SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

Bitcoin (BTC) has increased by more than 120%, which shows that crypto sentiment has improved significantly. According to BitInfoCharts data, strong buying has led to a significant increase in crypto wallets holding more than $1 million in Bitcoin, from 23,795 on January 1 to 81,925 this year.

After the massive rally, Bitcoin could face headwinds in the near term as investors digest this week's macroeconomic data and events. Consumer price index data is set to be released on November 14, then the producer price index on November 15, and November 17, the last day to avoid a partial shutdown of the United States government, which may create short-term volatility.

Short-term returns are healthy for the market's long-term trend. Bitcoin is also likely to be seen as a buying opportunity by traders as most analysts predict a 2024 rally, where bitcoin exchange-traded funds have finally received regulatory approval.

Will Bitcoin and select altcoins begin a short-term correction, or will the bulls maintain their buying pressure and clear resistance levels at their respective levels? Let's examine the charts to find out.

S&P 500 Index Price Analysis

The S&P 500 Index (SPX) was pulled back from the neckline on November 9, indicating that the bulls are buying on every minor pot.

The 20-day exponential moving average (4,319) has started to rise, and the relative strength index (RSI) has risen to the positive zone, which indicates that the bulls are in command. A break and close above the bearish line clears the way to a rally of 4,512.

However, the bears are not easily discouraged. They try to keep the bottom line tight and pull the price below the neckline. If they do that, the index may drop to the 20-day EMA. Sellers need to dip the price below the 20-day EMA to break above.

Analysis of the price of the US dollar index

The US Dollar Index (DXY) broke below the descending channel pattern on November 3, but the bears failed to build on this gain and initiate a deep correction.

That has started a recovery, reaching the 20-day EMA (105.92). If the price drops significantly from the current level, the sentiment will turn negative and traders will sell at the 20-day EMA. That could bring the price down to the 38.2% Fibonacci retracement level of 104.38.

On the other hand, if bulls push the price above the 20-day EMA, the index may rise to the resistance line of the descending channel pattern.

Bitcoin price analysis

Bitcoin has been standing near the resistance line of the channel for the past four days, but the bulls failed to initiate the next uptrend. This indicates that demand will dry up significantly.

If the price re-enters the channel, it suggests that the rally on November 9 could be a bull trap. Short-term traders can book profits, which will drag the price towards the 20-day EMA ($34,961).

An overbought level on the RSI warns of a near-term correction or consolidation. If the bears break BTC/USDT below the channel, the correction may extend to $32,400 and eventually to $31,000.

On the other hand, if the price changes significantly and goes above $38,000, it indicates the beginning of a rally towards $40,000.

Ether price analysis

Ether (ETH) rebounded from the psychological level of $2,000 on November 12, indicating that the bulls are trying to flip the level to support.

Buyers make one more attempt to overcome the $2,200 barrier. If they succeed, the ETH/USDT pair could accelerate towards $3,000, as there is no major resistance level between them.

Meanwhile, the bears may have other plans. For $2,200, you can install a stronger bumper. If the price declines from this level, the pair could consolidate between $2,000 and $2,200 for a few days. If the price breaks down and continues below $2,000, the short-term trend will turn negative. The pair may fall towards the 20-day EMA ($1,908).

BNB price analysis

BNB (BNB) has been consolidating between $240 and $258 for the past few days. This took the RSI down from the overbought zone.

An uptrending 20-day EMA ($238) and an RSI in positive territory indicate upside for buyers. If the price recovers from the 20-day EMA, the bulls will try to push the BNB/USDT pair towards $265. This level may again witness a fierce battle between bulls and bears, but if cleared, the pair may rise to $285.

The bears need to break below $235 to signal the beginning of a deep connection with the 50-day SMA ($222).

XRP price analysis

XRP (XRP) has been trading below $0.67 for the past few days, but a positive sign is that the bulls are not letting the price slip below the 20-day EMA ($0.62).

A tight consolidation near $0.67 would add a break above it. If that happens, the XRP/USDT pair could jump to $0.74. This level can be challenging, but it can be overcome. That could start a rally around $0.85.

Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it will indicate that the bulls have given up. That could sink the pair to the next significant support at $0.56.

Solana price analysis

Solana (SOL) rose above $48 resistance on November 10 and rose to $59 on November 11, but the bulls are facing strong resistance from the bears.

The last few days' rally has pushed the RSI above 88, indicating that the rally is overextended and a correction or consolidation may be around the corner. If the price declines from the current level, the SOL/USDT pair may slide towards $48. This level attracts buyers trying to turn $48 into support.

On the contrary, if it gives a level of 48 dollars, it indicates that traders will go to the exit quickly. The pair may decline towards the 20-day EMA ($43).

RELATED: Bitcoin Institutional Income To Top $1B By 2023 Amid BTC Supply Squeeze

Cardano price analysis

Cardano (ADA) It pushed the barrier at $0.38 on November 10, but the bulls were unable to build on the recovery. This indicates that the bears will strongly defend the $0.38 level.

Sellers will try to pull the price towards the 20-day EMA ($0.34). If bulls want to maintain their grip, they should aggressively guard the 20-day EMA. A strong rebound from this level would increase the possibility of a rally above $0.38. The pair may rise first to $0.42 and then to $0.46.

Alternatively, if the price continues lower and remains below the 20-day EMA, it indicates that the ADA/USDT pair may spend some time in the larger range between $0.24 and $0.38.

Dogecoin price analysis

Dogecoin (DOGE) rose above $0.08 on November 11, but the bulls were unable to sustain the highs as seen from the long wick on the candle that day.

Failure to hold above the barrier above has begun a pullback to the 20-day EMA ($0.07). Buyers will try to protect this level and start to return again. If you manage to do that, you can rally the DOGE/USDT pair to $0.08. This is an important level to pay attention to because a break above it can open the doors to $0.10 for a rally.

Conversely, a break and close below the 20-day EMA indicates that the pair may remain with a range between $0.06 and $0.08 for some time.

Chainlink price analysis

Chainlink (LINK)'s strong rally over the past few days has pushed the RSI above 86, indicating that the rally is overbought in the near term.

That may have tempted short-term traders to take profits around $16.60 on November 12. The LINK/USDT pair may return to the 38.2% Fibonacci retracement level to $14.27 and then to the 50% retracement level to $13.55.

The real test will be at the 20-day EMA ($13). A strong correction from this level suggests that buyers should continue to view dips as a buying opportunity. That could push the price to $16.60. If this level holds, the pair could reach $18. If the price slips and remains below the 20-day EMA, this bearish view is worthless in the near term.

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