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Bitcoin traders want to convert the $36,000 level to support, but will failure to do this kick off a market-wide correction?

Bitcoin’s (BTC) rally stalled near $36,000, but the bulls have not hurried to book profits. According to Glassnode analysis, the Long-Term Holder metric, which are addresses holding Bitcoin for at least 155 days, supply is near an all-time high, while the Short-Term Holder, addresses holding coins for less than 155 days, supply is near an all-time low, indicating tightening Bitcoin supply.

Although the long-term looks positive, there could be fireworks in the short term. Bitcoin derivatives markets have seen a huge build-up of open interest, rising above $16 billion at the time of writing, per CoinGlass data. J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant, highlighted on X (previously Twitter) that increases in open interest above $12.2 billion have previously resulted in a minimum dip of 20%.

While Bitcoin risks a decline in the near term, traders have started accumulating select altcoins. That has resulted in solid rallies in several altcoins, which have broken out of long basing patterns and are showing signs of starting a new uptrend. Altcoins may witness bouts of profit-booking but are likely to remain in focus as long as Bitcoin does not crumble below $30,000.

What are the critical support levels in Bitcoin that need to hold for the uptrend to continue? Will the altcoin rally sustIain, or is it time to book profits?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin continues to trade inside a narrow ascending channel pattern, indicating that buyers are cautious at the current levels.

The upsloping 20-day exponential moving average ($33,612) and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If buyers propel the price above the channel, it will suggest that the bulls are back in the driver’s seat. That could clear the path for a potential rally to $40,000. This level is likely to attract strong selling by the bears.

On the contrary, if the price turns down and plunges below the 20-day EMA, it will suggest that the bulls are booking profits. The BTC/USDT pair could then drop to $32,400 and eventually to $31,000.

Ether price analysis

Ether (ETH) has been slowly moving higher toward the significant resistance at $2,000. This is an important level to watch out for as the bears stalled the up-move at $2,000 on two previous occasions in May and July.

If the ETH/USDT pair does not give up much ground from $2,000, it will suggest that the bulls are holding on to their positions as they anticipate another leg higher. There is a minor resistance at $2,200, but if this level is scaled, the up-move may pick up momentum and skyrocket toward $3,500.

Instead, if the price turns down from the current level and breaks below the 20-day EMA ($1,800), the next stop is likely to be $1,746.

BNB price analysis

BNB (BNB) has been in a recovery phase for several days. The price reached $256 on Nov. 6, where the bears stepped in to stall the up-move.

Sellers will try to pull the price down to the 20-day EMA ($232), which is a necessary level to keep an eye on.

If the price rebounds off this level with strength, it will suggest that the sentiment remains positive and traders are viewing the dips as a buying opportunity. The BNB/USDT pair could then travel to $265, where the bears may again pose a substantial challenge.

Contrarily, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears are back in the game.

XRP price analysis

XRP (XRP) climbed above the $0.67 resistance on Nov. 6, but the bulls could not surmount the next barrier at $0.74.

That may have tempted short-term bulls to book profits, which pulled the price below $0.67 on Nov. 7. The long tail on the day’s candlestick shows that lower levels continue to attract buyers. If the price remains above $0.63, it will improve the prospects of a retest of $0.74. Above this level, the XRP/USDT pair may rise to $0.85 and then to $1.

Contrary to this assumption, if the price breaks below $0.63, it will signal that the bullish momentum has weakened. The pair could then slip to the 20-day EMA ($0.60).

Solana price analysis

Solana (SOL) has been consolidating in an uptrend. The price is stuck between the overhead resistance at $48 and the support at $38.

Both moving averages are sloping up, and the RSI is in the overbought zone, indicating that the bulls have the upper hand. The price could climb to $48, which may witness a tough battle between the bulls and the bears. If bulls overcome this obstacle, the SOL/USDT pair could jump to $60.

If bears want to make a comeback, they will have to sink and sustain the price below the 20-day EMA ($36.30). That could start a deeper correction to the 50-day SMA ($27.35).

Cardano price analysis

Cardano (ADA) has been in a strong uptrend for the past few days. The price reached $0.38 on Nov. 6, where the bulls are likely to face solid resistance from the bears.

The price pulled back on Nov. 7, but a minor positive is that the bulls purchased at lower levels, as seen from the long tail on the candlestick. Buying indicates that the bulls expect the overhead resistance to be scaled.

If buyers drive and sustain the price above $0.38, the ADA/USDT pair could start the next leg of the uptrend to $0.42 and subsequently to $0.46. This positive view will be invalidated in the near term if the price breaks below $0.33.

Dogecoin price analysis

Buyers are trying to shove Dogecoin (DOGE) above $0.08. The previous attempt in July had fizzled out at this level; hence, the bears will again try to guard $0.08 with vigor.

The upsloping 20-day EMA ($0.07) and the RSI in the positive territory indicate that bulls have the edge. If buyers do not give up much ground from $0.08, it will increase the likelihood of a break above it. The DOGE/USDT pair could then surge toward the psychologically crucial level of $0.10.

If bears want to prevent the up-move, they will have to swiftly yank the price back below the 20-day EMA. That could signal a range-bound action between $0.06 and $0.08 for some time.

Related: Toncoin (TON) price skyrockets to 11-month high after Telegram launches 'Giveaways'

Toncoin price analysis

Toncoin (TON) surged above the overhead resistance of $2.59 on Nov. 8, indicating that bulls are in control.

The price action of the past few months resulted in a cup and handle formation, which completed on a break and close above $2.59. This bullish setup has a target objective of $4.03.

However, the bears are unlikely to give up easily. They will try to tug and sustain the price below the breakout level of $2.59. If they manage to do that quickly, it may trap several aggressive bulls who could rush to the exit. The TON/USDT pair could then start a sharp correction to $2.31.

Chainlink price analysis

Chainlink (LINK) has been in an uptrend for the past few days. After a brief consolidation, the bulls asserted their supremacy and resumed the up-move on Nov. 5.

The rally has reached the resistance at $13.50, which may act as a temporary roadblock. If buyers bulldoze their way through, the LINK/USDT pair may jump to $15 and thereafter to $18. The bears are expected to fiercely defend this level.

The vital support to watch on the downside is the 20-day EMA ($11.18). A break and close below this support will indicate that the bullish momentum may be reducing.

Polygon price analysis

Polygon (MATIC) pierced the overhead resistance at $0.70 on Nov. 6, indicating that the bulls are in the driver’s seat.

The bears tried to pull the price back below the breakout level of $0.70 on Nov. 7, but the bulls held their ground. This suggests that the bulls have flipped the level into support. That started the next leg of the uptrend toward $0.80. This level may act as a minor hurdle, but if crossed, the MATIC/USDT pair could reach $0.90.

The rally of the past few days has pushed the RSI into the overbought territory, cautioning of a possible consolidation or correction in the near term. The pair may then drop to the 20-day EMA ($0.66).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price is losing its upward momentum, but data suggests traders are gearing up to buy any significant dips.

Bitcoin (BTC) soared above $35,000 on Nov. 2 and that may have sucked in the aggressive bulls who speculated that the next leg of the up-move was beginning. However, the price quickly turned around and fell back below $35,000 signaling that the breakout may have been a fake move.

A mild correction during an uptrend does not signal a trend change. It is generally a healthy sign as it shakes out weak hands. When markets are trending higher, dips are viewed as a buying opportunity, but it is better to wait for the price to find a bottom before buying. Strong support levels could be watched as potential places where buyers step in to arrest the decline.

MicroStrategy founder and executive chairman Michael Saylor said in an interview with CNBC that if traders hold a 12-month to 48-month time horizon, the current level is “a pretty ideal entry point into the asset.”

Bitcoin’s weakness has pulled several altcoins lower. What are the important support levels where the decline could end?

Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin surged above $35,280 on Nov. 1 and tried to build upon this rally on Nov. 2 but the bears had other plans. Sellers stalled the up-move at $35,985 and are trying to sustain the price below $35,000.

If they do that, the BTC/USDT pair may skid to $33,390. This is an important level for the bulls to defend because if $33,390 cracks, the pair may fall to the 20-day exponential moving average ($32,611).

Generally, in an uptrend, the bulls fiercely defend the 20-day EMA. If the level holds, it will indicate that the trend remains positive. The bulls will then make one more attempt to kick the price to $40,000.

A break and close below the 20-day EMA will be the first sign that the bulls may be losing their grip. The pair may then tumble to $31,000.

Ether price analysis

The bulls nudged Ether (ETH) above the immediate resistance at $1,865 on Nov. 2 but the bears pulled the price back below the level, indicating strong selling at higher levels.

The bears will try to sink the price to the strong support at $1,746. This remains the key level to keep an eye on because a break and close below it will signal that the bears are back in the driver’s seat.

Meanwhile, the bulls are likely to have other plans. They will try to buy the dips and again attempt to overcome the obstacle at $1,865. If they can pull it off, the ETH/USDT pair could start a rally to the psychologically critical level of $2,000.

BNB price analysis

BNB (BNB) bounced off the breakout level of $223 on Nov. 1, indicating that the bulls are fiercely defending this level.

Buyers tried to thrust the price above the $235 resistance on Nov. 2 but the bears held their ground. This suggests that the BNB/USDT pair is stuck between $223 and $235 for some time.

The rising 20-day EMA ($223) and the RSI in the positive territory indicate the path of least resistance is to the upside. If bulls kick the price above $235, the pair may jump to $250 and eventually to $265. Conversely, the trend will shift in favor of the bears if they sink and sustain the price below $223.

XRP price analysis

XRP (XRP) is facing resistance near $0.61 but a positive sign is that the bulls have not lost ground to the bears.

The buyers will try to drive the price to the overhead resistance at $0.67. This level may again pose a strong challenge to the buyers but if they bulldoze their way through, the rally could extend to $0.75 and subsequently to $0.85. The upsloping 20-day EMA ($0.56) and the RSI in the overbought zone indicate that bulls are in control.

If bears want to make a comeback, they will have to yank the price back below $0.56. The XRP/USDT pair may then collapse to the 50-day SMA ($0.52).

Solana price analysis

Solana (SOL) climbed above $38.79 on Nov. 1 and reached near the target objective at $48 but the long wick on the day’s candlestick shows that traders aggressively booked profits at this level.

The price rebounded off $38.79 on Nov. 2 but the bulls could not sustain the intraday highs, suggesting that every rally is being sold into. The bears will try to build upon their advantage and sink the SOL/USDT pair below $38.79.

If they succeed, it could start a downward move toward the 20-day EMA ($32.41). Such a deep correction will suggest an end to the up-move in the near term. The pair may then enter a consolidation phase for a few days.

If bulls want to maintain their advantage, they will have to defend the $38.79 support. If the price turns up from this level with strength, the pair may retest the overhead resistance at $48.

Cardano price analysis

Cardano (ADA) snapped back from the 20-day EMA ($0.28) on Nov. 1 and rose above $0.30, indicating that the bulls are viewing the dips as a buying opportunity.

The price turned down from $0.33 on Nov. 2 but the bulls did not cede ground to the bears. This is a positive sign as it shows that the bulls are holding on to their positions as they anticipate the up-move to continue. The target on the upside is $0.38.

Contrary to this assumption, if the price turns lower and breaks below $0.30, it will indicate that the markets have rejected the higher levels. The ADA/USDT pair could then slump to the 20-day EMA ($0.28).

Dogecoin price analysis

Dogecoin (DOGE) rebounded off the 20-day EMA ($0.06) on Nov. 1 but the bulls could not sustain the higher levels.

The price returned to the 20-day EMA on Nov. 3 but the long tail on the candlestick shows that the bulls are fiercely defending the level. Buyers are again attempting to propel the price above $0.07. If they are successful, the DOGE/USDT pair will attempt a rally to $0.08. This level may again witness strong selling by the bears.

On the contrary, if the price once again turns down from $0.07, it will signal that bears are selling on rallies. A break and close below the 20-day EMA will indicate that the bears are back in the game. The pair may then tumble to $0.06.

Related: Bitcoin disappoints while Markets Pro delivers 88% gains in 29 hours

Toncoin price analysis

Toncoin (TON) rose to the overhead resistance of $2.31 on Nov. 2 but the bulls could not overcome the obstacle. This suggests that the bears are defending the level with vigor.

The upsloping moving averages and the RSI in the positive territory indicate that the bulls have a slight edge. A strong rebound off the moving averages will improve the prospects of a rally above $2.31. If this level is scaled, the TON/USDT pair could start its journey toward $2.59.

Instead, if the price turns down from the overhead resistance and breaks below the moving averages, it will suggest that the pair may swing between $1.89 and $2.31 for a few days.

Chainlink price analysis

Chainlink (LINK) has been facing resistance near $11.50, indicating that the bears have not given up and continue to sell on rallies.

The failure to sustain the higher levels may have tempted short-term traders to book profits on Nov. 2. That pulled the price back toward the 20-day EMA ($10.11). This remains the key level to watch out for on the downside.

If the rebound off the 20-day EMA sustains, it will suggest strong demand at lower levels. The bulls will then make one more attempt to rise above $11.50. If they succeed, the LINK/USDT pair may surge to $13.50 and subsequently to $15. Contrarily, a slide below the 20-day EMA may result in a retest of $9.50.

Polygon price analysis

Polygon (MATIC) has been moving up gradually but the rally lacks momentum. This shows hesitation among the bulls to continue buying at higher levels.

The rising moving averages and the RSI near the overbought zone indicate that bulls have the upper hand. If bulls clear the overhead hurdle at $0.70, the MATIC/USDT pair could rally to $0.74 and then to $0.80.

The bears are currently posing a strong challenge near the overhead resistance at $0.70 but they will have to sink the price below the 20-day EMA ($0.61) to weaken the bullish momentum. The pair may then oscillate inside the large range between $0.50 and $0.70 for a while.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.