Bitcoin (BTC) and Ethereum (ETH) gearing up for the next higher step
Bitcoin (BTC), Ethereum (ETH) and Alt-Coins – Price, Charts and Analysis
- Support for the uptrend creaks as Bitcoin and Ethereum consolidate.
- Alt-coins remain in favor after weeks of higher grinding.
Bitcoin and Ethereum both struggle to maintain the uptrend channel we’ve highlighted in recent months, but that doesn’t mean they can’t continue to rise, just that the recent speed of the two major cryptos may. slow down in the short term. Both charts remain positive and a period of sideways to slightly higher price action may make the long term outlook for both more attractive by continuing to move the CCI indicator away from overbought territory to oversold territory. Bitcoin still looks likely to return to its recent ATH soon, with any short-term sell-off expected to find initial support of around $ 59.5,000
Bitcoin Daily Price Chart (BTC / USD) – November 5, 2021
Ethereum continues to push upward and remains in price discovery mode. As with Bitcoin, trend support is under constant pressure and ETH may well consolidate over the next few days to try to normalize the CCI indicator which remains, just, in overbought territory. Initial support at previous high of $ 4,379 might not prove too robust before support of $ 4,025 at $ 4,150. This last area should contain any short-term sales. As with Bitcoin, the overall positive trend remains.
Ethereum Daily Price Chart (ETH / USD) – November 5, 2021
The alt-coin market, measured here by the total crypto market cap minus the Bitcoin market cap, continues to grow and unlike BTC and ETH. hurry against trend resistance, no support. In the last six weeks, alt-coin market capitalization increased by over $ 500 billion, an increase of over 50%. This growth should continue with a trend channel wide enough to allow a 10% drop before the uptrend is put under pressure.
Total crypto market capitalization minus Bitcoin – November 5, 2021
Chart by TradingView.
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