What is expected for Bitcoin and Ethereum?

robot
Abstract generation in progress

While the next cycle in the crypto market is eagerly awaited, an analysis prepared for Bitcoin and Ethereum drew attention.

Leader cryptocurrency Bitcoin (BTC), although it made impressive gains in October, had a weak start to November. BTC, which dropped to $69,000, caused concern among investors. Crypto investors claimed that BTC, which was approaching its all-time high, had ended its rise. Analysts, however, maintained their positivity.

Ethereum (ETH), the leader of altcoins, continues its downward trend. ETH, the second largest cryptocurrency by market value, recorded a nearly 7% increase in October. ETH's weaker performance compared to BTC delayed the altcoin rally.

Cointelegraph made important comments in its graphic analysis prepared for Bitcoin and Ethereum.

Will Bitcoin (BTC) continue its rise?

According to Cointelegraph's analysis, challenging times have begun for Bitcoin. It is suggested that BTC, which approached 69,000 dollars, could test the major support level of 65,000 dollars.

The following statements were included in the analysis;

“If BTC surpasses the $72,000 barrier, the pair could challenge the all-time high of $73,777. A close above this level could signal the start of the next leg up. The target in this upward trend could be $93,554.”

The analysis, which discusses the possibility of the realization of the decline scenario, stated that if the 20-day moving average is broken, BTC could fall to $64,674.

Will Ethereum (ETH) recover?

Information included in the Ethereum analysis caught attention. The analysis emphasized that critical support levels in ETH must be protected by bulls.

The analysis included the following statements;

ETH is gathering strength near the uptrend line. If the price rises above the 20-day moving average (at the level of $2,558), a potential resistance test may occur. ETH needs to surpass the resistance level at $2,850 to end the downtrend.

In the analysis, it was emphasized that if the selling pressure on ETH increases, the support area between 2,111 dollars and 2,200 dollars must be preserved. It was stated that if this region is lost, ETH could drop to 2,000 dollars.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk and readers should conduct their own research when making a decision.

View Original
  • Reward
  • Comment
  • Share
Comment
0/400
No comments