Bitcoin (BTC), Ethereum (ETH) - 1st November 2021
Today is Monday, 1st 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 has continued its downward trajectory on Monday, touching a low of $60,000 yesterday as markets saw the correction continue. Unfortunately, this is a clear sign of a bear market approaching.
The cryptocurrency is changing hands at around $61,800 at the moment of writing. If the price dips to $60,000 for a retest, the currency might fall back to the $55,000 support level.
On the other hand, the week ended with a solid $60,600 candlestick, which is a sign of a bull market. It’s possible that whales won’t wait around much longer and will attempt to bump up the price. Trade with caution!
Ethereum has been struggling lately; however, even despite this, the cryptocurrency is still within the ascending trading channel. There’s no reason to worry. ETH is changing hands at around $4,300 at the moment of writing.
Unless a major player helps bulls in the near future, we might see a serious decline. Neither bulls nor bears seem to be interested in Ethereum at the moment, so it’s difficult to make any predictions. The recent ATH has prompted a period of stagnation – we have to wait and see how the situation plays out.
The closer the end of the year, the more intriguing the situation becomes. Could a crypto winter be just around the corner? Or will Bitcoin skyrocket once again? Nobody knows what to expect in the aftermath of October. Don’t forget about stop losses and don’t neglect risk management.
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I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!
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.