Price analysis 11/19: BTC, ETH, BNB, SOL, ADA, XRP, DOT, DOGE, SHIB, AVAX
Bitcoin (BTC) dropped below $56,000 on Nov. 19, completing a near 20% correction from the all-fourth dimension high. The Crypto Fear & Greed Index, which remained in the greed zone for most of the past two months, has plummeted into the fear category with a reading of 34.
Cryptocurrency research firm Delphi Digital said in a recent written report that the sell-off in Bitcoin was "largely driven by a wave of liquidations rather than a primal shift in narrative," and the analysts await the drawdown to be "relatively short-lived."
The recent correction does not seem to take shaken the long-term holders. Co-ordinate to the Hodl Waves metric, the supply held by investors who purchased over the past half-dozen-to-12-month period has soared to 21.four% equally of Nov. 17 compared to 8.vii% at the start of June.
Could lower levels attract strong buying, resulting in a abrupt recovery or will bears sell on rallies? Let's study the charts of the height 10 cryptocurrencies to observe out.
BTC/USDT
Bitcoin bounced off the 50-day unproblematic moving average (SMA) ($59,718) on Nov. 17 simply the failure of the bulls to push button the price above the 20-day exponential moving average (EMA) ($61,696) indicates that buying dries up at higher levels.
The BTC/USDT pair plunged and airtight below the 50-day SMA on Nov. 18. The moving averages are on the verge of a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears have the upper hand.
If bulls fail to push and sustain the toll above the moving averages, the selling may intensify and the pair could driblet to the $52,500 to $50,000 support zone.
Conversely, if bulls thrust the price to a higher place the moving averages, the pair could rising to the downtrend line. This level may act as a hurdle just if bulls push button the price in a higher place it, the pair may rise to the overhead zone at $67,000 to $69,000.
ETH/USDT
Ether (ETH) rebounded off the 50-day SMA ($four,082) on November. 17 but the bulls could non clear the overhead hurdle at the xx-24-hour interval EMA ($4,387). This intensified selling and the price dipped below the 50-day SMA on November. eighteen.
The bears could not sustain the selling force per unit area at lower levels, which may accept attracted strong buying from the ambitious bulls. The bulls pushed the price back above the 50-mean solar day SMA on Nov. 19 and the ETH/USDT pair could now reach the 20-twenty-four hours EMA where the bears may again pose a strong claiming.
If the cost turns down from the xx-day EMA, the bears volition attempt to pull and sustain the pair below $3,956.44. That could clear the path for a possible decline to $3,371. Alternatively, a break and close above the 20-twenty-four hours EMA will signal that the corrective phase may be over. The pair could so retest the all-time loftier.
BNB/USDT
Binance Coin (BNB) plunged to the fifty-mean solar day SMA ($517) on Nov. 18 but the strong rebound on Nov. 19 indicates aggressive buying at lower levels. The bulls volition now try to button the price above the xx-day EMA ($585).
If the BNB/USDT pair sustains to a higher place the 20-day EMA, it will indicate that the short-term correction may be over. The pair could so ascension to the overhead resistance zone at $669.xxx to $691.80 where the bears may pose a stiff challenge.
The break and close to a higher place the overhead resistance could signal the resumption of the uptrend. On the opposite, if the price turns down from the xx-day EMA, the likelihood of a break below the 50-solar day SMA increases. The pair could and then drop to the 78.60% Fibonacci retracement level at $485.40.
SOL/USDT
The bulls tried to push Solana (SOL) above the twenty-day EMA ($221) on Nov. 17 and 18 but the bears were in no mood to relent. The failure to articulate this hurdle may take attracted selling from traders on November. 18, which pulled the price to the 50-day SMA ($195).
Aggressive buying at lower levels resulted in a sharp rebound on November. 19, indicating that bulls are defending the 50-day SMA support.
If buyers propel the price to a higher place the 20-day EMA, the SOL/USDT pair could rally to the downtrend line. A interruption and close in a higher place the downtrend line could improve the prospects of the resumption of the uptrend.
Contrary to this assumption, if the price turns down from the 20-24-hour interval EMA, the bears will make one more try to pull the pair below the 50-twenty-four hours SMA and the trendline. If they manage to practice that, the selling could intensify and the pair may drop to $140.
ADA/USDT
The long tail on the November. xvi and 17 candlestick shows that bulls attempted to defend the strong back up at $one.87. Nevertheless, the failure to sustain Cardano (ADA) above $i.87 may have prompted aggressive selling from traders on Nov. 18.
The bulls are currently trying to push the price back to a higher place $1.87. If they manage to sustain the cost above this level, it could trap the ambitious bears. That could start a potent recovery, which may accomplish the downtrend line.
Reverse to this assumption, if the price turns down from the electric current level or the xx-day EMA ($i.99), it will suggest that sentiment remains negative and traders are selling on rallies. The bears will then endeavour to pull the pair below $i.lxx, extending the pass up to $1.l.
XRP/USDT
The bulls pushed Ripple (XRP) to a higher place the moving averages on Nov. 18 merely the long wick on the candlestick shows aggressive selling at college levels. The price dropped to the psychological support at $one where the bulls are mounting a potent defense.
A rebound off the electric current level could once again face strong selling near the moving averages. If the price turns downward from the 20-twenty-four hours EMA ($1.13), the bears volition attempt to sink the XRP/USDT pair below $1.
If they can pull it off, the pair could extend its slide to the next support at $0.85. The selling may accelerate beneath this back up.
On the contrary, if bulls drive and sustain the price in a higher place the moving averages, the pair could rise to the overhead resistance at $1.24.
DOT/USDT
Polkadot (DOT) bankrupt below the horizontal support at $38.70 on Nov. 18 merely bulls stepped in and arrested the pass up at the uptrend line. The sharp rebound shows strong demand at lower levels.
Nonetheless, the downsloping xx-twenty-four hour period EMA ($45) and the RSI in the negative zone indicate that bears are in control. The bounciness is likely to face stiff resistance in the zone between $43.27 and the 20-day EMA.
If the price turns downward from the overhead zone, the bears will endeavour to pull the DOT/USDT pair below $37.53. A shut below this level will complete a surly head and shoulders design, indicating the first of a deeper correction. Conversely, if bulls push the price above the 20-twenty-four hours EMA, the pair could rally to $47.83.
Related: Shiba Inu in danger of 'topping signal' every bit SHIB price loses 50% in iii weeks
DOGE/USDT
Dogecoin (DOGE) dropped to the strong support at $0.21 on November. 18. This level has acted as a support during the two previous declines and the bounce on November. xix shows that bulls are trying to beginning a relief rally.
The recovery is likely to face a stiff resistance at the downtrend line. The downsloping twenty-day EMA ($0.25) and the RSI in the negative territory betoken that bears have the upper hand.
If the toll turns down from the downtrend line, the bears will over again attempt to sink the DOGE/USDT pair beneath $0.21. If that happens, the pair could slide to the critical support at $0.19.
This negative view will invalidate if the bulls push and sustain the price to a higher place the downtrend line. The pair will then endeavor a rally to $0.30.
SHIB/USDT
SHIBA INU (SHIB) dropped beneath the critical back up at $0.000043 on Nov. 18 merely the bears could not sink the price below the fifty-day SMA ($0.000041). This indicates that bulls purchased aggressively at lower levels.
The relief rally is probable to face stiff resistance at the 20-twenty-four hour period EMA ($0.000051). If the cost turns downwards from this resistance, it will propose that sentiment has turned negative and traders are selling on rallies.
The bears will and then make 1 more attempt to pull the price beneath the 50-solar day SMA. Such a motion could accelerate selling and the SHIB/USDT pair may consummate a 100% retracement and driblet to $0.000027.
Conversely, a break and close higher up the 20-day EMA will be the first indication that the correction may be over. The pair could and then rally to $0.000057 and later to $0.000065.
AVAX/USDT
Avalanche (AVAX) turned down from $110.41 on November. xviii just the long tail on the candlestick shows that bulls keep to buy at lower levels.
The ascension 20-day EMA ($88) and the RSI near the overbought zone bespeak that bulls are in command. The buyers are attempting to resume the uptrend by pushing the price in a higher place the all-time loftier.
If they succeed, the AVAX/USDT pair could beginning its journeying toward $115.14 and and then to the 161.8% Fibonacci extension level at $128.01.
Alternatively, if the bulls fail to sustain the price to a higher place $110.41, the pair could witness profit-booking and drop to the 20-day EMA. A break and close below this support could signal that the uptrend may be losing steam. The pair could then drop to $81.
The views and opinions expressed hither are solely those of the writer and do non necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should bear your own research when making a decision.
Market data is provided past HitBTC exchange.
Source: https://cointelegraph.com/news/price-analysis-11-19-btc-eth-bnb-sol-ada-xrp-dot-doge-shib-avax
Posted by: falktrocce.blogspot.com
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