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Bitcoin (Bitcoin) Was sold off along with most major altcoins Global stock markets and crude oil November 26. The market is turbulent with the news that a new variant of the coronavirus has been detected in South Africa. Scientists are worried because of the large number of mutations in its spike protein.
The sharp drop resulted in more than $750 million in cross-crypto clearing within 24 hours, but The exchange financing rate is still highThis indicates that the sell-off may not be over yet.
Bitcoin’s November monthly closing price is likely not to hit analysts Worst-case scenario for PlanB is $98,000This will be the first error since the model accurately predicted the month-end price levels in August, September and October. However, the creators of the stock-to-flow model believe that Bitcoin’s goal of $100,000 remains good during this halving cycle.
Is the current decline a coveted Black Friday deal or the beginning of a short-term bear market phase? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin/USD
The bulls pushed Bitcoin back to above the collapse level of $58,000 on November 25, but they were unable to clear the obstacle of the 20-day exponential moving average (EMA) ($59,510). This may attract profitable bookings from traders.
After falling below $55,317 on November 26, the selling momentum rebounded, and the next stop may be the psychological support of $50,000.
If the price rebounds from this level, buyers will try to push the price above the 20-day moving average. If they succeed, it indicates that selling pressure may be easing.
Or, if the next rebound falls from the 20-day moving average again, it indicates that market sentiment has turned negative and traders are selling on rallies. This will increase the probability of falling below $50,000.
If this happens, the BTC/USDT pair may undergo a panic sell-off, which may pull the price down to $40,000.
Ethereum/USDT
Ether (Ethereum) Broke the 20-day moving average ($4,336) on November 25, but as the price fell sharply on November 26 and fell to the neckline of the developing head and shoulders (H&S), the rise proved to be a bull trap pattern.
The bulls are actively defending the neckline. If the price rebounds from the neckline, buyers will try to clear the upper resistance at $4,551. This may clear the way for retesting the all-time high of $4,868.
Conversely, closing below the neckline will complete the bearish pattern. This may exacerbate the sell-off, and the ETH/USDT currency pair may fall to the support area of ??USD 3,600 to USD 3,400. If this area also breaks down, the next stop may be the target goal of $3,047.
BNB/USDT
Binance Coin (Bitcoin) Soared above the upper resistance level of $605.20 on November 25, but the bulls failed to break through the strong resistance of $669.30. This shows that the bears are vigorously defending this level.
Failure to rise above $669.30 may prompt short-term traders to take profit. This caused the price to fall below the 20-day moving average ($590) on November 26. The bears will now try to sink the BNB/USDT pair to the 50-day simple moving average (SMA) ($539).
A break and close below the 50-day moving average may indicate a change in trend. If it falls below $510, the selling may accelerate. The currency pair may fall to 450 US dollars.
The bulls will have to push the price higher and maintain it above the upper resistance zone of $669.30 to $691.80 to indicate the resumption of the uptrend.
Sol/USDT
Solana (Sol) Rebounded from the 50-day moving average ($202) on November 25, but retreated from the 20-day moving average ($216). This shows that market sentiment has changed from buying on dips to selling on rallies.
The selling continued on November 26, and the bears were trying to push the price below the support line of the symmetrical triangle. If they maintain the price below the triangle, the SOL/USDT currency pair may fall to $153 and then to $140.
A downward sloping 20-day EMA and a relative strength index (RSI) below 43 indicate that bears have the upper hand. If the price rises from the current level and breaks the resistance line of the triangle, this negative perception will be invalid.
ADA/USDT
Cardano (Have) The intraday doji candlestick pattern was formed on November 25, indicating the indecision between bulls and bears. This uncertainty fell on November 26 at a price that fell below $1.58.
The ADA/USDT pair has strong support at $1.50. Although the downward sloping moving average indicates that bears have an advantage, the RSI in the oversold zone indicates that the short-term selling may have been excessive.
The bulls may try to face a relief rebound from strong selling at the 20-day moving average ($1.85). If the price drops from this level, the bears will try again to drop the currency pair below $1.50. If they succeed, the currency pair may fall to $1. The first sign of strength will be a breakout and close above the 20-day moving average.
Ripple/USDT
Although the bulls have defended the $1 support level in the past few days, they have been unable to push Ripple (Ripple) Is higher than the 20-day moving average (1.08 USD). This indicates that the higher level of demand is insufficient.
Selling accelerated on November 26, and the bears pulled the price below the psychological support level of $1. The XRP/USDT currency pair may now fall to the strong support of 0.85 USD. If the price rebounds from this level, the bulls will try to push the price above $1.
If they manage to do this, the currency pair may try to gradually move up to the upper resistance at $1.24. Conversely, if the price falls from US$1 and falls below US$0.85, the currency pair may fall to US$0.70.
DOT / USDT
Polkadot (DOT) rebounded from the uptrend line on November 25, but the bulls were unable to maintain higher levels. The selling intensified on November 26, and the price fell below $37.53, completing the bearish H&S pattern.
The DOT/USDT currency pair may now fall to US$32 and then to US$26. The bulls may try to prevent the decline. On the bright side, the breakthrough level of 38.70 is an important level worthy of attention.
If the price drops from this level, it indicates that market sentiment is still negative and traders sell on rallies.
Conversely, if the bulls push and maintain the price above US$38.70, it indicates strong demand at lower levels. A break and close above $43.56 may give the advantage to the bulls.
Dogecoin/USDT
Dogecoin (dog) Attempt to make a relief rally on November 25, but the long wick on the candlestick that day showed that the shorts were selling near the downtrend line.
The selling momentum strengthened on November 26, and the DOGE/USDT currency pair fell below the immediate support level of $0.21, and even fell below the strong support level of $0.19. The bulls are currently trying to defend the $0.19 level.
If the price rebounds from the current level, the shorts will once again pose a severe challenge to the $0.21. If this level turns into a resistance level, the possibility of a break below $0.19 will increase. If this happens, the currency pair may fall to the critical support level of $0.15. The first sign of strength will be a breakout and close above the 20-day moving average ($0.23).
AVAX / USDT
Avalanche (AVAX) rebounded from the 38.2% Fibonacci retracement level to $112.63 on November 25, but the long wick on the candlestick shows that traders are selling on rallies.
The AVAX/USDT currency pair fell on November 26 and fell to the 20-day moving average (105 USD). This is an important level to pay attention to, because during an uptrend, traders buy the 20-day moving average on dips. If the price rebounds from current levels, the bulls will try to push the price up to $130.
Conversely, if the bears pull the price below the 20-day moving average and 50% retracement level of 102.01 USD, the currency pair may fall to the 61.8% Fibonacci retracement level of 91.39 USD. The deeper the fall, the longer it will take for the next rise to begin.
SHIB/USDT
SHIBA INU (SHIB) fell below the strong support of $0.000040 on November 24. The bulls tried to push the price back above that level on November 25 and trap the aggressive shorts, but they were unable to clear the 20-day upper barrier EMA ($0.000046).
This shows that traders are selling in a rebound near the upper resistance level. The bears pulled the price back below $0.000040 on November 26, increasing the possibility of resuming the correction.
The SHIB/USDT currency pair can now complete a 100% retracement and fall to 0.000027 USD. If the price recovers from the current level and breaks the 20-day moving average, this bearish view will be invalidated. Then the currency pair may rise to 0.000052 USD.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.
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