Bitcoin (BTC) fell below $69,000 on Nov. 1, but the bears could not sustain the lower levels. Solid buying by the bulls has pushed the price back above the $70,000 level, indicating a positive sentiment.
As Bitcoin nears its all-time high of $73,777, sellers are likely to step in. According to Glassnode data, short-term holders, entities holding Bitcoin for up to 155 days, sent 54,352 Bitcoin to the cryptocurrency exchanges on Oct. 31.
Crypto market data daily view. Source: Coin360
Even as traders speculate about Bitcoin’s near-term price action, long-term investors are finding ways to add more Bitcoin to their portfolios. MicroStrategy revealed plans to raise $21 billion in equity and $21 billion in fixed-income securities over the next three years to buy more Bitcoin.
Could Bitcoin overcome the selling pressure and rise to a new all-time high? Will altcoins also follow Bitcoin higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin slipped below the $72,000 support on Oct. 31 and reached the 20-day exponential moving average ($68,132) on Nov. 1.
BTC/USDT daily chart. Source: TradingView
The long tail on the candlestick shows solid buying near the 20-day EMA. Buyers tried to push the price back above $72,000, but the bears held their ground. The BTC/USDT pair has formed a Doji candlestick pattern, indicating indecision between the bulls and the bears.
If buyers overcome the $72,000 obstacle, the pair may challenge the all-time high at $73,777. A break and close above this level could signal the start of the next leg of the up move. The pair may rally toward the pattern target of $93,554.
Sellers will have to sink and sustain the price below the 20-day EMA to weaken the bullish momentum. The pair may then tumble to the 50-day simple moving average ($64,674).
Ether price analysis
Ether (ETH) turned down from the resistance line of the symmetrical triangle pattern on Oct. 30 and fell below the 50-day SMA ($2,523) on Nov. 1.
ETH/USDT daily chart. Source: TradingView
The ETH/USDT pair is taking support near the uptrend line. If the price rises above the 20-day EMA ($2,558), the pair could rally to the resistance line. Buyers will have to overcome the barrier at $2,850 to indicate a potential trend change.
On the other hand, sellers will have to drag the price below the uptrend line to signal strength. The pair could then fall to the support line. The bulls are expected to fiercely defend the $2,111 to $2,200 zone.
BNB price analysis
BNB (BNB) closed below the 50-day SMA ($579) on Oct. 31, but the bears could not build upon their advantage on Nov. 1.
BNB/USDT daily chart. Source: TradingView
Buyers have pushed the price back above the 50-day SMA and are trying to clear the 20-day EMA ($587). If they can pull it off, the BNB/USDT pair could rise to $612 and eventually to the vital resistance of $635. A break and close above $635 will signal the start of a new up move to $722.
This optimistic view will be negated if the price turns down sharply from the 20-day EMA. That will increase the possibility of a break below $566. The pair could slide to $550 and later to the solid support at $527.
Solana price analysis
Solana (SOL) successfully held the retest of the breakout level of $164 on Nov. 1, indicating that bulls have the upper hand.
SOL/USDT daily chart. Source: TradingView
Buyers will try to push the price above the near-term resistance of $183. If they do that, the SOL/USDT pair could rally to $189. Sellers will try to halt the up move at $189, but if the bulls prevail, the pair may reach $210.
Conversely, if the price turns down and breaks below $164, it will suggest that the bulls are rushing to the exit. The pair could descend to the 50-day SMA ($152) and subsequently to the uptrend line.
XRP price analysis
XRP (XRP) continues to trade below the 20-day EMA ($0.53), but the bears have failed to tug the price to the $0.46 support. This suggests that selling dries up at lower levels.
XRP/USDT daily chart. Source: TradingView
Buyers will again try to thrust the price above the moving averages. If they manage to do that, it will suggest the start of a relief rally toward the overhead resistance of $0.64. The bears are expected to vigorously defend the $0.64 level.
Alternatively, if the XRP/USDT pair once again turns down sharply from the moving averages, it will suggest that the bears remain in control. That will increase the likelihood of a drop to the $0.46 to $0.41 support zone.
Dogecoin price analysis
Dogecoin’s (DOGE) failure to cross above the $0.18 level attracted profit-booking by the short-term traders.
DOGE/USDT daily chart. Source: TradingView
However, a positive sign is that the bulls did not allow the price to skid below the breakout level of $0.15. The strong rebound off $0.15 suggests that the bulls have flipped the level into support. Buyers will make another attempt to drive the DOGE/USDT pair above $0.18. If that happens, the pair may climb to $0.21.
This positive view will be invalidated in the near term if the price turns down and breaks below the 20-day EMA ($0.14). The next support on the downside is the 50-day SMA ($0.12).
Toncoin price analysis
Toncoin (TON) turned down from the 20-day EMA ($5.08) on Oct. 29 and dropped to the $4.44 to $4.72 support zone on Oct. 31.
TON/USDT daily chart. Source: TradingView
The bulls are expected to defend the support zone with all their might because if they fail to do that, the TON/USDT pair will complete a bearish head-and-shoulders pattern. The pair could then slump to $3.50.
Contrary to this assumption, if the price rebounds off the support zone, the bulls will again attempt to drive the pair above the moving averages. If they succeed, the pair could climb to $6.
Cardano price analysis
Buyers could not push and maintain Cardano (ADA) above the moving averages, indicating selling on rallies.
ADA/USDT daily chart. Source: TradingView
The flattish moving averages and the RSI just above the midpoint signal a possible range-bound action in the near term. If buyers push the price above the moving averages, the ADA/USDT pair could attempt a rally to $0.40.
Contrarily, if the price again turns down from the moving averages, sellers will try to sink the pair to $0.31. The next trending move is expected to begin on a break above $0.40 or close below $0.31.
Avalanche price analysis
Avalanche (AVAX) fell below the support line of the symmetrical triangle pattern on Oct. 31, indicating advantage to sellers.
AVAX/USDT daily chart. Source: TradingView
The bears will try to strengthen their position by pulling the price below the $24 support. If they manage to do that, the AVAX/USDT pair could start a downward move to $22.79 and later to $20.50.
The first sign of strength will be a break and close above the moving averages. Such a move will suggest that the bears are losing their grip. The pair could then reach the resistance line of the triangle.
Shiba Inu price analysis
Shiba Inu (SHIB) turned down from the $0.000020 overhead resistance on Oct. 30, indicating that bears remain active at higher levels.
SHIB/USDT daily chart. Source: TradingView
The 50-day SMA ($0.000017) is the crucial support to watch out for in the near term. If the price skids below the 50-day SMA, the SHIB/USDT pair is expected to extend its stay inside the $0.000013 to $0.000020 range for some more time.
Instead, if buyers build upon the rebound off the 50-day SMA, the pair will again attempt to clear the overhead hurdle. A close above $0.000020 will complete a bullish inverted H&S pattern, opening the gates for a rise to $0.000026.
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.
