Critical Forecast for “Bitcoin, DOGE, SHIB and 7 Altcoins” from the analyst!

According to crypto analyst Rakesh Upadhyay, many major altcoins including Bitcoin (BTC) and Dogecoin (DOGE) are trying to recover, but higher levels are still likely to attract strong selling. Could lower lows attract strong buys for a sharp rebound, or will the bears sell on rallies? For the answer to this question, the analyst examines the charts of the top 10 cryptocurrencies. we too cryptocoin.com We have prepared Rakesh Upadhyay’s analysis for you.

An overview of the cryptocurrency market

Bitcoin (BTC) dropped below $56,000 on Nov. 19 and completed a close 20% correction from its all-time high. Meanwhile, the Crypto Fear and Greed Index, which has remained in the greed zone for most of the past two months, has fallen into the fear category with an indicator of 34. Cryptocurrency research firm Delphi Digital says in a recent report that sales in Bitcoin were “largely driven by a wave of liquidations rather than a fundamental shift in the narrative,” and analysts expect the decline to be “relatively short-lived.”

The analyst notes that the latest correction does not appear to have shaken long-term holders, and according to the Hodl Waves metric, the supply held by investors buying over the last 6-12 months increased to 21.4% as of November 17, compared to 8.7% in early June. .

BTC, ETH, BNB, SOL and ADA analysis

Bitcoin (BTC)

The analyst notes that BTC bounced off the 50-day simple moving average (SMA) ($59,718) on Nov. 17, but the failure of the bulls to push the price above the 20-day exponential moving average (EMA) ($61,696) indicates that the buy has dried up at higher levels. .

Noting that BTC fell below the 50-day SMA on November 18 and closed at this level, the analyst states that the moving averages are on the verge of a bearish trend and the relative strength index (RSI) is in the negative territory, which indicates that the bears are superior. He highlights the following levels in his analysis:

If the bulls fail to push and sustain the price above the moving averages, selling could intensify and BTC could drop into the $52,500 to $50,000 support zone. Conversely, if the bulls push the price above the moving averages, BTC could rally to the downtrend line. This level could act as a hurdle, but if the bulls push the price above it, BTC could rally to a top zone between $67,000 and $69,000.

Ethereum (ETH)

The analyst states that ETH recovered from the 50-day SMA ($4,082) on Nov. 17, but the bulls were unable to break through the overall hurdle at the 20-day EMA ($4,387). According to the analyst, this intensified the selling and the price dropped below the 50-day SMA on November 18.

Bears failed to sustain the selling pressure lower that may have drawn strong buying from aggressive bulls and the bulls pushed the price back above the 50-day SMA on Nov. 19 and ETH could now reach the 20-day EMA, where the bears could pose a tough challenge again. In technical analysis, the following levels are important:

If the price breaks from the 20-day EMA, the bears will attempt to push and sustain ETH below $3,956.44. This could open the way for a possible drop to $3,371. Alternatively, a break and close above the 20-day EMA will signal the end of the correction phase. ETH can then retest ATH.

Binance Coin (BNB)

The analyst notes that BNB dropped to the 50-day SMA ($517) on November 18, but the strong recovery on November 19 indicates aggressive buying at lower levels. According to the analyst, the bulls will now try to push the price above the 20-day EMA ($585).

If BNB continues above the 20-day EMA, it will indicate that the short-term correction may be over and BNB could then rise to the overhead resistance area of ​​$669.30 to $691.80 where the bears could pose a tough challenge. Points to note are:

A break and close above the overhead resistance could signal a resumption of the uptrend. Conversely, if the price falls from the 20-day EMA, the probability of a break below the 50-day SMA increases. BNB could later decline to the 78.60% Fibonacci retracement level from the $485.40 low.

Left (LEFT)

The analyst states that the bulls tried to push the SOL above the 20-day EMA ($221) on November 17 and 18, but the bears were not in a position to give up. According to the analyst, the failure to clear this hurdle may have attracted traders to sell on November 18, which drove the price to the 50-day SMA ($195).

The analyst says that aggressive buying at the lower levels resulted in a sharp recovery on Nov. 19, which indicates that the bulls are holding the 50-day SMA support. If buyers push the price above the 20-day EMA, it could move up to the SOL downtrend line, and a break and close above the downtrend line could increase the likelihood of an uptrend resumption. The continuation of the analysis points to the following levels:

Contrary to this assumption, if the price breaks from the 20-day EMA, the bears will make another attempt to push the SOL below the 50-day SMA and trendline. If they do, the selling could intensify and the pair could drop to $140.

Cardano (ADA)

The analyst states that the long tail on the November 16 and 17 candlesticks indicates that the bulls are trying to protect the strong support at $1.87, while the failure to hold ADA above $1.87 may have led to aggressive selling by traders on November 18.

According to the analyst, the bulls are currently trying to push the price above $1.87 and if they manage to hold the price above this level, it could trap the aggressive bears. The analyst says that this could initiate a strong recovery that could reach the downtrend line, emphasizing the following for the opposite situation:

Contrary to this assumption, if the price drops from the current level or the 20-day EMA ($1.99), the sentiment will remain negative, indicating that traders are selling in rallies. The bears will then try to push ADA below $1.70 and extend the decline to $1.50.

XRP, DOT, DOGE, SHIB and AVAX analysis

Ripple (XRP)

The analyst states that the bulls pushed XRP above the moving averages on November 18, but the long wick on the candlestick indicates aggressive selling at higher levels. The price dropped to the psychological support at $1, where the bulls formed a strong defense.

Polkadot (DOT)

The analyst states that the DOT broke below the horizontal support at $38.70 on Nov. 18, but the bulls stepped in and stopped the decline at the bullish line. The sharp recovery indicates strong demand at lower levels, according to the analyst.

Dogecoin (DOGE)

The analyst states that Dogecoin (DOGE) dropped to strong support at $0.21 on November 18. According to the analyst, this level has served as support for DOGE during the previous two declines and the bounce on November 19 indicates that the bulls are attempting to start a relief rally.

DOGE killer Shiba Inu (SHIB)

According to the analyst, the DOGE killer broke below the critical support at $0.000043 on Nov. 18, but the bears failed to push the price below the 50-day SMA ($0.0000041). The analyst states that this indicates that the bulls are buying aggressively at the lower levels.

Avalanche (AVAX)

According to the analyst, AVAX dropped from $110.41 on Nov. 18, but the long tail on the candlestick indicates that the bulls continue to buy lower.

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