Bitcoin (BTC) and ether (ETH) rose again to a new all-time high on November 10, indicating that the trend remains firmly in favor of the bulls.
In a recent report from Kraken Exchange, analysts said that the current quarter's price action has a 0.88 correlation with the fourth quarter of 2017.
Bitcoin had recovered 220% in Q4 2017 and if history repeats itself, Bitcoin could hit $ 96,355, which could potentially be the peak of this cycle.
Long-term holders, who have held their Bitcoin for more than 12 months, are reluctant to spend their coins, according to Glassnode's "The Week On-Chain" report. Another positive aspect is that investors continue withdraw coins from centralized exchanges whose participation in the offer has fallen to a new historical low of 12.9%.
Can Bitcoin and altcoins maintain their bullish momentum or will profit reserve drag prices lower? Let's study the charts of the top 10 cryptocurrencies to find out.
The bears attempted to carry Bitcoin below the breakout level at $ 67,000 on Nov.9, but were unable to sustain the lower levels. The modest pullback indicates that the bulls are buying on every minor dip. Both the moving averages are on the rise and the Relative Strength Index (RSI) is close to the overbought territory, indicating that the bulls are in control. If buyers hold the price above $ 67,000, the BTC / USDT pair could pick up momentum and accelerate towards the next target of $ 75,000. A breakout and close above this resistance can open the doors for a possible rally to $ 89,476.12. On the downside, the zone between $ 67,000 and $ 63,750 is likely to act as strong support. If this zone is broken, it will indicate that traders may be aggressively booking profits. Then the pair can drop to the 50-day simple moving average ($ 56,348). Ether has been trading inside an ascending channel for many days. The bulls are trying to keep the price above the center line of the channel. The main target to look out for on the upside is the $ 5,000 psychological level. This level is likely to act as stiff resistance, but if the bulls don't give up much ground, the ETH / USDT pair may break past the barrier and climb to the next target of $ 5,283.17. If the price turns down from the resistance line of the channel, the pair could fall to the support line. This is an important level to watch out for because a break below it will suggest a possible short-term trend reversal. The pair could drop to $ 4,146.30 first but if this support also gives way, the correction could reach the psychological support at $ 4,000. Binance Coin (BNB) fell below the $ 630 support today, but the bears were unable to sustain the lower levels. The altcoin staged a strong rally and the bulls are now trying to push the price above $ 669.30. If they manage to do that, the BNB / USDT pair will challenge the overhead resistance at $ 691.80. The ascending moving averages and the RSI in the overbought zone indicate that the path of least resistance is to the upside. On the other hand, if the price turns down from the overhead resistance, it will suggest that traders are defending the level aggressively. Then the bears will make one more attempt to lower the price to the 20-day exponential moving average ($ 566). CardanoTHERE ARE) broke and closed above the downtrend line on November 9, indicating that selling pressure is easing. The bears are trying to lower the price below the breakout level. If they are successful, it will suggest that the breakout above the downtrend line may have been a downtrend trap. The ADA / USDT pair could dip below the moving averages and retest the critical support at $ 1.87. Conversely, if the price bounces off the breakout level, it will suggest that the bulls are buying on dips. Then the pair could climb to the overhead resistance at $ 2.47. This is an important resistance that bears must defend because if it breaks down, the pair could rise to $ 2.80. Solana's long tail (SUN) The November 8 candle shows buying at the center line of the ascending channel. However, the bulls were unable to take advantage of this advantage as strong selling to higher levels drove the price below the center line on November 9. The SOL / USDT pair could now fall to the support line of the channel. A strong bounce from this support will indicate that the bullish move remains intact. Both the moving averages are rising and the RSI is in positive territory, indicating that the bulls have the upper hand. A breakout and close above the channel will indicate strength and the pair may rise to $ 300 and then $ 321. Conversely, if the bears sink the price below the channel and the $ 216 support, the decline it could extend to the 50-day SMA ($ 179). XRP It broke down and closed above the resistance above $ 1.24 on November 8, indicating that the bulls are attempting to come back. The bears tried to lower the price below $ 1.24, but could not hold the lower levels. This suggests that the bulls have changed the $ 1.24 level to support. This level could now act as a launching pad for the next stage of the upward movement. The XRP / USDT pair could rise to resistance above $ 1.41, where the bears are expected to mount strong resistance. If the price falls below $ 1.41 but recovers from $ 1.24, it will suggest that traders continue to buy on the dips. That will increase the probability of a breakout of $ 1.41. This positive view will be reversed if the bears sink and hold the price below the 20-day EMA ($ 1.17). Moles (POINT) fell from $ 53.87 on Nov. 8, indicating that bears are selling at higher levels. The price has fallen back to $ 49.78, which is likely to act as strong support. Repeated repetition of a support level within a short interval tends to weaken it. If the price breaks below $ 49.78, the DOT / USDT pair could fall to the 20-day EMA (48.09). This is an important support that the bulls must defend. A strong rally from the 20-day EMA will suggest that sentiment remains positive and traders are buying on dips. The bulls will have to push the price above $ 55.09 to signal the resumption of the uptrend. The next target on the upside is $ 63.08. Contrary to this assumption, if the price falls below the 20-day EMA, traders can rush to the exit. That could bring the price down to the 50-day Simple Moving Average (SMA) ($ 39.87). Related: Crypto markets rebound as inflation hits its 30-year high Dogecoin (DOGE) was down from $ 0.29 on November 8, indicating that it was sold in rallies. The price is back down to the 20-day EMA ($ 0.26), which is an important support to watch out for. If the price rebounds from the current level, the bulls will again try to push the DOGE / USDT pair above $ 0.30. If they can pull it off, the pair could challenge the overhead resistance at $ 0.34. A breakout and close above this level will indicate that the bulls have the upper hand. Alternatively, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA ($ 0.24). If this support breaks, the selling could intensify and the pair could drop to the strong support at $ 0.19. SHIBA INU (SHIB) rose above the downtrend line on November 9, but the bulls were unable to sustain the higher levels. This shows that the bears are selling every rally. The SHIB / USDT pair formed a Doji candlestick pattern on November 9 that resolved lower today. If the bears sustain the price below the 20-day EMA ($ 0.000053), the pair could fall to the 78.6% Fib retracement level at $ 0.000040 and then to the 50-day SMA ($ 0.000033). Contrary to this assumption, if the pair rebounds from the current level and rises above the downtrend line, it could hit $ 0.000065. The 20-day flat EMA and RSI near the midpoint suggest in-range action in the near term. Terra's LUNA token has been trading within an ascending wedge pattern. The bulls tried to push the price to the wedge resistance line on November 8, but were unable to sustain the higher levels. The profit reserve near the resistance line pushed the price towards the critical level at $ 49.54 on November 9. The strong bounce from this level today suggests that the bulls are defending this level vigorously. Buyers will now try to bring the price to the wedge resistance line. If the bulls push the price above the wedge, the bullish momentum could rebound and the LUNA / USDT pair could hit $ 62.59. This positive view will be invalidated if the price turns down from the current level or above resistance and plummets below the wedge support line. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement involves risk. You should do your own research when making a decision. Market data is provided by HitBTC exchange.
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