While the next cycle in the crypto market was eagerly awaited, an analysis prepared for Bitcoin and Ethereum attracted attention.
Although the leading cryptocurrency Bitcoin (BTC) achieved striking increases in October, it had a weak start in November. BTC, which dropped to the level of 69 thousand dollars, created anxiety among investors. Crypto investors suggested that BTC, which is approaching its all-time high, has ended its rise. Analysts remained positive.
Ethereum (ETH), the leader of altcoins, continues its bad course. ETH, the second largest cryptocurrency by market value, increased by nearly 7 percent in October. ETH’s weaker performance compared to BTC delayed the altcoin rally.
Cointelegraph made important comments in its chart analysis for Bitcoin and Ethereum.
Will Bitcoin (BTC) continue its rise?
According to Cointelegraph’s analysis, difficult times have begun for Bitcoin. It has been suggested that BTC, approaching $ 69 thousand, may test the major support level of $ 65 thousand.
The following statements were included in the analysis:
“ If BTC clears the $72,000 barrier, the pair could challenge the all-time high of $73,777. A close above this level could signal the beginning of the next leg of the upward move. In the said uptrend, the target may be 93 thousand 554 dollars.“
In the analysis touching on the possibility of the decline scenario occurring, it was stated that BTC could drop to 64 thousand 674 dollars if the 20-day moving average is broken.
Will Ethereum (ETH) recover?
The information in the Ethereum analysis attracted attention. The analysis highlighted that critical support levels in ETH should be maintained by the bulls.
The following statements were included in the analysis;
“ETH is gathering strength near the uptrend line. If the price breaks above the 20-day moving average ($2,558 level), a potential resistance test could occur. “For ETH to end the downtrend, it must overcome the resistance level at $2,850.”
In the analysis, it was emphasized that if the selling pressure in ETH increases, the support zone between 2 thousand 111 dollars and 2 thousand 200 dollars should be protected. It was stated that if the region in question is lost, ETH may drop to 2 thousand dollars.
