28 November BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, XLM and BNB Price Analysis
Bitcoin’s final fix is healthy, but a few altcoins have lost momentum and may stick to the price range for several days.
The rise of Bitcoin (BTC) towards above $ 20,000 will have to wait as the price saw a strong correction and encountered a strong correction that prevented it from reaching an all-time high.
The data show that the whales decided to make a profit when Bitcoin approached $ 19,000, which lowered the price. This decline could lead to the liquidation of overly leveraged positions in the futures market and exacerbate the decline.
The current correction is actually a healthy sign as several altcoins have risen vertically over the past week and the crypto market has been overheating. While some altcoins are giving back most of their recent spikes, Bitcoin remains strong, indicating that investors are buying support at lower levels.
Galaxy Digital founder and CEO Mike Novogratz recently said that Bitcoin has attracted institutional investors because it is seen as a safeguard against the devaluation of fiat currency. Novogratz recommends that investors keep about 2% to 3% of their net assets in Bitcoin with a long-term goal, as they believe BTC will be much more valuable in five years.
However, traders should wait for the price to stabilize and form a base before buying because trying to catch a falling knife can be dangerous. Investors can watch price move near critical support levels and then consider buying if they remain stable.
Let’s analyze the top 10 cryptocurrencies to determine the key support levels that can attract buyers.
Bitcoin Price Analysis
Bitcoin (BTC) fell from $ 19,458.56 on November 25 and the sale concentrated on November 26, bringing the price below the 20-day exponential moving average ($ 17,048) for the first time since October 8.
The bulls defended the 38.2% Fibonacci retracement level of $ 16,049.61 on November 26, but they are trying to keep the price above the 20-day EMA. This shows that traders are selling on rallies.
If the bears break the price below $ 16,049.61, the next support will likely be $ 14,996.59, the 50% retracement level placed just above the 50-day simple moving average at $ 14,535. Bulls are likely to defend this level aggressively.
The 20-day EMA has flattened and the relative strength index (RSI) near the midpoint indicates the formation of a price range in the short term.
Ethereum Price Analysis
Ethereum (ETH) was reversed from the tough general resistance of $ 625 on Nov. 24 as traders took profits. The sale intensified on November 26, with the largest altcoin falling below the 38.2% Fibonacci retracement level of $ 526,348 and the 20-day EMA at $ 504.
The bulls bought the drop at the breakout level of $ 488,134, as seen from the long tail on the November 26th candlestick. However, the bulls struggle to keep the recovery as traders sell in small rallies.
A drop to the 61.8% Fibonacci retracement level of $ 466,755 is possible if the bears pull the price below $ 488,134. A break under this support will change the advantage in favor of the bears.
On the other hand, a strong recovery from the current level or support at $ 466,755 will show that demand is at lower levels, and this may hold the ETH / USD pair for several days.
XRP Price Analysis
After the long wick on the November 24 candlestick, XRP formed a candlestick pattern for a day that closed in red on November 25. This showed that the bulls were making profits after the sharp rally in the past few days.
The XRP / USD pair fell to the 61.8% Fibonacci retracement level of $ 0.438968 on November 26, but the long tail on the candlestick is showing lower levels.
However, bears are unlikely to give up their advantages. They sell in the rallies and the pair formed a Doji candlestick pattern today. This suggests that the pair may consolidate in a range a few days before the next trend move.
BCH Price Analysis
Bitcoin Cash (BCH) came to the nose on November 25 and 26 and completed the 100% retracement of the last leg of the uptrend that started on November 20.
The price fell from the 20-day EMA today ($ 277), although the bulls bought the drop on November 26. This shows that sentiment changes from buying on dips to selling on rallies.
The bears will now try to push the price below the $ 231 support. In such a case, the BCH / USD rate may drop to $ 200. Conversely, if the bulls push the price above $ 280, the pair could rise to $ 300.
LINK Price Analysis
The bulls failed to convert $ 13.28, the neckline of the reverse head and shoulders model, into support on November 26. This caused more sales and Chainlink (LINK) fell below the moving averages.
The bulls are currently trying to defend the 50-day SMA, but their weak recovery suggests there is no urgency to buy even at these levels.
If the bulls fail to increase the price above $ 13.28 in the next few days, the bears will try to push the price to $ 10. A break under this support could shift the advantage in favor of the bears.
Contrary to this assumption, if the bulls raise and sustain the price above $ 13.28, it will show that sentiment is on the rise.
Litecoin Price Analysis
Litecoin (LTC) created a Doji candlestick pattern on November 24, followed by a sharp decline on November 25. This indicates aggressive profit taking by the bulls and selling by the bears.
The failure of the LTC / USD pair to retract the 38.2% Fibonacci retracement level of $ 75,943 or the 20-day EMA ($ 73) indicates that the bulls are not buying on dips.
The bulls could not push the price above the 20-day EMA, although the pair returned from the 61.8% Fibonacci retracement level of $ 64.8317 on November 26.
If the price drops below $ 64, a drop to the 50-day SMA ($ 60) is possible. Conversely, if the bulls can push the price above the 20-day EMA, it will indicate a possible price range-bound action for a few days.
Cardano Price Analysis
On November 25, Cardano (ADA) created a black cloud cover candlestick pattern indicating a bearish reversal. This was followed by selling more than aggressive bears and closing long positions by trapped bulls.
The ADA / USD rate fell on November 26 and fell below the 20-day EMA ($ 0.126), but the long tail on the candlestick indicates lower buying.
However, buyers could not maintain the upward momentum as the bears were selling even on small rallies. If the bears can pull the price below the 20-day EMA, the pair could drop to $ 0.1142241.
On the contrary, if the pair recovers from the 20-day EMA, it could rise to $ 0.155 and then consolidate in a range for a few days before starting the next trend move.
DOT Price Analysis
The bulls failed to sustain the break above $ 5.5899 and Polkadot (DOT) fell below that level on November 25. This trapped aggressive bulls who may have been forced to close their positions in a hurry.
Due to aggressive selling by the bears, the DOT / USD rate dropped below the 20-day EMA ($ 4.91) on November 26. Failure to advocate this support is a negative sign and indicates that the bulls are no longer buying on dips.
There was a jump in the 50-day SMA ($ 4.46), but bulls are struggling to keep the price above the 20-day EMA.
If the bears pull the price below the 50-day SMA, the pair could drop to $ 3.80 and then the critical support at $ 3.5321. Flat moving averages and the RSI just below the midpoint indicate that the pair may stay in the price range for a few more days.
XLM Price Analysis
Stellar Lumens (XLM) created a Doji candlestick pattern with a long wick on November 25. This indicates aggressive sales at higher levels by the bears. The bears resumed their sales the next day and the altcoin fell to $ 0.145377 just above the 61.8% Fibonacci retracement level of $ 0.140209.
The bulls bought the bearish on November 26 and are currently trying to continue the uptrend. However, higher levels are likely to attract sales again.
After major trend moves over the past few days, volatility is likely to decline, and the XLM / USD rate could consolidate over a range for several days.
This view will be invalid if the bears lower the price below the 20-day EMA ($ 0.122) or if the bulls raise the price above $ 0.231655.
BNB Price Analysis
The bulls failed to hold the Binance Coin (BNB) above $ 33.3888 on November 25, and the price dropped below the $ 32 support. This may have trapped several bulls who bought the breakout above the $ 32-33.3888 zone.
The aggressive sale by the bears and the liquidation of the bulls on November 26 pulled the price to $ 26.35, just above the critical support of $ 25,6652. If the bears pull the price below this support, the BNB / USD rate could drop to $ 19.
However, the crossover moving averages and the RSI in the negative territory do not suggest a clear advantage for the bulls or bears. Therefore, if the price breaks back at $ 25.6652, the pair may stick to the price range for a few more days.