Price analysis 11/16: BTC. ETH. BNB. XRP. ADA. DOGE. MATIC. DOT. UNI. LTC.


BTC and altcoins recovered quickly, suggesting that investors should continue to be cautious about all cryptocurrencies. Price Analysis According to Coinbase’s research, the collapse of FTX has caused a liquidity crisis that could prolong the crypto winter until 2023. Analysts believe that the implosion of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023. This is according to a research report by Coinbase. Investors are also concerned about the possibility of contagion spreading and causing more damage to the cryptocurrency market. Source: Coin360Though many investors were shaken by the collapse in FTX, billionaire venture capitalist Tim Draper is still bullish on Bitcoin (BTC). Draper increased his $250,000 target for Bitcoin by 2023 in a November 15 interview with Cointelegraph. Investors should be cautious about the price projection as it is unlikely that Bitcoin will become a roaring bullmarket in the near future. What are the key support levels and resistance levels for Bitcoin and other altcoins to be aware of? Let’s look at the charts of the top 10 cryptocurrencies to see what happened. BTC/USDTBitcoin fell below the June low of $17.622 on Nov. 9. This was the start of the downtrend. The bulls attempted to make a strong recovery on Nov. 10. However, they were met with heavy selling above $17622. This indicates that the bears have turned the level into resistance. BTC/USDT daily charts. Source: TradingViewThe relative strength index (RSI), has dropped to the negative territory and the 20-day exponential moving mean ($18,271) has fallen. This indicates that the bears are in control. If the price falls below $17,622, it could increase the possibility of a break below $15.588. However, if the price rises and breaks above the 20 day EMA, it will indicate strong demand at lower levels. The pair could then challenge the psychological level at $20,000.ETH/USDTEther (ETH) has been declining inside a descending channel pattern for the past several weeks. The short-term traders may have profit-booked because the price failed to rise above the channel on Nov. 4. Source: TradingView. The buyers bought the dip to support on Nov. 10, but the relief rally fizzled near the 50-day simple movement average ($1,372). This indicates that bears are selling at higher levels. The bears will continue to try to lower the price below the channel. If this happens, the selling could get more intense and the ETH/USDT exchange rate could fall to $1,000. Buyers will need to push the price higher than the moving averages in order to gain the upper hand. The pair could then move to the downtrend line. BNB/USDTBNB (BNB), jumped to $398 on Nov. 8, but the bulls couldn’t sustain higher levels, as seen from the candlestick’s long wick. On Nov. 9, the selling continued and brought the price close to the strong support of $258.BNB/USDT daily charts. Source: TradingViewThe bulls bought the drop on Nov. 10, but they were unable to push the price above the 20 day EMA ($295). This indicates that sentiment turned negative and bears were selling relief rallies to the 20 day EMA ($295). The bears will try again to break the support at $258. If they succeed, the BNB/USDT pairing could drop to $239 or later to $216. If bulls push the price higher than $313, this negative view will be invalidated. On Nov. 9, the price fell to $0.32.XRP/USDT daily charts. Source: TradingViewBuyers bought the dip and tried pushing the price higher than $0.41, but the bears refused to relent. This indicates that the bears have turned the $0.41 level into resistance. The bears will attempt to pull the pair back to $0.30. This is an important level that the bulls must defend as a break or close below it could signal a resumption in the downtrend. The first sign of strength is a break and close below $0.41. The XRP/USDT currency pair could then reach the 50-day SMA ($0.45). ADA/USDT daily chart. Source: TradingViewThe first sign that there is strength will be a break above the downtrend line. This will indicate a possible trend change. The ADA/USDT currency pair could then attempt a rally towards $0.52. However, if the price falls below $0.31, it could drop to the support level. This line has held the decline on three occasions before, so bulls could buy the dip to $0.25. If buyers fail to defend the level, the pair could extend its downtrend to $0.25.DOGE/USDTDogecoin (DOGE) witnessed a sharp rally from $0.06 on Oct. 25 to $0.16 on Nov. 1. Source: TradingView. Short-term traders may have been tempted to book profits by pushing the RSI to extremely overbought levels. DOGE/USDT daily chart. Source: TradingView The selling momentum picked up after the bulls failed to defend $0.11’s 50% Fibonacci Retracement level. The 50-day SMA ($0.08) was defended by buyers on Nov. 9, but bears stopped the recovery at the EMA ($0.09). For the past few days, the DOGE/USDT pair traded between the moving averages. If bears drop below the 50-day SMA, the price could complete a 100% retracement to drop to $0.06. A break above $0.10 would indicate that bulls are back in play. The pair could then rise to $0.12.MATIC/USDTPolygon (MATIC) soared above the overhead resistance of $1.05 on Nov. 4 but the rally met with stiff resistance at $1.30 on Nov. 5. MATIC/USDT daily chart. Source: TradingView The bears sold aggressively Nov. 8-9, pulling the price below the moving Averages. However, the buyers maintained the uptrend line. The MATIC/USDT currency pair rebounded strongly on Nov. 10, but the bears sold at higher levels, bringing the price below the 20-day EMA ($0.96) Nov. 12. On Nov. 12, the pair fell below the 50-day SMA ($0.89) and could fall to the uptrend line. A break below this support could allow for a retest at $0.69. The pair could rise to $1 if buyers push it above the 20-day EMA. This is a sign that the downtrend has resumed. Daily chart of DOT/USDT. Source: TradingViewBuyers tried to push the price higher than $6 and trap aggressive bears, but the sellers held firm. This suggests that the bears are trying flip the $6 level into resistance. The downsloping 20 day EMA ($6.12) as well as the RSI in negative territory indicate the bears’ advantage. The sellers will attempt to lower the DOT/USDT pair to $5.32. The pair could fall to $4.32 if they succeed. To invalidate this negative view, the bulls will have to push and sustain the price above the moving averages.UNI/USDTUniswap (UNI) had been trading between $5.14 and $7.36 for the past several days. The resistance was broken on Nov. 4, but buyers drove the price higher, but they couldn’t build upon it. On Nov. 6, the bears brought the price back within the range. Source: TradingView. This may have caught the aggressive bulls, who then ran for the exit. The bears sold long liquidation and pushed the price below $5.14 on Nov. 8, but this proved to be a bear trap. The bulls bought the dip, pushing the price back into the range of Nov. 10. The moving averages are proving to be a strong resistance, which indicates that the recovery may face stiff resistance. While the bears may attempt to lower the price and keep it below the range, the bulls will likely defend the support vigorously. This suggests that the UNI/USDT pair may remain range-bound between $4.71 and $7.79 for a few more days.LTC/USDTLitecoin (LTC) has been range-bound between $46 and $75 for the past several weeks. Short-term traders may have profit-booked after the bulls failed to push the price above $75 on November 7. The price fell to $46 on the daily chart of TradingView. Source: TradingViewTrades usually buy the dips to support levels when the price is within a range. This was what happened on Nov. 10. On Nov. 11, the LTC/USDT pair rose again, but was met with strong selling at $65. This suggests that bears may be active at higher levels. However, the LTC/USDT pair continued its rise on Nov. 11, but was met with strong selling near $65. This suggests that the pair could trade in tight ranges between $53 to $65 for a while. These views and opinions are the author’s and do not necessarily reflect those of You should do your own research before making any investment or trading decision.


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