November 11th Technical Analysis: BTC, ETH, BNB, ADA, SOL, XRP, DOT, DOGE, SHIB, LUNA
Bitcoin (BTC) and Ether (ETH) rose again to new all-time highs on November 10th, showing that the trend is still in favor of the bulls.
In a recent report by the Kraken Exchange, analysts said that the price movement of the current quarter has a correlation of 0.88 compared to the fourth quarter of 2017.
Bitcoin was up 220% in the fourth quarter of 2017, and if history repeats itself, Bitcoin could hit $ 96,355, potentially peaking that cycle.
follow report Glassnode’s “The Week On-Chain,” long-time owners who have held their bitcoins for more than 12 months, are showing no signs of their tokens being sold. It is also positive that the proportion of BTC supply on centralized exchanges has fallen to a new record low of 12.9%.
Can Bitcoin and Altcoins keep their momentum or will profits drop if drag prices drop? Let’s check out the top 10 cryptocurrency charts to find out.
BTC technical analysis
The bears attempted to pull Bitcoin below the breakout at $ 67,000 on November 9, but they were unable to hold the lower levels. The modest correction shows that the bulls buy on any slight decline.
BTC / USDT daily chart | Source: TradingView
Both moving averages are sloping up and the relative strength index (RSI) is close to the overbought zone, showing that the bulls are in control.
With buyers holding the price above $ 67,000, the BTC / USDT pair can gain momentum and accelerate toward the next target at $ 75,000. A break and a close above this resistance could open the door for a rally to $ 89.476.
On the flip side, the $ 67,000- $ 63,750 area is likely to act as strong support. When this zone is broken, it shows that traders are actively making profits. After that, the pair may plunge to the 50-day SMA ($ 56,348).
Technical analysis of the ETH
Ether has been trading on an ascending channel for days. The bulls are trying to keep course above the center line of the canal. The main target to watch upwards is the psychological level at $ 5,000.
ETH / USDT daily chart | Source: TradingView
This level should act as strong resistance, but if the bulls don’t give way much, the ETH / USDT pair can break the hurdle and rebound to the next target at $ 5,283.
If the price breaks down from the resistance line of the channel, the pair may fall to the support line. This is an important level to keep an eye on because a break below it would indicate a possible trend reversal.
First, the pair may fall to $ 4,146.30, but if that support gives way, the correction may extend to psychological support at $ 4,000.
BNB. Technical analysis
Binance Coin (BNB) slid below the USD 630 support on November 11, but the bears were unable to hold the lower levels. This altcoin has rallied strongly and the bulls are now trying to push the price above $ 669.30.
Daily BNB / USDT Chart | Source: TradingView
If they do that, the BNB / USDT pair will challenge the USD 691.80 resistance. The rising moving averages and the RSI in the overbought territory suggest that the path of least resistance is on the upside.
On the other hand, if the price moves down from the overhead resistance, it shows that traders are vehemently defending that level. After that, the bears will make another attempt to push the price down to the 20-day EMA ($ 566).
Technical analysis of the ADA
Cardano (ADA) broke out on November 9 and closed above the downtrend line, showing that selling pressures are easing. The bears are currently trying to pull the price back below the breakout level.
Daily ADA / USDT Chart | Source: TradingView
If successful, it indicates that a breakout above the downtrend line could be a bull trap. After that, the ADA / USDT pair may dip below the moving averages and retest the critical support at $ 1.87.
Conversely, if the price rebounds from the breakout, it indicates that the bulls are buying on the downside. After that, the pair can climb to the $ 2.47 resistance level. Here the bears are actively defending. A break above this level can pull the price to $ 2.80.
SOL. technical analysis
The long tail of the Solana (SOL) candle on November 8th shows buying as price falls towards the centerline of the ascending channel. The bulls were unable to extend this advantage, however, as strong sales at higher levels dragged the price below the mid-line in November.
Daily SOL / USDT chart | Source: TradingView
The SOL / USDT pair may now fall to the support line of the channel. A strong rebound from this support will show that the uptrend is still intact. Both moving averages are sloping up and the RSI is in positive territory, suggesting that the bulls have the upper hand.
A break and close across the channel shows strength and a rally to $ 300 and then $ 321. Conversely, if the bears dip below the channel and support $ 216, the decline can extend to the 50-day SMA ($ 179).
Technical XRP analysis
Ripple (XRP) broke out and closed above the $ 1.24 resistance on November 8, signaling that the bulls are trying to return. The bears tried to push the price back below $ 1.24 but failed to hold the lower levels.
XRP / USDT daily chart | Source: TradingView
This shows that the bulls have turned the $ 1.24 level into support. This level can now serve as a launch pad for the next phase of the uptrend. The XRP / USDT pair can rebound to the $ 1.41 resistance level where the bears are likely to create strong resistance.
If the price goes down from $ 1.41 but rebounds from $ 1.24, it would indicate that traders continue to buy when values are falling. That increases the likelihood of a breakout above $ 1.41. That positive view will be invalidated if the bears give way and hold the price below the 20-day EMA ($ 1.17).
Technical DOT analysis
Polkadot (DOT) moved down from $ 53.87 on November 8, showing that the bears are selling at higher levels. Price fell back to $ 49.78 where it is likely to act as a support.
DOT / USDT daily chart | Source: TradingView
Retesting the support several times in a short period of time tends to weaken it. If the price drops below $ 49.78, the DOT / USDT pair may plunge to the 20-day EMA ($ 48.09). This is the critical support the cops need to hold.
A strong rebound from the 20-day EMA will show sentiment remains positive and traders are buying on the downside. The bulls need to push the price above $ 55.09 to signal the continuation of the uptrend. The next upside target is $ 63.08.
Contrary to this assumption, if the price drops below the 20-day EMA, traders can break out. This can push the price down to the 50-day SMA ($ 39.87).
DOGE technical analysis
Dogecoin (DOGE) fell from $ 0.29 on November 8, showing strong sales during the rebound. Price has moved back towards the 20-day EMA ($ 0.26) which is a major support to watch.
Daily DOGE / USDT Chart | Source: TradingView
If the price recovers from current levels, the bulls will try again to push the DOGE / USDT pair above $ 0.30. If successful, the pair can challenge the overhead resistance at $ 0.34. A break and close above this level signals that the bulls have the upper hand.
Alternatively, if the price falls below the 20-day EMA, the next stop could be the 50-day SMA ($ 0.24). If this support is broken, sales can rise and the pair can fall to the strong support at $ 0.19.
Technical SHIB analysis
SHIBA INU (SHIB) rose above the downtrend line on November 9, but the bulls were unable to sustain higher levels. This shows that the bears sell at every rally.
Daily SHIB / USDT Chart | Source: TradingView
The SHIB / USDT pair formed a doji candlestick pattern on Nov 9th and broke down on Nov 10th. If the bears hold the price below the 20-day EMA ($ 0.00053), the pair may drop to the 78.6% fib retracement level at $ 0.00040 and then the 50-day SMA (0 , 000033 USD).
Contrary to this assumption, if the pair recovers from current levels and climbs above the downtrend line, it can hit $ 0.000065. The flat 20-day EMA and the RSI near the middle point to some short-term move within the range.
Technical analysis by LUNA
Terra (LUNA) is trading in a rising wedge. The bulls tried to push the price up to the resistance line of the wedge on November 8th but were unable to hold the higher levels.
Daily LUNA / USDT chart | Source: TradingView
Profit taking near the resistance level pulled the price back towards the critical $ 49.54 level on November 9th. The strong recovery from this level on November 10th shows that the bulls are defending this level positively for one time.
Buyers will now try to push the price up to the resistance line of the wedge. If the bulls push the price above the wedge, the upside momentum may accelerate and the LUNA / USDT pair may hit $ 62.59.
This positive view will be invalidated if price deviates from current levels or overhead resistance and falls below the support line of the wedge.
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According to Cointelegraph