Bitcoin (BTC) bulls pushed the price above $105,000 on Wednesday, but bears rushed the rally and pulled the price below $102,000. This shows that the bears are not willing to give up their advantage.
Morgan Stanley Wealth Management investment strategist Denny Galindo has become cautious about the BTC rally. In a podcast episode titled Crypto Goes Mainstream, he said that BTC’s price cycle is in the “fall season,” where profits need to be booked before winter sets in.
Key points:
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Bitcoin fell from $107,000, signaling that bears are trying to tip the level towards resistance.
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Several major altcoins rebounded from their support levels, but encountered strong selling pressure near general resistance levels.
A slightly different short-term view was presented by Dan Tapiero, the founder of 10T Holdings. In an interview with Cointelegraph, Tapiero said the bull market remains intact and on track to reach $180,000 in its current bull cycle. However, he warned that BTC would remain vulnerable to a 70% decline during the next bearish phase.
What are the crucial general support and resistance levels to watch in BTC and major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Prediction
BTC’s relief rally hit a selling wall at the 20-day exponential moving average ($106,302) on Tuesday, indicating that negative sentiment remains intact.
The bears will attempt to strengthen their position by pulling the price below the psychological support of $100,000. If they succeed, the selling could accelerate and the BTC/USDT pair could fall to $87,800.
Contrary to this hypothesis, if Bitcoin price rises from its current level or the $100,000 support, it suggests that the bulls have not given up. A breakout and close above the $107,000 breakout level signals that bulls are back in control.
Ether Price Prediction
Ether (ETH) recovery has encountered an obstacle at the descending channel pattern breakdown level.
Sellers will work to strengthen their position by lowering the price below the $3,350 to $3,050 support zone. If this happens, the ETH/USDT pair could begin a new downtrend towards $2,500.
Buyers will need to push and hold the Ether price inside the channel to indicate a return. The pair could then reach the 50-day simple moving average ($3,960), which should attract sellers.
XRP Price Prediction
Buyers pushed XRP (XRP) above the 20-day EMA ($2.41) on Monday, but were unable to clear the hurdle at the 50-day SMA ($2.58).
The bears are trying to keep XRP price below the 20-day EMA. If they succeed, the XRP/USDT pair could challenge the November 4 intraday low of $2.06. This is a crucial level for bulls to defend, as a close below $2.06 opens the door for a fall to $1.90.
On the upside, the bulls will need to push and hold the price above the downtrend line to suggest that the corrective phase may be over. The price of XRP could then rise towards $3.20.
BNB Price Prediction
BNB’s (BNB) pullback stopped at the 20-day EMA ($1,022), indicating that the bears are active at higher levels.
The bears will attempt to bring BNB price back towards the strong support of $860. If the price rises sharply from $860, it indicates that the bulls are aggressively defending the level. The buyers will then attempt to push the price above the 20-day EMA again.
On the other hand, a weak bounce from $860 indicates that the bears continue to exert pressure. This increases the possibility of a break below $860. The BNB/USDT pair could then fall as low as $730.
Solana Price Prediction
Solana (SOL) denied the 20-day EMA ($172) on Tuesday, indicating that higher levels attract sellers.
The bears are trying to push Solana price below the $155 support. If they succeed, the SOL/USDT pair could extend the decline to $126 and then to the strong support of $110.
Buyers will need to push the price above the 20-day EMA to indicate strength. The pair could then rise to the 50-day SMA ($193), where bears are expected to sell aggressively. However, if buyers overcome the resistance, the pair could rise as high as $210.
Dogecoin Price Prediction
The bulls’ failure to push Dogecoin (DOGE) above the 20-day EMA ($0.18) suggests that the bears have kept the pressure on.
Sellers will likely attempt to push Dogecoin price down to the $0.14 support level, which is a critical point to watch. If support gives way, the DOGE/USDT pair could retest the October 10 low at $0.10.
This negative view will be invalidated if the price rises above the 20-day EMA. The pair could then rise to the $0.21 level. This suggests that the pair could remain in the $0.14 to $0.29 range for some time to come.
Cardano Price Prediction
Cardano’s (ADA) relief rally stopped at the 20-day EMA ($0.59) on Monday, indicating that bears remain in control.
Sellers will attempt to push the ADA/USDT pair down to strong support at $0.50, where buyers should step in. A weak bounce from the $0.50 level increases the risk of a breakdown. The pair could then begin a new downward trend towards $0.40.
On the contrary, if the price rises from the current level or $0.50 and breaks above the 20-day EMA, it suggests that the bulls are trying to make a comeback. Cardano price could advance towards the 50-day SMA ($0.68) and thereafter to the $0.75 breakdown level.
Related: Bitcoin Price Hits $105,000 as Analysis Eyes ‘Massive’ Binance BTC Withdrawals
Hyperliquid price prediction
Buyers repeatedly attempted to push Hyperliquid (HYPE) above the 50-day SMA ($42.45), but bears managed to hold this level.
Bulls and bears are witnessing a tough battle at the neckline. If the level holds, the bulls will once again attempt to push the hyperliquid price above the 50-day SMA. If they succeed, the HYPE/USDT pair could climb as high as $52.
Alternatively, a decline below the $37.47 level suggests that the bears have taken control. The pair could then fall to strong support at $35.50. This is a vital level for bulls to defend, as a break below could send the pair tumbling to $30.50 and then to $28.
Chainlink Price Prediction
Chainlink (LINK) refused the 20-day EMA ($16.50) on Tuesday, but finds support at $15.43.
A minor positive for bulls is that the RSI is showing early signs of positive divergence. This suggests that selling pressure is decreasing. A close above the 20-day EMA opens the door for a return to the resistance line.
The sellers will likely have other plans. They will attempt to defend the 20-day EMA and bring Chainlink price back below $15.43. If they succeed, the LINK/USDT pair could plunge to the November 4 intraday low of $13.69.
Bitcoin Cash Price Prediction
Bitcoin Cash (BCH) broke away from the resistance line of the descending wedge pattern on Tuesday, but the bulls were unable to hold the lower levels.
The bulls are once again trying to push the Bitcoin Cash price above the resistance line. If this happens, it suggests a potential trend change. The BCH/USDT pair could then move higher towards the $615-$651 resistance zone, where the bears should mount a strong defense.
On the downside, a breakout and close below $500 signals that the bears are fiercely defending the resistance line. This could keep the pair inside the corner a little longer.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
