Ethereum price analysis
Bitcoin price analysis
While the stabilization of the price of Bitcoin and Ethereum above $20,000 and $1,500 over the past week has given some investors hope for the start of a new uptrend, an analyst who previously predicted the collapse of the digital currency market this year Bode recently warned of Bitcoin and Ethereum falling to new lows in the near future.
To Report Daily Hodel, the anonymous trader known as Crypto Capo, told his 573,000 Twitter followers that market conditions indicate a fall in the price of Bitcoin, Ethereum and other altcoins in November.
He believes that the dollar index (DXY), which compares the value of the US dollar to a basket of major world currencies, is showing signs of a rebound, and the S&P 500 is likely to face resistance, both of which are key signals for the market to bear down. are digital currencies. He also claims that the recent price growth of altcoins was not real.
The status of the US dollar index is bullish. The S&P 500 is near a key resistance and has bearish signs. Bitcoin and Ethereum are forming a price ceiling. The price growth of most altcoins is fraudulent (some are still growing). save profit Prices are likely to hit new lows in November.
Capo predicts that the current $20,000 support level will turn into resistance before Bitcoin price falls to $14,000. He says the price drop will likely come after Bitcoin hits its one-month high of $21,000. It should be noted that at the time of writing this article, Bitcoin is trading at the price of $20,436.
This analyst says:
Expect something like this. The last possible increase to $21,000 will form a triple ceiling pattern and trap buyers (long positions). Confirmation of this downward movement by breaking the corner pattern and final confirmation will also turn the $20,000 support level into resistance. The main price target after confirming the downtrend will be $14,000.
Also, Kapo predicts that the price of Ethereum will fall from the ceiling of $1,600 and decrease to the range of $700-800. At the time of writing, Ethereum is trading at $1,553.