Key points:
Bitcoin will complete a double-top reversal pattern on a close below the $107,000 support.
Several altcoins have broken below their immediate support levels, clearing the path for further downside.
After October’s dismal performance, Bitcoin (
) has failed to change course. BTC has started the new month with a drop to the crucial support at $107,000, signaling that the bears are attempting to seize control.
demand from institutional investors has slowed down
, as indicated by the $799 million in net outflows from BTC exchange-traded funds last week, according to Farside Investors’ data.
Capriole Investments founder Charles Edwards said in a post on X that
institutional buying had dipped
below the daily mined supply for the first time in seven months, which was not a good sign.
Crypto market data daily view. Source:
A minor ray of hope for the bulls is that BTC has recorded an
average gain of 42.34% in November
, according to CoinGlass data. However, traders should not rely solely on this historical figure, as BTC has closed November in the red on four occasions since 2018. That suggests the markets could swing either way.
Could BTC extend its decline, pulling altcoins lower? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
S&P 500 Index price prediction
The S&P 500 Index (SPX) remains in an uptrend; however, the negative divergence on the relative strength index (RSI) suggests that the bullish momentum may be weakening.
SPX daily chart. Source: Cointelegraph/TradingView
Sellers will have to pull the price below the 50-day simple moving average (6,647) to signal strength. If they manage to do that, the index could start a deeper correction to 6,550 and then to 6,400.
Buyers are likely to have 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 rally to the 7,000 level.
US Dollar Index price prediction
The US Dollar Index (DXY) bounced off the 20-day EMA (98.92) on Wednesday, signaling a positive sentiment.
DXY daily chart. Source: Cointelegraph/TradingView
The index could rally to 100.50, where the bears are expected to mount a strong defense. If buyers do not allow the price to dip below the 20-day EMA, it increases the likelihood of a rally to the stiff overhead resistance at 102.
The first sign of weakness will be a break and close below the 20-day EMA. That suggests the bears are active at higher levels. The index could then descend to the 50-day SMA (98.24).
Bitcoin price prediction
BTC turned down sharply from the 20-day EMA ($110,837) on Monday and subsequently plunged below the $107,000 support level.
BTC/USDT daily chart. Source: Cointelegraph/
TradingView
A close below the $107,000 level will complete a double-top pattern, signaling the start of a corrective phase. The BTC/USDT pair could then decline to the psychologically significant level at $100,000. Buyers are expected to defend the $100,000 level with all their might, as a break below it may signal the start of a new downtrend.
The bulls will have to push the price above the moving averages to indicate that the bears are losing their grip. The upside momentum could pick up steam after buyers thrust the Bitcoin price above $118,000.
Ether price prediction
) turned down from the 20-day EMA ($3,937) and broke below the support line of the descending channel pattern on Monday.
ETH/USDT daily chart. Source: Cointelegraph/TradingView
The downsloping moving averages and the RSI below 37 suggest that the bears are at an advantage. If the price closes below the support line, the ETH/USDT pair could slump to the $3,435 to $3,350 support zone.
This negative view will be invalidated in the near term if the Ether price turns up sharply from the current level and breaks above the moving averages. That suggests the markets have rejected the break below the channel. The pair could then climb to the resistance line of the channel.
XRP price prediction
Buyers tried to push XRP (
) above the 20-day EMA ($2.52), but the sellers held their ground.
XRP/USDT daily chart. Source: Cointelegraph/TradingView
The bears will attempt to pull the XRP/USDT pair to $2.20, which is a crucial near-term level to watch out for. If the $2.20 support breaks down, the XRP price could dip to $2 and then to $1.80.
Any recovery attempt is expected to face selling at the 20-day EMA and then at the 50-day SMA ($2.69). The bulls will have to thrust the price above the downtrend line to indicate a potential trend change.
BNB price prediction
) closed below the 50-day SMA ($1,092) on Sunday, and the selling intensified on Monday.
BNB/USDT daily chart. Source: Cointelegraph/TradingView
The moving averages are about to complete a bearish crossover, and the RSI is in the negative territory, signaling that bears are in command. The $1,021 support has cracked, clearing the path for a dive to $932 and eventually to the Oct. 10 i...