Bitcoin (BTC), Ethereum (ETH) – 10th November

Wed 10 Nov 2021 ▪ 16h38 ▪ 3 min read — by James Taylor

Today is Wednesday, 10th November, and this is Cointribune’s Crypto analytics. You will learn about everything that’s been going on in the market, as well as what to expect next in our new article! If you’d like to read the previous instalment, please follow the link. Off we go!

Bitcoin (BTC)

There is no growth without corrections. Whether global or local, it always leads to a price reduction, as at some point in time traders start to doubt the continuation of the upward movement, and those who take profits when a resistance is reached emerge along the way. All of that is done with the aim to re-enter at a lower price.

Yesterday, Bitcoin achieved a new ATH. Having reached $68,500, BTC came close to the psychological level of $70,000. As I mentioned earlier, it’s unlikely that Bitcoin will break through such an important resistance after one attempt. After all, traders didn’t manage to drag the price higher and, as a result, yesterday ended with a red candle, meaning that the day ended with a price lower than the one it started from.

A new day seems to be a continuation of yesterday’s downward trend. Thus, as of this writing, BTC is trading at around $66,500.

Of course, this might be just a respite before a new breakthrough. There is a good chance that by the end of this week, Bitcoin will reach $70,000. Tether’s (USDT) activity also argues in favour of this statement. But if the trend doesn’t change today, BTC will likely go down to retest the last support.

Ethereum (ETH)

Ethereum seems to be a bit detached from the rest of the crypto market. Bitcoin’s slight correction forced it to retreat a little, but globally Ethereum’s movement still looks quite unnatural. It seems that there are absolutely no volumes in it and bulls and bears don’t really oppose each other by making deals. When BTC grows, ETH follows it slowly; when BTC falls, ETH also suffers a minor correction.

At this stage, Ethereum moves in accordance with Bitcoin. However, this doesn’t mean that you can relax and thoughtlessly trade the largest altcoin. Generally, ETH follows an upward trend, but its already low volatility continues to fall, which is why the highs are getting closer to the lows. In other words, the trading channel is narrowing down, and this may well end in a collapse.

Don’t forget about stop losses and don’t neglect risk management.

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James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Prices & Indices

BITCOIN (BTCUSD) $29,411.64 0.81%
ETHEREUM (ETHUSD) Ξ $1,973.25 0.83%
DEFI (DEFIPERP) $3,643.90 1.82%
MARKETS (ACWI) $87.95 0.29%
GOLD (XAUUSD) $1,846.18 0.24%
TECH (NDX) $11,835.62 -0.29%
CURRENCIES (EURUSD) $1.06 -0.21%
CURRENCIES (EURGBP) £0.844980 -0.41%
CRUDEOIL (USOIL) $110.52 -0.99%
IMM. US (REIT) $2,463.96 0.79%
The percentage expresses the change over the past 24 hours BUY CRYPTOS WITHOUT RISK
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