The Recent Profit-Booking Wave

After enjoying a nice ride above the $35,000 mark, Bitcoin (BTC) took a gut punch on November 13 and 14, thanks to some good old-fashioned profit-taking. Corrections are like the spinach of market movements—no one wants them until they realize they’re actually healthy. They shake out the rookie traders and give seasoned investors a chance to swoop in and add to their stash.

Whale Watching: A Cautionary Tale

Ever had that nagging feeling like something’s just off? The latest Glassnode data gave that vibe, revealing that the number of whale wallets—which hold over 1,000 BTC—has dropped. A drop like that might signify that some big players have decided to cash out, leading the market to brace itself.

Filbfilb’s Forecast: What Lies Ahead?

DecenTrader co-founder Filbfilb was recently spotted at a crystal ball convention, hinting that a drawdown might occur before we hit the much-anticipated Bitcoin halving in April 2024. His bold prediction? BTC could rise between $46,000 to $48,000 after that halving wave crashes in.

Chart Analysis: Riding the Ups and Downs

Let’s dive into the nitty-gritty of Bitcoin chart analysis. As the price reentered the ascending channel pattern on November 13, it seems like aggressive bulls may have gotten trapped—awkward, right? After a liquidation, the price danced back to the channel’s support line. The strong rebound signals that buyers are still lurking, ready to pounce. However, should it tumble below that channel, we could see prices sink to the $32,400–$31,000 support zone. On a brighter note, a price above $38,000 would have the bulls shouting “Hallelujah!”

The Altcoin Hustle: A Spotlight on Ethereum and Friends

Ethereum (ETH) also joined the correction parade, slipping below the psychological $2,000 barrier. Buyers are clinging on to the 20-day EMA ($1,921), hoping it won’t soon become a memory. Failure to sustain this level could see ETH packing its bags for the 50-day SMA at $1,745.

Meanwhile, other players like BNB, XRP, and even Dogecoin are dealing with their ebb and flow, wrestling with stubborn resistance levels and ever-watchful bears, leaving us all wondering: who will break free next?

• BNB attempting to smack through resistance at $265.
• XRP trying to clear $0.74.
• Dogecoin chasing the elusive $0.08.