Key points:
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Bitcoin will complete a double top reversal pattern at a close below $107,000 support.
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Several altcoins fell below their immediate support levels, paving the way for further declines.
After October’s dismal performance, Bitcoin (BTC) has failed to change course. BTC started the new month with a drop to crucial support at $107,000, signaling that bears are trying to take control.
Demand from institutional investors has slowed, as indicated by the $799 million in net outflows from BTC exchange-traded funds last week, according to data from Farside Investors.
Capriole Investments founder Charles Edwards said in an article on X that institutional purchases had fallen below daily mining supply for the first time in seven months, which was not a good sign.
A small glimmer of hope for the bulls is that BTC saw an average gain of 42.34% in November, according to CoinGlass data. However, traders should not rely solely on this historic figure, as BTC has closed November in the red four times since 2018. This suggests that markets could swing one way or the other.
Could BTC extend its decline, sending altcoins lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) remains in an uptrend; However, the negative divergence on the Relative Strength Index (RSI) suggests that the bullish momentum may be weakening.
Sellers will need to drop the price below the 50-day simple moving average (6,647) to signal strength. If they succeed, the index could begin a deeper correction to 6,550 and then to 6,400.
Buyers will likely have other plans. They will attempt to defend the 20-day exponential moving average (6,764) and push the index above 6,920. If this happens, the index could rally up to the 7,000 level.
US Dollar Index Price Prediction
The US Dollar Index (DXY) bounced off the 20-day EMA (98.92) on Wednesday, signaling positive sentiment.
The index could bounce up to 100.50, where the bears are expected to mount a strong defense. If buyers do not allow the price to drop below the 20-day EMA, it increases the likelihood of a rally towards the strong overhead resistance at 102.
The first sign of weakness will be a breakout and close below the 20-day EMA. This suggests that bears are active at higher levels. The index could then drop to the 50-day SMA (98.24).
Bitcoin Price Prediction
BTC declined sharply from the 20-day EMA ($110,837) on Monday and later dipped below the $107,000 support level.
A close below the $107,000 level will complete a double top pattern, signaling the start of a corrective phase. The BTC/USDT pair could then drop to the psychologically significant level of $100,000. Buyers should defend the $100,000 level with all their might, as a break below could signal the start of a new downtrend.
The bulls will need to push the price above the moving averages to indicate that the bears are losing their grip. Bullish momentum could accelerate after buyers pushed Bitcoin price above $118,000.
Ether Price Prediction
Ether (ETH) declined from the 20-day EMA ($3,937) and fell below the support line of the descending channel pattern on Monday.
The descending moving averages and the RSI below 37 suggest that the bears are at an advantage. If the price closes below the support line, the ETH/USDT pair could fall to the $3,435 to $3,350 support zone.
This negative opinion will be invalidated in the short term if the price of Ether rises sharply from the current level and exceeds the moving averages. This suggests that markets have rejected the break below the channel. The pair could then rise to the channel resistance line.
XRP Price Prediction
Buyers tried to push XRP (XRP) above the 20-day EMA ($2.52), but sellers held on.
The bears will attempt to push the XRP/USDT pair back to $2.20, which is a crucial near-term level to watch. If the $2.20 support breaks down, XRP price could drop to $2 and then $1.80.
Any recovery attempt should result in a sale at the 20-day EMA and then at the 50-day SMA ($2.69). The bulls will need to push the price above the downtrend line to indicate a potential trend change.
BNB Price Prediction
BNB (BNB) closed below the 50-day SMA ($1,092) on Sunday and selling intensified on Monday.
The moving averages are about to complete a bearish crossover and the RSI is in negative territory, signaling that the bears are in charge. Support at $1,021 broke, paving the way for a fall to $932 and ultimately the October 10 intraday low of $860. Such a move suggests that the BNB/USDT pair may have reached its near-term high.
Time is running out for the bulls. They will need to quickly push BNB price back above the 20-day EMA to signal strength.
Solana Price Prediction
Solana (SOL) moved lower and fell below the symmetrical triangle’s uptrend line on Monday, indicating that uncertainty had resolved in favor of the bears.
The SOL/USDT pair could fall to strong support at $155. Any bounce from the $155 level risks selling off at the 20-day EMA ($190). If this happens, the price of Solana is likely to drop to $137.
Conversely, if the price rises from the current level or $155, it suggests demand at lower levels. The bulls will then attempt to push the price above the 20-day EMA. If they succeed, the pair could reach the resistance line.
Related: Here’s what happened in crypto today
Dogecoin Price Prediction
Dogecoin (DOGE) remains stuck in a wide range between $0.14 and $0.29 over the past few days.
The DOGE/USDT pair is likely to decline to strong support at $0.14, which should attract buyers. If price bounces off the $0.14 support and breaks above the moving averages, it suggests that the range-bound action could continue for some time to come.
The sellers will likely have other plans. They will attempt to push Dogecoin price below the $0.14 support and resume the downtrend. If they succeed, the pair could fall to $0.10.
Cardano Price Prediction
Buyers attempted to hold Cardano (ADA) above the $0.59 level, but bears resumed selling on Monday.
The bears will attempt to push the ADA/USDT pair down to the crucial support at $0.50. Buyers should fiercely defend the $0.50 level, as a break below would open the door to a fall to $0.40.
Bulls will need to push Cardano price above the 20-day EMA ($0.64) to gain strength. The pair could then rise to the $0.75 breakout level, where the bears are expected to intervene.
Hyperliquid price prediction
Hyperliquid (HYPE) fell below the 20-day EMA ($42.73) on Sunday, indicating that the bears continue to apply pressure.
The HYPE/USDT pair has fallen to the neckline level and may extend the decline to strong support at $35.50. Buyers should aggressively protect the $35.50 level as a break below could accelerate selling. The price of Hyperliquid could then collapse to $30.50 and then to $28.
Instead, if the price rises sharply from the $35.50 level and breaks above the 20-day EMA, it signals demand at lower levels. The pair could then oscillate between $35.50 and $52 for a few days.
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.
