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Crypto market leaders Bitcoin (BTC) and Ethereum (ETH) saw major declines on Tuesday, November 16, as the crypto market shed more than 10% of its value.
According to Elliott Wave analysis, the drop means that the global crypto market cap completed the fifth wave of a five-wave cycle.
At the time of this writing, the global crypto market cap is valued at $2.73 trillion. With the crypto market completing the five-wave cycle, what’s next for Bitcoin and Ethereum (which contribute more than 62.5% of the global market cap)?
Bitcoin
Bitcoin (BTC) took a hard hit from the sell-off, dropping almost 15% in the process. Bitcoin technical analysis using the Elliott Wave shows that Bitcoin is trading around the key $60k-$58k support zone.
If the price of Bitcoin falls below the $58k support zone, then it signals the start of a bearish outbreak. At the time of this writing, Bitcoin is trading at $59.6k, still in the support zone.
As BTC consolidates, predictions are that Bitcoin could rally up to $62k. Stronger bullish pressure could see BTC reclaim an important support zone at $63k.
Ethereum
While ETH has consolidated, we could see the world’s second-largest cryptocurrency retest the $3,900 zone. This is because there are still signs of bearish momentum on ETH.
If that is the case, a serious signal for the bearish cycle could see ETH break below its $3,900 support zone. After that, Ethereum could be ready to rally to $5,000.
On The Flipside
Why You Should Care?
Both Bitcoin and Ethereum lie at key support zones, which could determine the price action of both assets in the coming weeks.
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