Bitcoin (BTC) price hit a new all-time high at $77,000 on Nov. 8 and traders anticipate the up move to continue. Bitget Research chief analyst Ryan Lee anticipates Bitcoin to surge to “$100,000 within the next three months.”
Analysts believe that the recent Bitcoin rally is not overheated and is backed by solid fundamentals. Galaxy head of research Alex Thorn said in a Nov. 7 market report viewed by Cointelegraph that Bitcoin and other cryptocurrencies are likely to trade “at levels significantly above today’s all-time high over the next 12-18 months.”
Crypto market data daily view. Source: Coin360
Popular trader and analyst Rekt Capital said in a post on X that a weekly close above $71,500 could start the “parabolic phase.” He expects “a very, very limited prospect of additional consolidation.”
While signs point to a continued uptrend, traders need to be careful because the consensus is leaning heavily toward the long side. When that happens, the possibility of a sharp dip to shake out the weak hands cannot be ruled out.
What are the important support levels to watch out for during any correction in Bitcoin and select altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin has been trading above the breakout level of $73,777 for the past two days, indicating that the bulls are holding onto their positions.
BTC/USDT daily chart. Source: TradingView
The target objective of the breakout from the large range of $54,000 to $73,777 is $93,554. However, the bulls are expected to encounter stiff resistance from the bears who will try to yank the price back into the range.
If that happens, the BTC/USDT pair could drop to the 20-day exponential moving average ($70,290). A strong rebound off the 20-day EMA will signal that the bulls remain in control.
Conversely, a break and close below the 20-day EMA will suggest that the bulls are hurrying to book profits. The pair could then plunge to the 50-day simple moving average ($66,263).
Ether price analysis
Ether (ETH) blew past the symmetrical triangle’s resistance line and the $2,850 resistance on Nov. 7, signaling a potential trend change.
ETH/USDT daily chart. Source: TradingView
The bears are unlikely to give up easily and will try to pull the price back toward the triangle. If the bulls do not allow the price to re-enter the triangle, it will signal buying on dips. The ETH/USDT pair could climb to the downtrend line, where the bears will again try to halt the up move.
On the downside, if the price slips back into the triangle, it will indicate that the markets have rejected the breakout. The pair may tumble to the moving averages and then to the support line.
Solana price analysis
Solana (SOL) picked up momentum after breaking out of the $180 overhead resistance on Nov. 6.
SOL/USDT daily chart. Source: TradingView
The SOL/USDT pair has continued its northward journey toward the critical resistance of $210. Sellers are expected to defend this level with all their might because a break above it will signal the resumption of the uptrend. The pair could then skyrocket to $260.
The support on the downside is at $189 and thereafter at $180. If the price stays above the support, the possibility of an upside breakout remains high. Sellers will have to yank the price below the 20-day EMA ($172) to weaken the bulls.
BNB price analysis
BNB (BNB) reached the $612 level on Nov. 7, where the bears are mounting a solid resistance.
BNB/USDT daily chart. Source: TradingView
If buyers pierce the overhead resistance, the BNB/USDT pair will complete an ascending triangle pattern. There is solid resistance at $635, but if the bulls overcome it, the pair may rally to the pattern target of $689.
On the contrary, if the price turns down and breaks below the moving averages, it will suggest that the pair could extend its stay inside the triangle for some more time. The bears will be back in the game if they sink the pair below the uptrend line.
XRP price analysis
XRP (XRP) broke and closed above the 50-day SMA ($0.55) on Nov. 7 but the long wick on the candlestick shows selling at higher levels.
XRP/USDT daily chart. Source: TradingView
The bears are trying to pull the price below the 50-day SMA. If they manage to do that, the XRP/USDT pair could slide to the 20-day EMA ($0.53), which is expected to attract buyers. If the price rebounds off the 20-day EMA with strength, the bulls will make another attempt to drive the pair to $0.64.
This positive view will be invalidated in the near term if the price breaks below the 20-day EMA. The pair may then drop to the crucial support at $0.46.
Dogecoin price analysis
Dogecoin’s (DOGE) rally hit a wall at $0.22 on Nov. 6, but the bulls have managed to keep the price above the breakout level of $0.18.
DOGE/USDT daily chart. Source: TradingView
The DOGE/USDT pair formed an inside-day candlestick pattern on Nov. 7 and again on Nov. 8, indicating indecision between the bulls and the bears. If the price skids below $0.18, it will signal that the bulls are rushing to the exit. The pair may then descend to the 20-day EMA ($0.16).
Alternatively, if the price turns up and closes above $0.20, the bulls are likely to have another go at the $0.22 resistance. If this level is scaled, the pair could start the next leg of the uptrend toward $0.30.
Toncoin price analysis
Toncoin’s (TON) relief rally is facing selling at the 20-day EMA ($4.95), indicating that the bears continue to sell on rallies.
TON/USDT daily chart. Source: TradingView
The bears will try to pull the price to the $4.44 support, which remains the critical short-term level to watch out for. If this support gives way, the TON/USDT pair will complete a bearish head-and-shoulders pattern. The TON/USDT pair could plummet to $3.50.
Instead, if the price rises above the 20-day EMA, it will signal that the selling pressure is reducing. The bulls will gain strength after they push and maintain the price above the 50-day SMA ($5.24). That could open the doors for a rise to $6 and after that to $7.
Cardano price analysis
Cardano (ADA) soared and closed above the $0.40 resistance on Nov. 7, indicating that the consolidation resolved in favor of the buyers.
ADA/USDT daily chart. Source: TradingView
There is minor resistance at $0.45, but if the bulls do not allow the price to slip below $0.40, the possibility of a break above the overhead resistance increases. The ADA/USDT pair could then surge to $0.49.
The first sign of weakness will be a break and close below $0.40. That will indicate aggressive selling at $0.45. The pair may slump to the moving averages, suggesting a large range formation between $0.31 and $0.45.
Shiba Inu price analysis
Shiba Inu (SHIB) reached the overhead resistance of $0.000020 on Nov. 6, but the bulls failed to clear the hurdle.
SHIB/USDT daily chart. Source: TradingView
A positive sign is that the bulls have not ceded ground to the bears. That improves the prospects of an upside breakout. A close above $0.000020 will complete a bullish inverted H&S pattern, propelling the SHIB/USDT pair to $0.000026 and later to $0.000029.
Sellers will have to pull the price below the moving averages to weaken the bullish momentum. The pair may then slump to $0.000016, which is expected to attract buyers.
Avalanche price analysis
Avalanche (AVAX) closed above the 50-day SMA ($26.89) on Nov. 6, indicating that the bulls are on a comeback.
AVAX/USDT daily chart. Source: TradingView
The AVAX/USDT pair is near the resistance line, where the bears are likely to step in. If the price turns down from the resistance line but rebounds off the moving averages, it will signal a positive sentiment. That will increase the likelihood of a break above the resistance line. The pair may rise to $33 and subsequently to $37.50.
Contrarily, if the price turns down sharply from the resistance line and breaks below the moving averages, it will signal that the pair may extend its stay inside the triangle for a few more 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 a decision.
