Since last month, Bitcoin is experiencing a bullish trend. In this 45 days the price of Bitcoin surged 50%. According to bitcoin future contracts, this bullish trend is supporting by small and big investors. In addition, the fear and greed index reached 90, which shows extreme greed in the market. However, traders are looking for more profit in this situation, Bitcoin future moves play significant role. In this article we are going to have a weekly analysis (7-14 Nov).
The price of Bitcoin entered $16000 channel two days ago. However, Bitcoin is showing signs for price correction, it’s far away from the price correction range, which we predicted two weeks ago ($12700). In the figure above, the Bitcoin price surged to R2 standard Pivot Point indicator and formed a spinning top candlestick, which shows it’s entering a bearish trend. The descending divergence in RSI also confirms this trend. If the price falls down to the $15000 to $14500 support point and then start to rise, it could surge over $17000. Otherwise, it’s possible to fall to the next dynamic support, which is at $13500.
Weekly Analysis (7-14 Nov); Ethereum
Still bulls couldn’t place the Ethereum candles on the dynamic ascending line. But, the good news is that they are still trying their best and could surge the price to $460. If Bitcoin price drop dramatically, it can also affect the Ethereum price. It can fall the Ethereum price to EMA-20 (around $430) or even to $420. Otherwise, we can expect that the uptrend will continue and the price surge above the dynamic uptrend line, which is around $500.
Weekly Analysis (7-14 Nov); Ripple
The great news is that, after 75 days, Ripple price closed above the 26 cent resistance. If Ripple can’t maintain the price and Bitcoin price drop as well, Ripple is likely to fall around 24 cent again.