Bitcoin, Ethereum Price Prediction- Market Leaders Retest Local Support; Buy Again?

Bitcoin, Ethereum price prediction: the BTC and ETH prices continue to drop lower, revisiting the weekly support. The lower price rejection candles showed in both these coin’s charts indicate the prices witnessed a minor relief rally. . At 7:58 am EST Monday, the global crypto market dropped to a low of $797.66 billion, losing 2.91% in the past 24 hours.

However, the total crypto market volume has grown 51.9% to $61.34 Billion. Currently, the total volume in DeFi stands at $4.67 Billion, which makes up 7.62% of the total crypto market 24-hour volume. 

Top Gainers and Losers

Source- Coin360

While most cryptocurrencies are trading in red today, a few of the top 100 listed coins display green candles. Thus, as the press time, Huobi Token (HT) at $4.81 has recorded the highest gain of 13.75% in the last 24 hours, followed by NEM (XEM) at $0.03438, gaining 7.34%. Meanwhile, Chiliz and Algorand are the top losers, where the CHZ at $0.1929 shows a 16.00% fall, while the ALGO price at $0.246 shows a 12.28% fall.

Bitcoin Price

Source- Coinmarketcap

The Bitcoin price has remained sideways for nearly two weeks now. Amid this consolidation, the price has thrice retested the $16000 psychological support. Furthermore, with an intraday loss of 1.19%, the coin price currently trades at $16082 and tries to sustain above the mentioned support.

However, the several long-tail rejection candles at $16000 suggest a possible bullish reversal. However, a possible relief rally must surpass the overhead resistance to obtain sustained recovery.

Source- Tradingview

Nonetheless, if the sellers’ pressure persists, the sellers may break the bottom support of $16000 to prolong the prevailing downtrend. A daily candle closing below $16000 will drive the BTC price $6.7% down to hit $14800.

Ethereum price

Source- Coinmarketcap

On November 20th, the Ethereum coin price gave a high momentum breakdown from the $1190 neckline support of descending triangle pattern. Thus, the post-retest rally plunges the price by 5.56% down to its current price of $1126.

However, the 4-hour chart shows a long lower-price rejection candle at this local support indicating the buyers continue to defend this level. Thus, a potential bullish reversal may push the prices 6% higher, but the pattern’s resistance trendline could restrict further growth.

Source-Tradingview

If the selling pressure persists in the crypto market, a breakdown below $1100 will encourage a downfall to $1000 psychological support.