Bitcoin (BTC) is showing signs of strong growth as it is just a short distance from the important psychological mark of $100,000 on November 22. Co-founder of Material Indicators, Keith Alan, warned short sellers in a post on X that they should “prepare to be short squeezed” if shorts are at the current level.
The upward momentum of Bitcoin is supported by strong inflows into Bitcoin spot ETFs in the United States. Bloomberg's ETF analyst, Eric Balchunas, stated in a post on X that U.S. spot Bitcoin ETFs reached the $100 billion mark on November 21, accounting for 82% of the size of gold ETFs.
During strong bullish phases, new traders often tend to chase prices. However, caution is needed as the strong surge in recent days has pushed the investor sentiment index to an “extreme greed” level of 87, according to data from CoinMarketCap's Crypto Fear & Greed Index. Increasing greed sentiment could lead to a short-term correction.
Will Bitcoin accelerate as it surpasses the $100,000 mark or will it correct in the short term? How will altcoins react? Let's analyze the charts of the top 10 cryptocurrencies for answers.
Technical analysis of BTC
Bitcoin is in a strong upward trend, but the upward momentum may face resistance at the psychological level of $100,000.
Daily chart of BTC/USDT
If the buyers do not relent much, it indicates they expect the price to continue rising. If it surpasses $100,000, the BTC/USDT pair could advance to $113,331 and then to $125,000.
The first sign of weakness will appear if the price breaks and closes below the uptrend line. This could prompt short-term traders to take profits, pulling the price back to the 20-day EMA at $86.473. If it breaks and closes below the 20-day EMA, the bears could return.
Technical analysis of ETH
Ethereum (ETH) bounced from the 20-day EMA ($3,042) and surpassed the resistance level of $3,225 on November 21, indicating that the bulls are in control.
Daily chart of ETH/USDT
The 20-day EMA is sloping upwards and the RSI in the positive zone indicates that the main trend is upwards. If the buyers push the price past the downtrend line, the ETH/USDT pair could rise to $3,900 and eventually $4,094.
This positive outlook will be invalidated if the price drops below $3,000. Then, the pair could decline to $2,850, an important support level that the bulls need to protect. If this level is breached, the advantage will shift to the bears.
Technical analysis of SOL
Solana (SOL) surged strongly after surpassing the $249 mark on November 21, reaching a new all-time high above $264 on November 22.
Daily chart of SOL/USDT
A new high is a positive sign, indicating strong demand for this asset. If the price maintains above $248, the SOL/USDT pair is likely to soar to $304.
The 20-day EMA ($218) is an important support level to watch on the downside. If the price drops below the 20-day EMA, it indicates that the bulls are retreating, signaling a short-term peak.
Technical analysis of BNB
BNB bounced from the 50-day SMA ($594) on November 21, indicating positive sentiment and the bulls taking advantage of dips to buy.
Daily chart of BNB/USDT
The BNB/USDT pair could rise to $667, a short-term resistance level to watch. If this level is surpassed, the price may advance to $722. This could be a strong barrier, but if surpassed, this pair could rise to $810.
Conversely, if the price breaks below the 50-day SMA support, the price could drop to the uptrend line. The deeper the decline, the longer the time needed to recover.
Technical analysis of XRP
XRP continues its upward trend after the bulls pushed the price above the resistance level of $1.27 on November 22.
Daily chart of XRP/USDT
The steep rise has pushed the RSI of the XRP/USDT pair into the overbought zone. If the upward momentum continues, the pair could reach $1.70. However, steep rises are often not sustainable.
The first support level to watch is $1.27. If it breaks and closes below this level, selling pressure could increase, pulling the price down to $1.
Technical analysis of DOGE
Dogecoin (DOGE) continues to oscillate within a wide range from $0.34 to $0.44 over the past few days.
Daily chart of DOGE/USDT
The 20-day EMA is sloping upwards ($0.32) and the RSI in the overbought zone indicate that the advantage is leaning towards the bulls. If the bulls push the price above $0.44, the DOGE/USDT pair could rise to $0.50 and then to $0.59.
If the bears want to stop the upward momentum, they need to quickly pull the price below the 20-day EMA. If this occurs, selling pressure could increase, and this pair could drop to the 50% Fibonacci retracement level at $0.29 and then to the 61.8% Fibonacci retracement level at $0.25.
Technical analysis of ADA
The price of Cardano has risen and closed above the resistance level of $0.80 on November 20, signaling the start of the next bullish phase.
Daily chart of ADA/USDT
The bulls are trying to push the price to the psychological level of $1, which is expected to be a strong resistance level. If the price decreases from the $1 level but does not slide below $0.80, it indicates that the bulls have turned this level into support. At that point, the likelihood of breaking above $1 will increase, and the ADA/USDT pair may climb to $1.25.
Conversely, if the price drops sharply and breaks below $0.80, this would imply that the market has rejected the breakout. Subsequently, this pair could fall to the 20-day EMA ($0.63).
Technical analysis of AVAX
The price of Avalanche has surpassed the resistance line of the ascending channel on November 22, indicating that the bulls have dominated the bears.
Daily chart of AVAX/USDT
If the price maintains above the resistance line, the AVAX/USDT pair could surge to $42 and then to $50.
This positive outlook will be invalidated if the price retraces and breaks below the 20-day EMA. Such a move would indicate that the breakout was merely a bullish trap. At that point, the pair could drop to the 50-day SMA ($28.71), extending the time spent in the channel.
Technical analysis of SHIB
Shiba Inu bounced from the 20-day EMA ($0.000023) on November 21, indicating that the bulls continue to buy as the price decreases.
Daily chart of SHIB/USDT
The bulls need to push the price past the resistance level of $0.000026 to pave the way for a retest of the level $0.000029. If the price breaks and closes above $0.000029, this will complete the inverted head and shoulders bullish pattern, starting a rise to $0.000039 and then the pattern target at $0.000047.
Conversely, if the price decreases and breaks below the 20-day EMA, this will indicate that the bears have returned. Then, the SHIB/USDT pair could drop to the SMA ($0.000020).
Technical analysis of TON
Toncoin bounced from the moving averages on November 21, indicating that the bulls are trying to create a higher low.
Daily chart of TON/USDT
The 20-day EMA ($5.30) is gradually sloping upwards, and the RSI is in the positive zone, indicating that the advantage is leaning towards the bulls. The TON/USDT pair could rise to the resistance level above $6, an important level that the bears need to defend because if the price surpasses and closes above this level, the pair could surge to $7.
If the bears want to regain control, they need to pull the price below the moving averages and challenge the support zone of $4.72-$4.44.
