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BTC and ETH Price Analysis for November 7

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Denys Serhiichuk

Can rise of Bitcoin (BTC) and Ethereum (ETH) continue after today’s drop?

Most of the cryptocurrencies have started the new week with a continued fall, according to their CoinMarketCap ranking.

Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has declined by 2.49% over the last 24 hours.

BTC/USD chart by TradingView

On the daily chart, Bitcoin (BTC) has returned to the bearish zone as the price is below the important zone of $21,000. If buyers cannot seize the initiative soon, the fall may continue to the $20,400 mark. In addition, the volume is low, which means that not a lot of buyers are willing to buy at the current levels.

Bitcoin is trading at $20,710 at press time.

ETH/USD

Ethereum (ETH) is even more of a loser than Bitcoin (BTC), falling by 2.77%.

ETH/USD chart by TradingView

Ethereum (ETH) has lost the $1,600 mark, making bears more powerful than bulls. At the moment, attention should be focused on $1,500, as its possible breakout might lead to a sharp downward move to the $1,400-$1,450 zone by the end of the month.

Ethereum is trading at $1,578 at press time.

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