Price Analysis

Bitcoin, Ethereum Price Prediction- BTC Correction Puts Altcoins On A Downhill

Bitcoin, Ethereum price prediction: the BTC and ETH chart show signs of price correction; should you enter these discounted values?
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Bitcoin, Ethereum Price Prediction- BTC Correction Puts Altcoins On A Downhill

Bitcoin, Ethereum price prediction: BTC and ETH prices are witnessing a minor correction to stabilize their prior gains. However, this pullback has caused a significant downfall in several cryptocurrencies, offering a dip opportunity. 

The global crypto market stood at $1.03 Trillion at 10:24 am EST Monday, down 2.73% from yesterday. Moreover, the total crypto market volume has increased by 43.62% to $87.76 Billion. The current volume in DeFi is $4.91B, accounting for 5.60% of total 24-hour volumes in the crypto market. 

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Top Gainers and Losers

Source- Coin360

Today, Polygon and Synthetix are top gainers among the top 100 cryptocurrencies. In the last 24 hours, MATIC prices moved up 6.37% to reach $1.25, while SNX prices increased 3.77% to $2.73. Meanwhile, the top losers are Solana and Aptos, with SOL price falling 11.74% to hit the $31.61 mark and APT down 11.72% to reach $7.07.

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Bitcoin Price

Source- Coinmarketcap

On November 4th, the Bitcoin price surpassed the prior swing high resistance of $20830. However, the buyers could not sustain above the breached resistance despite a two-days retest phase.

With a 1.24% intraday loss, the coin price nosedived below the $20830 level and currently trades at $20653. If the daily- candle closes below the aforementioned flipped support, the fake breakout scenario will force liquidate breakout buyers.

Source- Tradingview

With sustained selling, Bitcoin holders could witness a 3% price correction to the retest the combined support of 50-day EMA and $20000 psychological support.

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Ethereum price

Source- Coinmarketcap

The Ethereum price shows the formation of a double top pattern in the daily time frame chart. On November 5th, the altcoin witnessed its second reversal from $1650 resistance, which plunged the prices 5% down to $1580.

However, with sustained selling, the ETH price should tumble 4% to hit the $1500 neckline support.

Source- Tradingview

A daily candle closing below $1500 would trigger the bearish pattern and continue a downward spiral to $1400.

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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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