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.
Top Gainers and Losers
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.
Bitcoin Price
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.
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.
Ethereum price
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.
A daily candle closing below $1500 would trigger the bearish pattern and continue a downward spiral to $1400.
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