While the decline may scare off leveraged traders, Bitcoin whales appear to be viewing this decline as a buying opportunity. On-chain data shows that the third largest bitcoin whale bought an additional 207 bitcoins on top of its holdings at an average price of around $ 62,053 per bitcoin.
After the last purchase, whale stocks rose loudly by 635 bitcoin in November Journalist Colin Wu.
However, not all bitcoin and crypto news is optimistic. The US dollar rose to a 16-month high as rising inflation was expected to force the US Federal Reserve to raise interest rates and cut its asset-purchase program by $ 120 billion each Month to speed up.
LMAX Group’s currency strategist Joel Kruger also said a stronger dollar could weigh heavily on risk assets and that could be the reason behind the recent decline in bitcoin and cryptocurrencies.
Will the bulls defend the strong support levels and rebound, or will the strong sales pull the cryptocurrency price down? Let’s check out the top 10 cryptocurrency charts to find out.
Bitcoin plunged below the 20-day EMA ($ 62,607) and rising wedge support line on November 16. This is the first sign that the bulls may lose their footing.
BTC / USDT daily chart | Source: TradingView
Buyers are trying to defend the 50-day SMA ($ 59.122) but the small gains show that the bulls are not pushing at current levels.
If the price drops from current levels or the 20-day EMA, the bears will seek to bring the BTC / USDT pair below $ 57,820. If successful, sales could gain momentum and the pair could drop to $ 52,500.
Contrary to this assumption, if the price rises from current levels and above the 20-day EMA, it will show heavy accumulation at lower levels. The pair can then retest the overhead resistance area at $ 67,000 to $ 69,000.
Ether broke below the ascending channel on November 15 and resold on November 16, pulling the price below the 20-day EMA ($ 4,439). This is the first time since October 1st that ETH has closed under the 20-day EMA.
ETH / USDT daily chart | Source: TradingView
The long tail of the November 17 bar shows that the bulls are trying to defend the 50-day SMA ($ 4,033). The 20-day EMA has started falling and the Relative Strength Index (RSI) has fallen into negative territory, showing that the bears are making a comeback.
If the price drops from current levels or the 20-day EMA, it shows that sentiment has turned negative and traders are selling on the rebound. The ETH / USDT pair may then break the 50-day SMA and fall to the nearest support at USD 3,600.
This bearish view will be invalidated if the pair rallies from current levels and breaks above the 20-day EMA.
Binance Coin (BNB) was rejected by the resistance of $ 669.30 on November 15 and fell below the 20-day EMA ($ 591) on November 16. Retracement level at $ 552.30.
Daily BNB / USDT Chart | Source: TradingView
The long tail of the November 17th candle shows strong buying at lower levels. Buyers will now try to push the price back above the 20-day EMA. If they succeed, the BNB / USDT pair will try again to climb to $ 669.30.
Also, if the price deviates from the 20-day EMA, it shows that sentiment has turned negative and traders are selling on the rebound. The pair can then extend its decline to the 50-day SMA ($ 509).
Solana (SOL) fell below the ascending channel and the 20-day EMA ($ 224) on November 16, suggesting the bulls may lose their hold. Buyers are looking to defend the breakout at $ 216, but any rebound is likely to face sales at higher levels.
Daily SOL / USDT chart | Source: TradingView
The 20-day EMA has flattened and the RSI has fallen to the middle, suggesting a balance between supply and demand. That balance will shift in favor of the bears if the price breaks through and stays below $ 216.
Conversely, the SOL / USDT pair may rise to the downtrend line if the price rebounds from current levels. This level could act as strong resistance, but if the bulls break this barrier the pair may retest the all-time high of $ 259.90.
Cardano (ADA) tumbled on November 16, breaking the critical support at $ 1.87, but on the small positive the bulls will not allow the price to drop below that level. The long tail on the real body shows that buyers are trying to defend the support level.
Daily ADA / USDT Chart | Source: TradingView
The bulls attempt to push the price back above $ 1.87 on November 17th, but higher levels may attract sales. Both moving averages have started falling and the RSI has plunged into negative territory, showing that the bears are in charge.
If the price drops from current levels or the 20-day EMA, the bears will seek to push the ADA / USDT pair below $ 1.75. If they do that, the pair can drop to $ 1.50. The first sign of strength will be a break and a close above the downtrend line.
The long wick on the Ripple or XRP candlestick bar on Nov. 15 shows the bears sold out as the price rose to the $ 1.24 resistance level. Sales intensified on November 16 and the bears pushed the price back below the moving averages.
XRP / USDT daily chart | Source: TradingView
If the bears keep the price below the moving averages, the XRP / USDT pair can challenge strong support at $ 1. Bears have a small advantage.
A break and close below USD 1 can pull the price to USD 0.85. This level could act as strong support again, but if it breaks the next stop could be at $ 0.70.
Conversely, if the price breaks above the moving averages, the pair can rise to $ 1.24. The bulls need to push and hold the price above this level to signal a return.
Polkadot (DOT) failure to climb back above the 20-day EMA ($ 45.99) may have resulted in profit-taking from short-term traders and short-selling by aggressive bears. This boosted sales, dragging the price below the 50-day SMA ($ 41.88) on November.
DOT / USDT daily chart | Source: TradingView
The DOT / USDT pair is trying to rebound from the uptrend line, which shows that the bulls continue to buy on the downside. If the bulls hold the price above the 50-day SMA, the pair can rebound to the 20-day EMA.
This level should act as a barrier again. If the price drops off the 20-day EMA, the bears will make one more attempt to drag the pair below the uptrend line, extending the decline to $ 32 and then to $ 26.
The bulls need to push and hold price above the 20-day EMA to show that the bears are losing their grip.
After trading between the moving averages for the past few days, Dogecoin (DOGE) made a crucial downward move on November 16th. This shows that supply exceeds demand.
Daily DOGE / USDT Chart | Source: TradingView
The bulls are trying to hold the $ 0.22 support. You will now try to push the price above the downtrend line. If they do, it shows that the bears may be losing their grip. After that, the DOGE / USDT pair can climb to $ 0.30.
However, the 20-day EMA ($ 0.25) has started falling and the RSI is in negative territory, showing that the bears have the upper hand. If the price drops down from the current level or from the downtrend line, the possibility of a break below $ 0.22 increases. Thereafter, the pair may fall to the critical support at $ 0.19.
The bulls managed to keep the SHIBA INU (SHIB) above the 20-day EMA ($ 0.000052) on November 14th and 15th, but the long wick on the candle bar shows selling pressure at higher levels.
Daily SHIB / USDT Chart | Source: TradingView
Selling resumed November 16, pulling the price below the 20-day EMA. On one small positive, the bulls are trying to hold the critical support at $ 0.000043. If buyers push and hold the price above the 20-day EMA, the SHIB / USDT pair can attempt to rise to the resistance at $ 0.000065.
Conversely, if the price drops from current levels or the 20-day EMA, it shows that traders are selling on small profits. This increases the likelihood of a break below $ 0.00043 and the 50-day SMA ($ 0.00040). If so, the pair can complete a 100% retracement and drop to $ 0.000027.
Avalanche (AVAX) is on an uptrend. The bears managed to halt the upward momentum and pushed the price below the critical support at USD 81 on November 16, but the bulls have not let up. The long tail of the intraday bar shows that buyers have aggressively defended the 20-day EMA ($ 85.20).
AVAX / USDT daily chart | Source: TradingView
Buying activity resumed on November 17th and the bulls pushed the price above the overhead resistance at $ 101.82. If buyers hold the price above the psychologically important $ 100, the AVAX / USDT pair can rise to $ 115.14.
The falling 20-day EMA and the overbought RSI show that the bulls are in control. The bears will have to pull the price back below the $ 81 breakout to signal a possible change in the short-term trend.
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