BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Bitcoin (BTC) fell below $69,000 on November 1, but the decline failed to sustain it lower. Solid buying by buyers pushed the price back above the $70,000 level, indicating a positive mood.

As Bitcoin approaches its all-time high of $73,777, sellers are likely to step in. Short-term holders, who hold Bitcoin for up to 155 days, sent 54,352 Bitcoin to cryptocurrency exchanges on October 31, according to Glassnode data.

Even as traders speculate about Bitcoin’s short-term price movements, long-term investors are looking for ways to add more Bitcoin to their portfolios. MicroStrategy revealed plans to raise $21 billion in equity and $21 billion in bonds over the next three years to buy more Bitcoin.

Can Bitcoin overcome selling pressure and hit a new all-time high? Will altcoins follow Bitcoin higher? Let’s analyze the top 10 cryptocurrencies chart to find out.

Bitcoin Price Analysis

Bitcoin fell below the $72,000 support on October 31st and reached the 20-day exponential moving average ($68,132) on November 1st.

The long tail of the candlestick indicates solid buying near the 20-day moving average. Buyers tried to push the price back above $72,000, but the decline held its ground. The BTC/USDT pair forms a doji candlestick pattern, indicating indecision between bulls and bears.

If buyers overcome the $72,000 hurdle, the pair could challenge the all-time high at $73,777. A breakout and close above this level could signal the start of the next leg of the upward movement. The pair may rebound towards the pattern target of $93,554.

Sellers should drive the price down and hold it below the 20-day EMA to dampen the bullish momentum. It may then fall to the 50-day simple moving average ($64,674).

Ether Price Analysis

Ether (ETH) fell below the resistance line of the symmetrical triangle pattern on October 30th and below the 50-day SMA ($2,523) on November 1st.

The ETH/USDT pair is finding support near the rising trend line. If the price rises above the 20-day EMA ($2,558), it may bounce towards the resistance level. Buyers would need to overcome the barrier of $2,850 to indicate a potential trend change.

On the other hand, sellers need to pull the price below the rising trend line to signal strength. The pair may then fall to the support level. Bulls are expected to fiercely defend the $2,111-$2,200 area.

BNB price analysis

BNB (BNB) closed below its 50-day SMA ($579) on October 31, but bears were unable to gain the upper hand on November 1.

Buyers are trying to push the price back above the 50-day SMA and clear the 20-day EMA ($587). If successful, the BNB/USDT pair could rise to $612 and eventually the important resistance level of $635. A breakout and close above $635 would mark the start of a new upward move towards $722.

A sharp decline in price from the 20-day EMA invalidates this optimistic view. That increases your chances of a break below $566. The pair may decline towards $550 and then towards solid support at $527.

Solana Price Analysis

Solana (SOL) successfully held a retest of the $164 breakout level on November 1st, indicating that the bulls have the upper hand.

Buyers will try to push the price above the near-term resistance level of $183. That could push the SOL/USDT pair up to $189. Sellers will try to halt the uptrend at $189, but if the bulls prevail, the pair could reach $210.

Conversely, if the price declines and falls below $164, it means the bulls are rushing for the exit. The pair may fall towards the 50-day SMA ($152) and then towards the uptrend line.

XRP Price Analysis

XRP (XRP) continues to trade below the 20-day EMA ($0.53), but bears have failed to push the price towards the $0.46 support. This means the sale will close at a lower level.

Buyers will again try to push the price above the moving average. Doing so would initiate a relief rally towards the overhead resistance of $0.64. Bears are expected to actively defend the $0.64 level.

Alternatively, if the XRP/USDT pair drops sharply from the moving average once again, it would suggest that the bears are still in control. Then, there is a higher possibility that it will fall to the $0.46~$0.41 support range.

Dogecoin price analysis

Dogecoin (DOGE) failed to break above the $0.18 level, encouraging short-term traders to book profits.

However, a positive sign is that the bulls did not allow the price to slip below the $0.15 breakout level. A strong bounce to $0.15 indicates that the bulls have turned to a support level. Buyers will make another attempt to drive the DOGE/USDT pair above $0.18. If that happens, the pair could rise to $0.21.

This positive view will be invalidated in the near term if the price declines and falls below the 20-day EMA ($0.14). The next bearish support level is the 50-day SMA ($0.12).

Toncoin price analysis

Toncoin (TON) was rejected at the 20-day EMA ($5.08) on October 29 and fell to the $4.44-$4.72 support range on October 31.

Bulls are expected to defend the support zone as best they can. Failure to do so will result in the TON/USDT pair completing a bearish head-shoulders pattern. The pair could then fall to $3.50.

Contrary to this assumption, if the price bounces from the support zone, bulls will again try to pull the pair above the moving average. If successful, the pair could rise to $6.

relevant: Bitcoin traders are keeping an eye on key levels as the US jobs shock pushes BTC price above $71,000.

Cardano Price Analysis

Buyers were unable to push and hold Cardano (ADA) above its moving average, indicating a bullish sell.

A flat moving average and RSI just above the midpoint indicate possible range-limiting action in the near term. If buyers push the price above the moving average, the ADA/USDT pair may attempt to rise towards $0.40.

Conversely, if the price falls back from the moving average, sellers will attempt to drive the pair down to $0.31. The next trend move is expected to begin with a break above $0.40 or close below $0.31.

Avalanche Price Analysis

Avalanche (AVAX) fell below the support line of the symmetrical triangle pattern on October 31st, indicating an advantage for sellers.

Bears will try to strengthen their positions by driving the price below the support level of $24. If that happens, the AVAX/USDT pair could start a downtrend to $22.79 and later fall to $20.50.

The first sign of strength is a breakout and close above the moving average. Such a move would suggest that the bears are losing control. The pair could then reach the resistance line of the triangle.

Shiba Inu price analysis

Shiba Inu (SHIB) was rejected at the overhead resistance of $0.000020 on October 30, indicating that bears remain active at higher levels.

The 50-day SMA ($0.000017) is an important support to watch in the near term. If the price slips below the 50-day SMA, the SHIB/USDT pair is expected to remain within the $0.000013-$0.000020 range for some time.

Instead, if buyers build on a bounce from the 50-day SMA, the pair will again attempt to clear the overhead hurdle. A close above $0.000020 completes the bullish reversal H&S pattern, opening the door to an advance of $0.000026.