Price analysis 11/15: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, MATIC, LINK, TON
Bitcoin (BTC) succumbed to profit-booking on Nov. 13 and 14, which pulled the price below $35,000. Corrections are a normal part of every up-move and are considered healthy as they shake out the weak hands and allow the stronger hands to add to their positions.
A note of caution to the eager dip buyers is that Glassnode data shows the number of whale wallets with more than $1,000 Bitcoin dropped to its lowest level in about a month. This indicates that some whales may have sold into the recent strength.
DecenTrader co-founder Filbfilb said in an interview with Cointelegraph that a drawdown could come before the rally leading into Bitcoin halving in April 2024. Filbfilb believes Bitcoin could pick up pace after that and reach $46,000 to $48,000 by halving.
Could Bitcoin and the select altcoins resume their uptrend, or will higher levels attract solid selling by the bears?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin re-entered the ascending channel pattern on Nov. 13, which may have trapped the aggressive bulls. That started a liquidation, which pulled the price to the channel’s support line on Nov. 14.
The strong bounce off the support line suggests that lower levels continue to attract buyers. The bulls will try to push the BTC/USDT pair above the resistance line, but may encounter strong selling by the bears.
If the price turns down and breaks below the channel, it will suggest that traders are rushing to the exit. That may yank the price to the $32,400 to $31,000 support zone. The bulls are expected to aggressively buy at lower levels. The bulls will be back in control after they shove the price above $38,000.
Ether (ETH) turned up on Nov. 13, but the long wick on the day’s candlestick
Read more on cointelegraph.com
