Ripple

Bitcoin and altcoins are beginning to flash signals of a potential trend change, but a handful of downside risks remain.

Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes. 

This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution, where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting.

The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Coinglass data shows that Bitcoin’s monthly returns in November of 2018, 2019 and 2021 were negative and that was followed by a further fall in December.

Will history repeat itself and Bitcoin decline again in December or will buyers come out on top and push the price higher? Let’s study the charts of the top 10 cryptocurrencies to gain some insight.

BTC/USDT

Bitcoin soared above the descending triangle and the 20-day exponential moving average (EMA) of $16,949 on Nov. 30. This is the first indication that the downtrend could be ending.

The 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. This equilibrium would shift in favor of the bulls if they thrust the price above the overhead resistance at $17,622.

If buyers sustain the price above this level, the BTC/Tether (USDT) pair could pick up momentum and rally to the 50-day simple moving average (SMA) of $18,349. This level may again act as a huddle but is likely to be crossed. The pair could then start its northward march toward $21,500.

If bulls fail to propel the price above $17,622, the pair could remain range-bound for some more time.

ETH/USDT

Ether (ETH) continues to trade inside the descending channel pattern but the bulls are attempting to tilt the short-term advantage in their favor. Buyers drove the price above the 20-day EMA of $1,245 on Nov. 30, suggesting demand at higher levels.

The bears will again try to stall the recovery at the 50-day SMA of $1,335, but the likelihood of a break above it is high. If that happens, the ETH/USDT pair could rally to the resistance line of the channel. This level may prove to be a major roadblock for the bulls.

Alternatively, the failure to push the price above the 50-day SMA may create an opening for the bears to pull the pair back below the 20-day EMA. The pair could then give back its recent gains and drop to $1,151.

BNB/USDT

BNB (BNB) bounced off the moving averages on Nov. 29 but the bulls could not clear the overhead barrier at $300. This indicates that the bears are selling on relief rallies.

The price dipped back below the moving averages on Dec. 2 and the bears are trying to pull the BNB/USDT pair below $286. If they can pull it off, the pair could decline to $275 and thereafter to the strong support at $258.

On the contrary, if the price turns up from the current level and breaks above $306, it will suggest that buyers are attempting a comeback. The pair could then attempt a rally to $338.

In the near term, the flattish moving averages and the RSI near the midpoint, indicate a range formation.

XRP/USDT

XRP (XRP) again failed to break above the overhead resistance of $0.41 on Nov. 30 and Dec. 1, indicating that the bears are vigorously defending the level.

The XRP/USDT pair has slipped below the 20-day EMA of $0.40 and the bears will now try to pull the price below $0.37. If they do that, the pair may extend its stay inside the large range between $0.30 and $0.41 for a few more days.

On the other hand, if the price turns up from the current level or $0.37, it will suggest buying on dips. The bulls will then try to propel the price above the 50-day SMA of $0.43 and start an up-move to $0.51.

ADA/USDT

Cardano (ADA) is consolidating in a downtrend. The bullish divergence on the RSI suggests that the selling pressure could be reduced and a recovery may be on the cards.

If the price climbs above the 20-day EMA of $0.32, the ADA/USDT pair could pick up momentum and attempt a rally to the downtrend line. The bears are likely to mount a strong defense at this level.

Contrary to this assumption, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The pair could then again drop toward $0.29.

DOGE/USDT

Dogecoin’s (DOGE) recovery is facing resistance near the 50% Fibonacci retracement level of $0.12. This suggests that the bears are active at higher levels.

The price has dipped to the breakout level of $0.09, which is an important level to watch out for. A strong bounce-off will suggest that the bulls have flipped the level into support.

Buyers will then again try to drive the price above $0.11 and resume the recovery. If they succeed, the DOGE/USDT pair could rise to the 61.8% retracement level of $0.13.

Conversely, if the price breaks below $0.09, it will suggest that the recovery may be over. The pair could then decline to the moving averages and later to $0.07.

MATIC/USDT

Polygon (MATIC) surged above the moving averages on Nov. 30, suggesting that the bulls are making a comeback. The price turned down on Dec. 1 but the bulls are attempting to flip the 20-day EMA of $0.89 into support.

If buyers thrust the price above $0.97, the recovery could pick up the pace and the MATIC/USDT pair could rally to the overhead resistance at $1.05. This level may act as a stumbling block, but if the bulls push the price above it, the pair could make a dash toward $1.30.

Instead, if the price turns down from $0.97, the bears will make another attempt to drag the pair below the moving averages. If that happens, the pair could retest the support at the uptrend line.

Related: ApeCoin risks 30% crash after APE staking debut in December

DOT/USDT

Polkadot (DOT) is attempting a recovery in a downtrend. After hesitating near the 20-day EMA of $5.53 for two days, buyers pushed the price above the resistance on Dec. 2.

The DOT/USDT pair could rise to the 50-day SMA of $5.96, which may act as a minor obstacle, but it is likely to be crossed. The pair could thereafter extend the relief rally to the downtrend line. A break and close above this resistance could signal a potential trend change.

The bears had halted two previous recovery attempts at the downtrend line, hence they may again try to defend the level. If bears want to regain control, they will have to pull the price back below the 20-day EMA and break the support at $5. The pair could then plummet to $4.32.

LTC/USDT

Litecoin (LTC) has been trading above the breakout level of $75 but the bulls are facing stiff resistance in the zone between $80 and $84. This suggests that the bears have not yet given up.

Although the upsloping moving averages indicate an advantage to buyers, the RSI is forming a bearish divergence. This indicates that the positive momentum could be weakening. The LTC/USDT pair may remain stuck between the 20-day EMA and $84 for a while.

A consolidation near the overhead resistance is usually a positive sign as it suggests that buyers are not hurrying to book profits. If the bulls propel the price above $84, a new uptrend could begin and the pair may rally to $104.

Alternatively, if the price turns down and breaks below $70, the pair could start a decline to the 50-day SMA ($61).

UNI/USDT

Uniswap (UNI) broke above the 20-day EMA of $5.74 on Nov. 30. This is the first indication that the bears may be losing their grip. Buyers will try to strengthen their position by kicking the price above the 50-day SMA of $6.17.

If they manage to do that, the UNI/USDT pair could rally to the resistance line. The bears are expected to defend this level with all their might because if they fail in their endeavor, it will suggest that the symmetrical triangle may have acted as a reversal pattern. The pair could then start a new up-move to $8 and then to $10.

This positive view could invalidate in the near term if the price turns down and breaks below the 20-day EMA. The pair could then retest the support line of the symmetrical triangle.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

BTC and many altcoins are kicking up dust after the Federal Reserve chairman Jerome Powell discussed the possibility of smaller rate hikes in 2023, but is the momentum sustainable?

Bitcoin (BTC) has shrugged off the weakness in the United States equities markets and is attempting to start a recovery on Nov. 30. Buyers are attempting to achieve a monthly close above $17,000. This suggests that the selling that had picked up due to the FTX crisis may be reducing.

Usually, smaller investors panic and dump their holdings in a bear market but it has been the opposite with Bitcoin investors. According to Glassnode data released on Nov. 27, investors holding less than one Bitcoin, also called shrimps, bought 96,200 Bitcoin since the FTX crash.

Along similar lines, investors holding between 1 to 10 Bitcoin, classified as crabs, bought 191,600 Bitcoin over the past 30 days. This shows investors are continuing to accumulate at lower levels.

However, a sharp recovery in Bitcoin’s price is unlikely for some time. Trading firm QCP Capital believes that the United States Consumer Price Index data on Dec. 13 and the U.S. Fed’s policy decision on Dec. 14 could act as risk factors because many investors could be “forced to continually sell assets to raise liquidity.” QCP expects the situation to turn around only in the second or third quarter of next year after the Fed possibly pivots and releases liquidity in the system.

Could Bitcoin lead the cryptocurrency markets higher? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin turned up from $15,995 on Nov. 28 and broke above the developing descending triangle pattern on Nov. 30. This invalidated the bearish setup and may have attracted buying from the bulls who are trying to push the price above the 20-day exponential moving average ($16,910).

A close above the 20-day EMA will be the first sign that the bears may be losing their grip. The BTC/USDT pair could then rally to $17,622 and later to the 50-day simple moving average ($18,434). The sellers are expected to defend this zone with vigor.

If the price turns down from the overhead zone but bounces off the 20-day EMA, it will suggest that bulls are buying the dips. That could increase the possibility of a rally to $20,000 and then to $21,500.

Another possibility is that the price turns down from $17,622. If that happens, it will suggest that the pair may consolidate between $15,476 and $17,622 for some more time.

ETH/USDT

Ether (ETH) turned down from the 20-day EMA ($1,234) on Nov. 26 but the bulls arrested the decline at $1,151 on Nov. 28. This indicates a pick-up in demand and a sign that the sentiment could be turning positive.

Buyers have pushed the price above the 20-day EMA and will next attempt to break above the 50-day SMA ($1,335). If they succeed, the ETH/USDT pair could rally to the resistance line of the descending channel. This level may attract strong selling by the bears because a break above the channel could indicate a possible trend change.

To invalidate this bullish view, the bears will have to defend the 50-day SMA and pull the price back below $1,051. The pair could then decline to the support line of the channel.

BNB/USDT

BNB (BNB) bounced off the moving averages on Nov. 29 but the bulls are struggling to build upon this move. This suggests that bears are likely to pose a strong challenge between $300 and $318.

The 20-day EMA ($292) is flattening out and the RSI is just above the midpoint, indicating a balance between supply and demand. The advantage could tilt in favor of the buyers if they catapult the price above $318. That could clear the path for a rally to $338 where the bears may again erect a stiff barrier.

This positive view could invalidate in the near term if the price turns down and plummets below the moving averages. The pair could then decline to the support at $258.

XRP/USDT

The bulls successfully defended the retest of the breakout from the symmetrical triangle on Nov. 28. This is a positive sign as it shows that traders are buying the dips in XRP (XRP).

The bounce has reached the overhead resistance at $0.41, which is an important level to keep an eye on. If bulls catapult the price above this resistance, the XRP/USDT pair could attempt a rally to $0.45 and then to $0.51.

On the other hand, if the price turns down from the current level, it will suggest that the bears are aggressively selling near $0.41. They will then again try to pull the price inside the triangle. If they can pull it off, the pair could drop to $0.34.

ADA/USDT

Cardano (ADA) remains in a downtrend but the bullish divergence on the RSI suggests that the bearish momentum may be weakening.

The bulls will have to thrust and sustain the price above the 20-day EMA ($0.32) to signal strength. If they do that, the ADA/USDT pair may start a recovery to the downtrend line. The 50-day SMA ($0.36) may act as a resistance but is likely to be crossed.

Conversely, if the price turns down from the 20-day EMA, it will indicate that bears are selling on minor rallies. The bears will then try to resume the downtrend and sink the price to the support line.

DOGE/USDT

Dogecoin (DOGE) bounced off the 20-day EMA ($0.09) on Nov. 28, indicating that the sentiment has turned positive and traders are buying the dips.

The upsloping 20-day EMA and the RSI above 60 suggest that bulls have the upper hand. Buyers are trying to extend the recovery to the 50% Fibonacci retracement level of $0.11 and next to the 61.8% retracement level of $0.12.

The sellers are likely to mount a strong defense in this zone. If the price turns down from it, the DOGE/USDT pair could again drop to the 20-day EMA.

On the contrary, if buyers thrust the price above the overhead zone, the pair could complete a 100% retracement and rally to $0.16.

MATIC/USDT

Polygon (MATIC) remains stuck between the 20-day EMA ($0.88) and the uptrend line. The 20-day EMA is flattening out and the RSI is near the midpoint, indicating a balance between supply and demand.

The bulls are trying to drive the price above the moving averages and gain the upper hand. If they succeed, the MATIC/USDT pair could climb to $0.97 and then rally to $1.05. This level could again attract selling by the bears but if bulls clear this hurdle, the bullish momentum could pick up.

This positive view could invalidate in the near term if the price turns down from the moving averages and slides below the uptrend line. The pair could then drop to the important support at $0.69.

Related: FTM price rebounds 50% as Fantom reveals 30 years runway (without having to sell its token)

DOT/USDT

Polkadot (DOT) turned up from $5.06 on Nov. 28, indicating that bulls are attempting to form a low at $5. The price reached the 20-day EMA ($5.52) on Nov. 30, which is likely to act as a formidable resistance.

The RSI has formed a bullish divergence as it has not tracked the DOT/USDT pair lower. This indicates that the selling pressure could be weakening and increases the likelihood of a break above the 20-day EMA. If that happens, the pair could rise to the 50-day SMA ($6) and later attempt a rally to the downtrend line.

Alternatively, if the price turns down from the 20-day EMA, it will suggest that bears are viewing the relief rallies as a selling opportunity. A break below $5 could signal the resumption of the downtrend. The next support on the downside is $4.32.

LTC/USDT

The long tail on Litecoin’s (LTC) Nov. 28 candlestick shows strong buying at lower levels. This suggests that buyers are trying to flip the breakout level of $75 into support.

The rising 20-day EMA ($69) and the RSI in the positive territory indicate the path of least resistance is to the upside. Buyers will have to push the price above $84 to start a new up-move, which could reach $104.

Instead, if bulls fail to propel the price above $84, the bears will again try to sink the LTC/USDT pair below the 20-day EMA. If they manage to do that, several aggressive bulls may get trapped resulting in long liquidation. The pair may then fall to the 50-day SMA ($60).

UNI/USDT

The bulls are buying the dips to the support line of the symmetrical triangle pattern. This is a positive sign as it indicates demand at lower levels. Buyers are trying to strengthen their position by pushing Uniswap (UNI) above the 20-day EMA ($5.67).

The RSI has risen close to the midpoint, indicating that the bearish momentum may be weakening. If buyers sustain the price above the 20-day EMA, the UNI/USDT pair may attempt a rally to the resistance line of the triangle. A break above the triangle will suggest a potential trend change.

Contrarily, if the price fails to rise above the moving averages, it will suggest that the bears continue to sell on rallies. They will then again try to pull the price below the triangle and open the doors for a decline to $4.60 and then $3.33.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears.

FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived to the conclusion after comparing FTX’s fall to that of Mt. Gox.

Another calming statement came from Bloomberg Intelligence exchange-traded fund (EFT) analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated.

The negative events of the past few days do not seem to have scared away the small investors who remain on an accumulating spree. According to blockchain analytics company Glassnode, the number of wallets holding at least one Bitcoin or more soared in November and reached 950,000.

Could Bitcoin and altcoins extend their recovery in the near term? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin rebounded off $15,476 on Nov. 21, indicating that lower levels are attracting buying by the aggressive bulls. The relative strength index (RSI) has formed a bullish divergence, suggesting that the bears may be losing their grip.

Buyers will try to push the price above the overhead resistance zone between the 20-day exponential moving average (EMA) of $17,186 and $17,622. If they manage to do that, the BTC/Tether (USDT) pair could indicate a possible change in trend.

The pair could then rise to the 50-day simple moving average (SMA) of $18,718 and thereafter challenge the psychological level of $20,000.

Contrary to this assumption, if the price turns down from the current level or the overhead resistance, it will suggest that the bears remain sellers on relief rallies. The bears will then again attempt to sink the pair below $15,588 and resume the downtrend. The next support on the downside is at $12,200.

ETH/USDT

Ether (ETH) rebounded off the strong support near $1,073 on Nov. 22 and broke above the downtrend line on Nov. 24. This suggests that the bulls are attempting a comeback.

The ETH/USDT pair could next rise to the 20-day EMA of $1,248, which is an important level to watch out for. If buyers overcome this barrier, the pair could attempt a rally to the resistance line of the descending channel pattern.

On the other hand, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then endeavor to pull the price to the support line of the channel. If this support cracks, the pair could plunge to the critical support zone between $1,000 and $881.

BNB/USDT

BNB (BNB) broke below the strong support of $258 on Nov. 21, but this proved to be a bear trap. The price turned up on Nov. 22 and the momentum picked up further on Nov. 23. This drove the price to the overhead resistance at $300.

The bulls and the bears are witnessing a tough battle at $300, as seen from the Doji candlestick pattern formed on Nov. 24 and 25. If bulls come out on top, the BNB/USDT pair could climb to $338, where the bears may again mount a strong defense.

On the contrary, if the price turns down from the current level and breaks below the moving averages, it will suggest that the pair may remain range-bound between $258 and $300 for a few more days.

XRP/USDT

XRP (XRP) turned up from $0.34 on Nov. 21 and shot up above the symmetrical triangle and the 20-day EMA of $0.40 on Nov. 24. This showed that the uncertainty between the buyers and sellers resolved in favor of the bulls.

The buyers are trying to build upon the advantage by pushing the price above the overhead resistance at $0.41. If they succeed, the XRP/USDT pair could pick up momentum and rise to $0.50 and then to $0.56.

However, the bears are likely to have other plans. They will try to stall the recovery at $0.41 and pull the price back into the triangle. If that happens, the aggressive bulls may get trapped and the pair could then plummet to the support line.

ADA/USDT

Cardano (ADA) is in a strong downtrend. The bulls purchased the dip below $0.30 on Nov. 22 but are struggling to push the price to the 20-day EMA of $0.33.

The downsloping moving averages indicate that bears have the upper hand but the RSI is forming a bullish divergence, which suggests that the selling pressure may be reducing. The first sign of strength will be a break above the 20-day EMA. The ADA/USDT pair could then attempt a rally to the 50-day SMA of $0.36 and subsequently to the downtrend line.

Instead, if the price turns down from the current level or the 20-day EMA, the pair could extend its downtrend and drop to the support line.

DOGE/USDT

Dogecoin (DOGE) rebounded off the support at $0.07 on Nov. 21, indicating that the bulls are trying to establish a higher low at this level.

The relief rally has reached $0.09 and the bulls are likely to encounter strong resistance from the bears. If the price turns down from the current level, the DOGE/USDT pair could remain range-bound between $0.07 and $0.09 for some time.

Contrarily, if buyers propel the price above the overhead resistance, the bullish momentum could pick up and the pair may start a rally to the 38.2% Fibonacci retracement level of $0.10 and then to the 50% retracement level of $0.11.

MATIC/USDT

Polygon (MATIC) rebounded off the uptrend line on Nov. 21 but the relief rally turned down from the moving averages on Nov. 24. This suggests that the bears are active at higher levels.

The sellers may once again attempt to sink the price below the uptrend line. If they manage to do that, the MATIC/USDT pair could drop to the important support at $0.69. The bulls are expected to vigorously defend this level because if it cracks, the pair could start a new down move and drop to $0.52.

Conversely, if the price turns up and rises above the moving averages, the short-term advantage could tilt in favor of the bulls. The pair could then rally to $0.97 and later to $1.05.

Related: Will Bitcoin hit $110K in 2023? 3 reasons to be bullish on BTC now

DOT/USDT

Polkadot’s (DOT) rebound off $5 is facing resistance near the 20-day EMA of $5.69. This suggests that the bears continue to view the rallies as a selling opportunity.

If the price turns down from this level, the bears will try to pull the DOT/USDT pair to the crucial support at $5. A break and close below this level will indicate the resumption of the downtrend. The pair could then decline to $4.32.

To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages. If they can pull it off, it will suggest that the downtrend could be ending. The pair could then rally to $7.43.

LTC/USDT

Litecoin (LTC) surged and closed above the overhead resistance of $75 on Nov. 23 but the bulls could not build upon the breakout. The bears are attempting to pull the price back below $75 on Nov. 25.

If they succeed, the LTC/USDT pair could drop to the 20-day EMA of $65. This is an important level to keep an eye on because a strong bounce off it will suggest a change in sentiment from selling on rallies to buying on dips. The bulls will then strive to push the price above $84 and open the doors for a possible rally to $104.

Alternatively, if the bears pull the price below the 20-day EMA, it will indicate that higher levels continue to attract sellers. The pair could then drop to the 50-day SMA of $58.

UNI/USDT

Uniswap (UNI) has formed a large symmetrical triangle pattern, suggesting indecision among the bulls and the bears. The price rebounded off the support line of the triangle on Nov. 22, indicating buying at lower levels.

The recovery attempt could face resistance at the moving averages. If the price turns down from it, the bears will again try to sink the UNI/USDT pair below the triangle. If that happens, the pair could drop to $3.33.

Contrary to this assumption, if the bulls drive the price above the moving averages, the pair could climb to the resistance line of the triangle. This level could act as a major hurdle but if the bulls overcome it, the pair could rise to $8 and thereafter attempt a rally to $10.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Bitcoin and select altcoins are struggling to rise above their immediate resistance levels, indicating that the bears remain in full control.

The sentiment across the cryptocurrency ecosystem remains fragile as market participants assess the impact of the FTX crisis on various businesses within and outside of the crypto sector. Trading firm QCP Capital said in its latest circular on Telegram that crypto assets may continue their underperformance till the new year. QCP projects Bitcoin (BTC) to plunge to $12,000 and Ether (ETH) to $800.

Looking at the brighter side, FTX could be the last major player to bite the dust during the current bear market cycle, according to CK Zheng, co-founder of crypto hedge fund ZX Squared Capital.

Zheng also added that institutional investors who have a long-term horizon may continue to invest in blockchain technology and select cryptocurrencies such as Bitcoin and Ethereum.

When the sentiment is bearish, rumors create panic among traders who dump their holdings out of fear. Usually, these occasions form a bottom. Traders may remain cautious and avoid placing large bets until the dust settles and the markets confirm a bottom.

What are the important levels to keep an eye on and which could suggest that the correction may be over? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin continues to trade below the breakdown level of $17,622, which is a negative sign. After a period of high volatility, the price has been stuck in the range between $16,229 and $17,190.

The 20-day exponential moving average (EMA) of $17,980 is sloping down and the relative strength index (RSI) is in the negative territory, indicating that the bears are in control. If the price turns down and breaks below $16,229, the BTC/Tether (USDT) pair could retest the Nov. 9 low of $15,588.

A break and close below this support could trigger panic selling, which could pull the pair to $12,200. On the contrary, if buyers drive the price above $17,190, it will suggest strong demand at lower levels.

The pair could then rally to the overhead resistance zone between $17,622 and the 20-day EMA. A break and close above this zone could indicate the start of a new up-move.

ETH/USDT

Ether has been gradually losing ground in the past few days. The bears may try to build upon their advantage by pulling the price below the immediate support of $1,171. If they succeed, the pair could decline to the support line of the descending channel pattern.

The downsloping 20-day EMA of $1,325 and the RSI in the negative zone indicate that sellers have the upper hand. If the bears pull the price below the support line of the channel, the selling could accelerate and the ETH/USDT pair may drop to $1,000.

The first sign of strength will be a break and close above the moving averages. Such a move could open the gates for a possible rally to the downtrend line. The bulls will have to clear this hurdle to signal the start of a new up-move.

BNB/USDT

BNB (BNB) once again dipped close to the strong support of $258 on Nov. 17, but the bulls held their ground. Buyers will now attempt to start a relief rally that could reach the 20-day EMA of $291.

The downsloping 20-day EMA and the RSI in the negative territory indicate that the bears are in control. If the price turns down from the current level or the 20-day EMA, the bears will make one more attempt to break the support at $258. If they can pull it off, the BNB/USDT pair could dive to $239 and then to $216.

Contrarily, if the bulls push the price above the 20-day EMA, the pair could rise to the overhead resistance at $300. The bulls will have to clear this hurdle to open the doors for a possible rally to $338.

XRP/USDT

XRP (XRP) is facing selling near the downtrend line. This suggests that the bears are trying to build upon their advantage and pull the price below the immediate support of $0.36.

The downsloping 20-day EMA of $0.41 and the RSI in the negative territory indicate that the path of least resistance could be to the downside. If the $0.36 level gives way, the XRP/USDT pair could plunge to $0.32.

To invalidate this bearish view, buyers will have to overcome the stiff challenge in the zone between the downtrend line and $0.41. If that happens, the pair could pick up momentum and rally toward the 50-day SMA of $0.45.

ADA/USDT

Cardano (ADA) remains in a strong downtrend and the bears are trying to sink the price below the crucial support at $0.31. However, the bulls are likely to have other plans and they may try to defend this level aggressively.

Any relief rally is likely to face stiff resistance in the zone between $0.35 and the 20-day EMA of $0.36. If the price turns down from this zone, the likelihood of a break below $0.31 increases. The ADA/USDT pair could then plummet to the support line. This is an important level to keep an eye on because if it cracks, the next stop could be $0.25.

This negative view could invalidate in the near term if buyers push the price above the 20-day EMA. The pair could then rise to the downtrend line. A break and close above this resistance could suggest a potential trend change.

DOGE/USDT

Dogecoin (DOGE) has been trading between the moving averages for the past few days. This suggests that the bulls are buying the dips to the 50-day SMA of $0.08, and the bears are selling the relief rallies to the 20-day EMA ($0.09).

The downsloping 20-day EMA and the RSI just below the midpoint indicate a minor advantage to the bears. If the price turns down and slips below the 50-day SMA, the DOGE/USDT pair could drop to $0.07 and later to $0.06.

The bulls are likely to have other plans as they will try to push and sustain the price above the overhead resistance at the 20-day EMA. If they succeed, the pair could start a stronger recovery and rally toward $0.12.

MATIC/USDT

After trading between the moving averages for the past few days, Polygon (MATIC) closed below the 50-day SMA of $0.89 on Nov. 17. Buyers tried to push the price back above the 50-day SMA on Nov. 18 but are facing stiff resistance from the bears.

If buyers push the price back above the 50-day SMA, the MATIC/USDT pair could rise to the 20-day EMA of $0.95. The bears are likely to mount a strong defense at this level, but if the bulls overcome this barrier, the pair could rally to $1.05.

Alternatively, if the price fails to rise above the moving averages, it will suggest that the sentiment remains negative and traders are selling on rallies. That could increase the likelihood of a drop to the uptrend line.

Related: Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next

DOT/USDT

The price action of the past few days has formed a pennant, which generally acts as a continuation pattern. The downsloping moving averages and the RSI in the negative territory indicate that sellers have the edge in Polkadot (DOT).

If the price turns down and breaks below the pennant, the selling could pick up. The DOT/USDT pair could start the next leg of the downtrend on a break below $5.32. The next support on the downside is at $4.32.

Conversely, if the price continues higher and breaks above the pennant, it will invalidate the bearish setup. The pair could then rise to the 50-day SMA of $6.22. A break and close above this level could suggest that the short-term downturn could be over.

UNI/USDT

Uniswap (UNI) turned down from the 50-day SMA of $6.43 on Nov. 16, but the bulls are attempting to form a higher low at $5.66.

The bulls will have to push and sustain the price above the 50-day SMA to gain the upper hand. If they manage to do that, the UNI/USDT pair could attempt a rally to $7.36 and thereafter to $7.79.

The long wick on the Nov. 18 candlestick shows that the bears are defending the moving averages. The downsloping 20-day EMA of $6.20 and the RSI just below the midpoint suggest that the bears are at an advantage. A break and close below $5.66 may clear the path for a retest of $5.14.

LTC/USDT

Litecoin (LTC) broke and closed above the 20-day EMA of $59 on Nov. 17 and the RSI jumped into positive territory, indicating that the bulls have a slight edge.

The up-move is likely to face stiff resistance at $65. If the price turns down from this level, the LTC/USDT pair could again drop toward the moving averages.

Contrary to this assumption, if buyers drive and sustain the price above $65, the bullish momentum could pick up and the pair could attempt a rally to the overhead resistance at $75.

The bears are expected to defend this level with all their might. If the price turns down from $75, it will suggest that the pair may extend its stay inside the $46 to $75 range for a few more days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The recovery in BTC and altcoins fizzled out fast, suggesting that investors continue to maintain a risk-off stance to all cryptocurrencies.

The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase.

According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time.

The crisis has negatively impacted several crypto-focused companies who have assets stuck on FTX following the company’s bankruptcy filing on Nov. 11. Investors also fear the contagion could spread, causing further damage to the cryptocurrency ecosystem.

Although several investors were rattled by the collapse of FTX, billionaire venture capitalist and serial blockchain investor Tim Draper remains bullish on Bitcoin (BTC). In a Nov.15 interview with Cointelegraph, Draper doubled down on his $250,000 target for Bitcoin in 2023.

However, investors should take the price projection with a pinch of salt because it is unlikely that Bitcoin will start a roaring bull market in the near future.

What are the key support and resistance levels to watch out for on Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin broke and closed below the June low of $17,622 on Nov. 9. This marked the resumption of the downtrend. Although bulls tried to stage a strong recovery on Nov. 10, their efforts met with heavy selling above $17,622. This suggests that the bears have flipped the level into resistance.

The 20-day exponential moving average ($18,271) has turned down and the relative strength index (RSI) is in the negative territory. This suggests that the bears have the upper hand.

If the price sustains below $17,622, it will increase the prospect of a break below $15,588, If that happens, the BTC/USDT pair could extend its decline to $12,200.

Contrary to this assumption, if the price turns up and breaks above the 20-day EMA, it will suggest strong demand at lower levels. The pair could then challenge the psychological level at $20,000.

ETH/USDT

Ether (ETH) has been declining inside a descending channel pattern for the past several weeks. The failure to push the price above the channel on Nov. 4 may have led to profit-booking by the short-term traders.

The buyers aggressively bought the dip to the support line on Nov. 10 but the relief rally fizzled out near the 50-day simple moving average ($1,372). This suggests that bears are selling at higher levels.

The bears will again strive to sink the price below the channel. If that happens, the selling could intensify and the ETH/USDT pair could drop to $1,000. To gain the upper hand, buyers will have to push the price above the moving averages. The pair could then rise to the downtrend line.

BNB/USDT

BNB (BNB) soared to $398 on Nov. 8 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick. The selling continued on Nov. 9 and pulled the price near the strong support at $258.

The bulls purchased the drop on Nov. 10 but they could not thrust the price above the 20-day EMA ($295). This suggests that the sentiment turned negative and bears were selling the relief rallies to the 20-day EMA.

The bears will again try to break the support at $258 and if they manage to do that, the BNB/USDT pair could drop to $239 and later to $216. This negative view will be invalidated in the near term if bulls push and sustain the price above $313.

XRP/USDT

XRP (XRP) re-entered the $0.41 to $0.30 range on Nov. 8, indicating a lack of demand at higher levels. The selling continued on Nov. 9 and the price dropped to $0.32.

Buyers purchased the dip and tried to push the price back above $0.41 but the bears did not relent. This suggests that the bears have flipped the $0.41 level into resistance. The bears will again try to pull the pair to the critical support at $0.30.

This is an important level for the bulls to defend because a break and close below it could signal the resumption of the downtrend. On the upside, the first sign of strength will be a break and close above $0.41. The XRP/USDT pair could then rise to the 50-day SMA ($0.45).

ADA/USDT

Cardano (ADA) is in a strong downtrend. Although both moving averages are sloping down, the RSI is attempting to form a bullish divergence, indicating that the selling pressure may be reducing.

The first sign of strength will be a break and close above the downtrend line. Such a move will suggest a potential trend change. The ADA/USDT pair could then attempt a rally to $0.52.

On the other hand, if the price continues lower and breaks below $0.31, the pair could drop to the support line. This line has arrested the decline on three previous occasions, hence the bulls may again buy the dip to this level. If buyers fail to defend the level, the pair could extend its downtrend to $0.25.

DOGE/USDT

Dogecoin (DOGE) witnessed a sharp rally from $0.06 on Oct. 25 to $0.16 on Nov. 1. That pushed the RSI into extremely overbought levels, which may have tempted short-term traders to book profits.

The selling picked up momentum after bulls failed to defend the 50% Fibonacci retracement level of $0.11. Buyers defended the 50-day SMA ($0.08) on Nov. 9 but the bears halted the recovery at the 20-day EMA ($0.09).

The DOGE/USDT pair has been trading between the moving averages for the past few days. If bears sink the price below the 50-day SMA, the pair could complete a 100% retracement and drop to $0.06. Contrarily, a break above $0.10 will suggest that the bulls are back in the game. The pair could then rise to $0.12.

MATIC/USDT

Polygon (MATIC) soared above the overhead resistance of $1.05 on Nov. 4 but the rally met with stiff resistance at $1.30 on Nov. 5. Buyers tried to resume the up-move on Nov. 7 but could not clear the overhead hurdle.

The bears sold aggressively on Nov. 8 and 9 and pulled the price below the moving averages but the buyers held the uptrend line. The MATIC/USDT pair rebounded sharply on Nov. 10 but the bears sold at higher levels and pulled the price back below the 20-day EMA ($0.96) on Nov. 12.

If the price slides below the 50-day SMA ($0.89), the pair could drop to the uptrend line. A break below this support could open the doors for a retest of the crucial support at $0.69. On the contrary, if buyers push the price above the 20-day EMA, the pair could rise to $1.05.

Related: Bitcoin price dips to $16.4K over Genesis woes as execs defend GBTC

DOT/USDT

Polkadot (DOT) plunged below the strong support zone of $6 to $5.68 on Nov. 9. This indicates the resumption of the downtrend.

Buyers attempted to push the price back above $6 and trap the aggressive bears but the sellers held their ground. This indicates that the bears are trying to flip the $6 level into resistance.

The downsloping 20-day EMA ($6.12) and the RSI in the negative territory indicate advantage to the bears. The sellers will make one more attempt to pull the DOT/USDT pair below $5.32. If they succeed, the pair could extend its decline to $4.32. To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages.

UNI/USDT

Uniswap (UNI) had been trading between $5.14 and $7.36 for the past several days. Buyers drove the price above the resistance on Nov. 4 but could not build upon this advantage. The bears pulled the price back into the range on Nov. 6.

This may have trapped the aggressive bulls who then rushed to the exit. Long liquidation and selling by the bears pulled the price below the support of $5.14 on Nov. 8 but this proved to be a bear trap. The bulls bought the dip and pushed the price back into the range on Nov. 10.

The recovery is facing stiff resistance at the moving averages, indicating selling at higher levels. The bears may again attempt to sink and sustain the price below the range but the bulls are expected to defend the support aggressively.

This suggests that the UNI/USDT pair may remain range-bound between $4.71 and $7.79 for a few more days.

LTC/USDT

Litecoin (LTC) has been range-bound between $46 and $75 for the past several weeks. The failure of the bulls to push the price above $75 on Nov. 7 may have attracted profit-booking by short-term traders. That pulled the price near the support of $46 on Nov. 9.

When the price is stuck inside a range, traders generally buy the dips to the support level and that is what happened on Nov. 10. The LTC/USDT pair continued its rise on Nov. 11 but met with strong selling near $65. This suggests that bears are active at higher levels.

The flattish moving averages and the RSI near the midpoint indicate a balance between supply and demand. This indicates that the pair could trade in a tight range between $53 and $65 for some time.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.