Bitcoin (BTC) and Ethereum (ETH) Price Analysis and Prediction: Elliott Wave by DailyCoin

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Bitcoin (BTC) and Ethereum (ETH) price analysis and forecast: Elliott Wave

The crypto market leaders (BTC) and (ETH) saw significant declines on Tuesday, November 16, as the crypto market lost more than 10% of its value.

According to Elliott Wave analysis, the decline means the global crypto market cap has completed wave five of a five wave cycle.

At the time of this writing, the global crypto market cap is valued at $ 2.73 trillion. As the crypto market wraps up the five wave cycle, what’s next for Bitcoin and Ethereum (which contribute over 62.5% of the global market cap)?

Bitcoin

Bitcoin (BTC) was hit hard by the sell-off, losing nearly 15% in the process. Technical analysis of Bitcoin using Elliott Wave shows that Bitcoin is trading around the key support area of ​​$ 60,000 to $ 58,000.

If the price of Bitcoin falls below the support zone of $ 58,000, it signals the start of a bearish epidemic. As of this writing, Bitcoin is trading at $ 59.6,000, still in the support area.

As BTC consolidates, forecasts indicate that Bitcoin could reach $ 62,000. Stronger bullish pressure could allow BTC to recover a significant support area at $ 63,000.

Ethereum

As ETH has consolidated, we may see the world’s second largest cryptocurrency re-testing the $ 3,900 area. This is because there are still signs of bearish momentum in ETH.

If so, a serious signal for the bearish cycle could see ETH move below its $ 3,900 support zone. After that, Ethereum might be ready to rally to $ 5,000.

On the reverse

Despite current loss of Ethereum, Raoul Pal believes ETH could rally up to 100-300% before the end of 2021

Why should you care?

Bitcoin and Ethereum are both in key support areas, which could determine the price action of both assets in the coming weeks.

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