Bitcoin (BTC) bulls pushed the price above $105,000 on Wednesday, but the bears pounced on the rally and pulled the price below $102,000. That shows the bears are not willing to relinquish their advantage.
Morgan Stanley Wealth Management investment strategist Denny Galindo has turned cautious on the BTC rally. In a podcast episode titled Crypto Goes Mainstream, he said that BTC’s price cycle was in the “fall season,” where one should book profits before winter sets in.
Key points:
Bitcoin turned down from $107,000, signaling that the bears are trying to flip the level into resistance.
Several major altcoins rebounded from their support levels but encountered strong selling pressure near overhead 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 that the bull market remained intact and on track to reach $180,000 in its current bull cycle. However, he cautioned that BTC remained vulnerable to a 70% drop during the next bear phase.
What are the crucial support and overhead resistance levels to watch out for in BTC and the major altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price prediction
BTC’s relief rally hit a sell wall at the 20-day exponential moving average ($106,302) on Tuesday, indicating that the negative sentiment remains intact.
The bears will attempt to strengthen their position by pulling the price below the psychological support at $100,000. If they manage to do that, the selling could accelerate and the BTC/USDT pair could plummet to $87,800.
Contrary to this assumption, if the Bitcoin price rises from its current level or the $100,000 support, it suggests that the bulls have not given up. A break and close above the breakdown level of $107,000 signals that the bulls are back in the driver’s seat.
Ether price prediction
Ether’s (ETH) recovery hit a roadblock at the breakdown level from the descending channel pattern.
Sellers will strive to strengthen their position by pulling the price below the $3,350 to $3,050 support zone. If that happens, the ETH/USDT pair could start a new downtrend toward $2,500.
Buyers will have to push and maintain the Ether price inside the channel to indicate a comeback. The pair could then rise to the 50-day simple moving average ($3,960), which is likely to 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 attempting to sustain the XRP price below the 20-day EMA. If they manage to do that, the XRP/USDT pair could challenge the Nov. 4 intraday low of $2.06. This is a crucial level for the bulls to defend, as a close below $2.06 opens the doors for a fall to $1.90.
On the upside, the bulls will have to push and maintain the price above the downtrend line to suggest that the corrective phase may be over. The XRP price could then rally toward $3.20.
BNB price prediction
BNB’s (BNB) pullback fizzled out at the 20-day EMA ($1,022), indicating that the bears are active at higher levels.
The bears will attempt to pull the BNB price to the solid support at $860. If the price rises sharply from $860, it indicates that the bulls are aggressively defending the level. Buyers will then make another attempt to push the price above the 20-day EMA.
On the other hand, a weak rebound off $860 signals that the bears continue to exert pressure. That increases the possibility of a break below $860. The BNB/USDT pair may then slump toward $730.
Solana price prediction
Solana (SOL) turned down from the 20-day EMA ($172) on Tuesday, indicating that higher levels are attracting sellers.
The bears are attempting to sink the Solana price below the $155 support. If they succeed, the SOL/USDT pair could extend the decline to $126 and subsequently to the solid support at $110.
Buyers will have to push the price above the 20-day EMA to indicate strength. The pair could then climb to the 50-day SMA ($193), where the bears are expected to sell aggressively. However, if buyers overcome the resistance, the pair could ascend to $210.
Dogecoin price prediction
The failure of the bulls to push Dogecoin (DOGE) above the 20-day EMA ($0.18) suggests that the bears have maintained pressure.
Sellers will likely attempt to drive the Dogecoin price down to the $0.14 support level, which is a critical point to watch. If the support gives way, the DOGE/USDT pair could retest the Oct. 10 low of $0.10.
This negative view will be invalidated if the price turns up and breaks above the 20-day EMA. The pair may then climb to the $0.21 level. That suggests the pair may remain inside the $0.14 to $0.29 range for a while longer.
Cardano price prediction
Cardano’s (ADA) relief rally stalled at the 20-day EMA ($0.59) on Monday, indicating that the bears remain in control.
Sellers will attempt to sink the ADA/USDT pair to the solid support at $0.50, where the buyers are expected to step in. A weak bounce off the $0.50 level heightens the risk of a breakdown. The pair could then start a new downtrend toward $0.40.
On the contrary, if the price turns up from the current level or $0.50 and breaks above the 20-day EMA, it suggests that the bulls are attempting a comeback. The Cardano price may march toward the 50-day SMA ($0.68) and thereafter to the breakdown level of $0.75.
Related: Bitcoin price hits $105K 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 the bears successfully held on to the level.
The bulls and the bears are witnessing a tough battle at the neckline. If the level holds, the bulls will again try to drive the Hyperliquid price above the 50-day SMA. If they can pull it off, the HYPE/USDT pair could surge toward $52.
Alternatively, a drop below the $37.47 level suggests that the bears have seized control. The pair may then slump to the solid support at $35.50. This is a vital level for the bulls to defend, as a break below it may sink the pair to $30.50 and later to $28.
Chainlink price prediction
Chainlink (LINK) turned down from the 20-day EMA ($16.50) on Tuesday but is finding support at $15.43.
A minor positive for the bulls is that the RSI is showing early signs of forming a positive divergence. That suggests the selling pressure is reducing. A close above the 20-day EMA opens the gates for a recovery to the resistance line.
Sellers are likely to have other plans. They will try to defend the 20-day EMA and pull the Chainlink price below $15.43. If they succeed, the LINK/USDT pair may plunge to the Nov. 4 intraday low of $13.69.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) turned down from the resistance line of the falling wedge pattern on Tuesday, but the bulls were unable to sustain the lower levels.
The bulls are again attempting to thrust the Bitcoin Cash price above the resistance line. If that happens, it suggests a potential shift in trend. The BCH/USDT pair could then rally to the $615 to $651 resistance zone, where the bears are expected to mount a strong defense.
On the downside, a break and close below $500 signals that the bears are fiercely defending the resistance line. That could keep the pair inside the wedge for 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 when making a decision.
