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

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.

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.

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.