Important points:
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Bitcoin will complete the double-top reversal pattern with a close below the $107,000 support.
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Several altcoins have fallen below their immediate support levels, paving the way for further declines.
After a dismal performance in October, Bitcoin (BTC) has failed to reverse course. BTC started the new month by dropping to the key support at $107,000, indicating that the bears are trying to take control.
Demand from institutional investors has slowed, as evidenced by $799 million in net outflows from BTC exchange-traded funds last week, according to data from Pharcyde Investors.
Charles Edwards, founder of Capriol Investments, said in a post on X that institutional buying has fallen below daily mining supply for the first time in seven months, which is not a good sign.
A glimmer of hope for bulls is that Bitcoin posted an average gain of 42.34% in November, according to data from Coinglass. However, traders should not rely solely on this historical number, as BTC has ended November in the red four times since 2018. This suggests that the market could swing either way.
Is it possible that the decline in BTC will extend and cause altcoins to decline? To find out, let’s analyze the charts of the top 10 cryptocurrencies.
S&P 500 index price prediction
The S&P 500 Index (SPX) continues to trend higher. However, a negative divergence in the Relative Strength Index (RSI) suggests that the bullish momentum may be weakening.
Sellers need to push the price below the 50-day simple moving average (6,647) to show strength. If that happens, the index could begin an even deeper correction to 6,550 and then 6,400.
The buyer likely has other plans. They will try to defend the 20-day exponential moving average (6,764) and push the index above 6,920. If that happens, the index could rise to the 7,000 range.
US dollar index price prediction
The US dollar index (DXY) on Wednesday bounced back from the 20-day EMA (98.92) and showed positive momentum.
The index could rise to 100.50 and the bears are expected to mount a strong defense. If buyers do not allow the price to fall below the 20-day EMA, a rise to the severe overhead resistance level at 102 will likely increase.
The first sign of weakness would be a breakout and exit below the 20-day EMA. This suggests that bears are operating at higher levels. Thereafter, the index could fall to the 50-day SMA (98.24).
Bitcoin price prediction
BTC plunged from Monday’s 20-day EMA ($110,837) and subsequently fell below the $107,000 support level.
A close below the $107,000 level will complete the double top pattern and signal the beginning of a correction. The BTC/USDT pair could then fall to the psychologically important level of $100,000. Buyers are expected to defend the $100,000 level with all their might, as a break below could signal the start of a new downtrend.
The bulls will need to push the price above the moving average to show that the bears are losing control. The upward momentum could further accelerate as buyers pushed the price of Bitcoin above $118,000.
Ether price prediction
Ether (ETH) fell from the 20-day EMA ($3,937) on Monday and fell below the support line of a descending channel pattern.
The downslope of the moving averages and the RSI below 37 suggest that the bears have the upper hand. If the price closes below the support line, the ETH/USDT pair could fall to the $3,435 to $3,350 support zone.
This negative view will be invalidated in the short term if Ether price rises sharply from current levels and breaks above the moving averages. This suggests that the market has rejected a break below the channel. The pair may then rise to the resistance line of the channel.
XRP price prediction
Buyers tried to push XRP (XRP) above the 20-day EMA ($2.52), but sellers held back.
The bears will try to push the XRP/USDT pair down to $2.20, which is an important short-term level to watch. If the $2.20 support breaks, XRP price could fall to $2 and then $1.80.
Any attempt at recovery is expected to face selling at the 20-day EMA and then at the 50-day SMA ($2.69). Bulls need to push the price above the downtrend line to indicate a potential trend change.
BNB price prediction
BNB (BNB) closed below its 50-day SMA ($1,092) on Sunday, and selling intensified on Monday.
The moving averages are about to complete a bearish crossover and the RSI is in negative territory, indicating that the bears are in control. The $1,021 support cracked, paving the way for a sharp decline to $932 and ultimately to the October 10 intraday low of $860. Such a move suggests that the BNB/USDT pair may have hit a ceiling in the short term.
Time is running out for the bull. They will need to quickly push BNB price back above the 20-day EMA and show strength.
Solana price prediction
Solana (SOL) fell on Monday, breaking below the uptrend line in a symmetrical triangle pattern, indicating that uncertainty has resolved in favor of the bears.
The SOL/USDT pair could fall to the strong support at $155. If there is a rebound from the $155 level, it will likely face selling at the 20-day EMA ($190). If that happens, Solana’s price risks falling to $137.
Conversely, if the price increases from current levels or $155, it would suggest demand at lower levels. After that, the bulls will attempt to push the price above the 20-day EMA. If successful, the pair could rise to the resistance line.
Related: what happened with cryptocurrencies today
Dogecoin price prediction
Dogecoin (DOGE) has remained stuck within a wide range between $0.14 and $0.29 for the past few days.
The DOGE/USDT pair is likely to fall to the solid support at $0.14, which is expected to attract buyers. If the price rebounds from the support at $0.14 and breaks above the moving average, it would signal that the range-bound move may continue for a little longer.
The seller may have other plans. They will try to push Dogecoin price below the $0.14 support and restart the downtrend. If that happens, the pair could fall to $0.10.
Cardano price prediction
Buyers tried to keep Cardano (ADA) above $0.59, but the bears resumed selling on Monday.
The bears will try to push the ADA/USDT pair down to the key support at $0.50. Buyers are expected to defend the $0.50 level fiercely, with a break below this opening the door for a fall to $0.40.
For the bulls to gain momentum, Cardano price will need to rise above the 20-day EMA ($0.64). After that, it could rise to $0.75 where the bears are expected to intervene.
Super liquidity price prediction
Hyper Liquid (HYPE) broke below the 20-day EMA ($42.73) on Sunday, indicating that the bears are keeping the pressure on.
The HYPE/USDT pair has fallen to the neckline and could extend the decline to the solid support at $35.50. Buyers are expected to aggressively defend the $35.50 level, below which selling could accelerate. After that, Hyperliquid’s price could fall to $30.50 and then to $28.
Instead, if the price rises sharply from the $35.50 level and rises above the 20-day EMA, it would indicate demand at lower levels. After that, it could fluctuate between $35.50 and $52 for the next few days.
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 decisions.