRP) above the moving averages on November 18th, but the long wick on the real body shows strong selling activity at higher levels. The price has fallen to the $ 1 psychological support where the bulls are building a strong defense.
XRP / USDT daily chart | Source: TradingView
A rebound from current levels could result in strong selling near the moving averages. If the price drops from the 20-day EMA ($ 1.13), the bears will try to push the XRP / USDT pair below $ 1.
If successful, the pair can extend the decline to the next support at $ 0.85. The selling pressure could be stronger if the price breaks this support level.
Conversely, if the bulls push and hold the price above the moving averages, the pair may rise to the $ 1.24 resistance level.
Technical DOT analysis
Polkadot (DOT) broke below the horizontal support at $ 38.70 on November 18, but the bulls stepped in and captured the downward move on the uptrendline. The strong upswing shows strong demand at a lower level.
DOT / USDT daily chart | Source: TradingView
However, the downward sloping 20-day EMA ($ 45) and the RSI in negative territory show that the bears are in control. The recovery should face strong resistance between the $ 43.27 area and the 20-day EMA.
If the price moves down out of this zone, the bears will seek to pull the DOT / USDT pair below $ 37.53. A close below this level will complete a bearish head and shoulders pattern, indicating the beginning of a deeper correction. Conversely, if the bulls push price above the 20-day EMA, the pair can rise to $ 47.83.
DOGE technical analysis
Dogecoin (DOGE) fell to strong support at $ 0.21 on November 18. This level has acted as support for the last two declines and a rally on Nov 19th shows that the bulls are trying to rally.
Daily DOGE / USDT Chart | Source: TradingView
The recovery should face strong resistance on the downtrendline. The 20-day EMA is falling ($ 0.25) and the RSI is in negative territory, showing that the bears have the upper hand.
If price deviates from the downtrendline, the bears will try again to break the DOGE / USDT pair below $ 0.21. If so, the pair may slide to the critical support at $ 0.19.
This negative view will be invalidated if the bulls push and hold the price above the downtrend line. After that, the pair will attempt to move higher to $ 0.30.
Technical SHIB analysis
SHIBA INU (SHIB) fell below critical support at $ 0.000043 on Nov 18, but the bears were unable to bring the price below the 50-day SMA ($ 0.00041). This shows that the bulls have bought heavily at the lower levels.
Daily SHIB / USDT Chart | Source: TradingView
The relief rally should face strong resistance at the 20-day EMA ($ 0.000011). If the price deviates from this resistance, it suggests that sentiment has turned negative and traders are selling on a rebound.
The bears will then make one more attempt to pull the price below the 50-day SMA. Such a move can accelerate the sale, and the SHIB / USDT pair can complete a 100% retracement and fall to $ 0.000027.
Conversely, a breakout and close above the 20-day EMA is the first sign that the correction may be over. After that, the pair can climb to $ 0.000057 and higher to $ 0.000065.
Technical analysis by AVAX
Avalanche (AVAX) fell from $ 110.41 on November 18, but the candle’s long tail shows that bulls are continuing to buy at lower levels.
AVAX / USDT daily chart | Source: TradingView
The falling 20-day EMA (USD 88) and the RSI near the overbought zone show that the bulls are in control. Buyers are trying to continue the uptrend by pushing the price above all-time highs.
If successful, the AVAX / USDT pair can begin its journey towards USD 115.14 and then the 161.8% Fib expansion at USD 128.01.
Alternatively, if the bulls fail to keep the price above $ 110.41, the pair could see profit posting and a decline to the 20-day EMA. A break and close below this support could signal that the uptrend has lost momentum. After that, the pair can drop to $ 81.
You can see the price of the coin Here.
Join Bitcoin Magazine Telegram to follow news and comment on articles …