Bitcoin (BTC) and Top Cryptocurrencies Experience Corrections, Whales Sell into Strength

Bitcoin Faces Profit-Booking, Whales Sell into Recent Strength

Bitcoin (BTC) experienced profit-booking on Nov. 13 and 14, causing the price to drop below $35,000. This correction is considered healthy as it allows stronger hands to add to their positions. However, Glassnode data shows that the number of whale wallets holding more than $1,000 Bitcoin has reached its lowest level in a month, indicating that some whales may have sold into the recent strength. This raises questions about the future direction of Bitcoin.

Bitcoin and Altcoins: Will Uptrend Continue?

As Bitcoin and altcoins navigate through the ups and downs of the market, it remains to be seen if the uptrend will continue or if higher levels will attract solid selling by the bears. Let's analyze the charts of the top 10 cryptocurrencies to get a better understanding.

Bitcoin Re-Enters Ascending Channel Pattern

Bitcoin re-entered the ascending channel pattern on Nov. 13, which may have trapped aggressive bulls. This led to a liquidation, pulling the price to the channel's support line on Nov. 14. However, a strong bounce off the support line suggests that buyers are still attracted to lower levels. The bulls will aim to push the BTC/USDT pair above the resistance line, but may face strong selling pressure from bears. If the price breaks below the channel, it may indicate a rush to exit and lead to a further decline. On the other hand, if the bulls manage to push the price above $38,000, they will regain control.

Ether (ETH) Faces Selling Pressure at Higher Levels

Ether (ETH) turned up on Nov. 13, but selling pressure at higher levels is evident from the long wick on the day's candlestick. The selling continued on Nov. 14, causing the price to slip below the psychological level of $2,000. However, buyers held the 20-day exponential moving average ($1,921), indicating strong buying at lower levels. If the price remains above $2,000, it could retest the overhead zone between $2,137 and $2,200. Conversely, if the bears regain control and the price falls below the 20-day EMA, it may signal a further decline to the 50-day SMA ($1,745).

BNB (BNB) Shows Robust Buying at Lower Levels

BNB (BNB) broke below the 20-day EMA ($239) on Nov. 14 but quickly rebounded from the solid support at $235. This indicates robust buying at lower levels. With upsloping moving averages and the relative strength index (RSI) in positive territory, the bulls have a slight edge. Buyers will attempt to push the price to the $258 to $265 overhead resistance zone, but sellers are expected to defend this zone. If the price turns down sharply from $265, the BNB/USDT pair may oscillate between $235 and $265 for some time.

XRP (XRP) Faces Tough Battle at 20-day EMA

XRP (XRP) pierced the $0.74 resistance on Nov. 13 but quickly turned down, indicating aggressive selling at higher levels. The selling pressure continued on Nov. 14, causing the price to fall below the 20-day EMA ($0.62). This level is likely to witness a tough battle between the bulls and bears. If the price remains below the 20-day EMA, the next support could be the 50-day SMA ($0.56). However, if the bulls manage to push the price above the overhead resistance at $0.74, they will regain control and the pair may climb to $0.85 and later to $1.

Solana (SOL): Intense Battle Between Bulls and Bears

Solana (SOL) witnessed significant volatility on Nov. 13 and 14, indicating an intense battle between bulls and bears. The failure of the bulls to sustain the price below the $0.89 level suggests their attempt to flip the level into support. However, the psychological level of $1 may pose a challenge from bears. If the price turns down from this level but remains above $0.89, the likelihood of the uptrend resuming increases. On the other hand, a fall below $0.84 could trigger a correction to the 20-day EMA ($0.77).

Chainlink (LINK) Correcting in Strong Uptrend

Chainlink (LINK) is currently correcting in a strong uptrend. The price dipped to the 20-day EMA ($13.16) on Nov. 14, which is expected to act as strong support. If the bounce off the 20-day EMA sustains, the bulls will attempt to push the price to the local high of $16.60. A break above this level will signal the resumption of the uptrend, with the LINK/USDT pair potentially rallying to $20.

Toncoin (TON) Range-Bound Action Expected

Toncoin (TON) found support at $2.31 on Nov. 12, but the rebound was short-lived. The price turned down and fell below $2.31 on Nov. 14, suggesting weakening positive momentum. Moving averages have flattened out and the RSI is near the midpoint, indicating a range-bound action in the near term. If the 50-day SMA cracks, the TON/USDT pair could fall to $2 and then to $1.89. Buyers are expected to defend this level, and a move above $2.77 will indicate the start of the next leg of the up-move.

Note: This article does not provide investment advice. Readers should conduct their own research before making any investment decisions.