Key points:
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Bitcoin will complete a double reversal pattern with a close below the $107,000 support.
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Many altcoins have broken below their immediate support levels, clearing the path for further downside.
After a dismal October performance, Bitcoin (BTC) failed to change course. BTC started the new month with a drop to the important support at $107,000, which signaled that the Bears are trying to seize control.
The Demand from institutional investors has slowed.
Capriole Investments founder Charles Edwards said in a post on X that Institutional buying has sunk Below the mine’s daily supply for the first time in seven months, which is not a good sign.
A minor ray of hope for the bulls is that BTC recorded a Average gain of 42.34% in Novemberaccording to coinglass data. However, traders should not rely solely on this historical figure, as BTC has closed November in the red on four occasions since 2018. That suggests the markets could swing either way.
Can BTC extend its decline, lower altcoins? Let’s check the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index Price Prediction
The S&P 500 Index (SPX) remains in a rally; However, the negative divergence in the relative strength index (RSI) suggests that the bullish momentum may be weakening.
Sellers need to pull the price below the 50-day simple moving average (6,647) to sign strength. If they manage that, the index could start a deeper correction to 6,550 and then to 6,400.
Buyers likely have other plans. They will try to defend the 20-day moving average (6,764) and push the index above 6,920. If that happens, the index could rally to the 7,000 level.
US Dollar price forecast
The US Dollar Index (DXY) bounced off the 20-day EMA (98.92) on Wednesday, signaling a positive sentiment.
The index may rally to 100.50, where the bears are expected to mount a strong defense. If the buyers do not allow the price to dip below the 20-day EMA, this raises the possibility of a rally to the stubborn overhead resistance at 102.
The first sign of weakness would be a break and close below the 20-day EMA. Which suggests that bears are active at higher levels. The index may drop to the 50-day SMA (98.24).
Bitcoin price prediction
BTC bounced back sharply from the 20-day EMA ($110,837) on Monday and then fell below the $107,000 support level.
A close below the $107,000 level would complete a double top pattern, signaling the start of a corrective phase. The BTC/USDT pair may drop to the psychologically significant level at $100,000. Buyers are expected to defend the $100,000 level with all their might, as a break below it could signal the start of a new downtrend.
Bulls need to push the price above the moving averages to indicate that the bears are losing their grip. The upside momentum could pick up steam after buyers pushed the price of Bitcoin above $118,000.
Ether price prediction
Ether (Eth) turned back from the 20-day EMA ($3,937) and broke below the support line of Monday’s descending channel pattern.
Falling 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 may fall to the $3,435 to $3,350 support zone.
This negative view is not valid in the near term if the price of ether turns sharply from the current level and breaks above the moving averages. That suggests the markets have rejected a break below the channel. The pair may rise above the resistance line of the channel.
XRP price prediction
Buyers tried to push XRP (XRP) above the 20-day EMA ($2.52), but sellers held.
Bears will try to pull the XRP/USDT pair to $2.20, which is an important near-term level to watch. If the support of $ 2.20 falls, the price of XRP can sink to $ 2 and then to $ 1.80.
Any recovery attempt is expected to face selling at the 20-day EMA and then at the 50-day SMA ($2.69). Bulls need to push price above the downtrend line to signal a potential trend reversal.
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 command. The $1,021 support was cracked, clearing the way for a dive to $932 and eventually the October 10 intraday low of $860. Such a move suggests that the BNB/USDT pair may rise in the near term.
Time is running out for the Bulls. They need to quickly push BNB price above the 20-day EMA to signal strength.
Solana price prediction
Solana (Sol) reversed and broke below the uptrend line of the symmetrical triangle pattern on Monday, indicating that the uncertainty has been resolved in favor of the bears.
The SOL/USDT pair may break through the strong support at $155. Any rebound from the $155 level is likely to face selling at the 20-day EMA ($190). If that happens, Solana’s price risks a fall to $137.
Conversely, if the price rises from the current level or $155, it suggests demand at a lower level. Bulls will try to push the price above the 20-day EMA. If they succeed, the pair can rise to the resistance line.
Related: Here’s what happened in crypto today
Dogecoin price prediction
Dogecoin (Doge) remains stuck within a large range between $0.14 and $0.29 over the past few days.
The DOGE/USDT pair is likely to reject solid support at $0.14, which is expected to attract buyers. If the price bounces off the $0.14 support and rises above the moving averages, it suggests that the bullish action may continue for more time.
Sellers likely have other plans. They will try to sink the Dogecoin price below the $0.14 support and continue the downtrend. If they can pull it off, the pair could fall to $0.10.
Cardano price prediction
Buyers tried to keep Cardano (There is) above the $0.59 level, but the Bears revised their sell on Monday.
Bears will try to sink the ADA/USDT pair to the important support at $0.50. Expect buyers to defend the $0.50 level, as a break below it would open the door for a fall to $0.40.
Bulls need to drive Cardano price above the 20-day EMA ($0.64) to gain strength. The pair may rally to the breakdown level of $0.75, where bears are expected to enter.
Hyperliquid price prediction
Hyperliquid (hype) slipped below the 20-day EMA ($42.73) on Sunday, indicating that the bears are continuing to apply pressure.
The Hype/USDT pair has dropped to the neckline and could extend the rejection to the solid support at $35.50. Buyers are expected to aggressively protect the $35.50 level, as a break below it could accelerate selling. The price of hyperliquid can fall to $ 30.50 and later to $ 28.
Instead, if the price turns sharply from the $35.50 level and breaks above the 20-day EMA, it indicates demand at lower levels. The pair can swing between $ 35.50 and $ 52 in a few days.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.
