Posted November 23, 2021
By Ray Blanco
Where to Now: What’s Next for the Two Biggest Cryptos
Not too long ago, bitcoin saw a major correction which cut its price by about 50%. Ethereum also caught the ax and corrected just below $2,000.
But the story doesn’t end there, bitcoin and ethereum went on huge rallies to break into new all-time high territories.
Following the rallies, however, both bitcoin and ethereum saw pullbacks after touching new highs. Nothing unheard of going on here…
So that brings us to today… Where are we, and where do we go from here?
Currently, bitcoin is about $10k off its all-time highs, and ethereum is about $500 off.
It’s been a rough week for the two flagship cryptos as they struggled to catch their footing and resume the rally, but things are looking up today.
As I write this update, bitcoin is up over 3% while ethereum is up over 7%.
Let’s dig into bitcoin first…
Bitcoin has seen a bit of a mixed morning session following Monday’s pullback.
Like I mentioned, bitcoin is currently up about 3% to $57,650.
Earlier this morning, we saw bitcoin fall to a late morning low of $55,400 before making its move back to the upside.
Steering clear of the first support level around $54,845, Bitcoin rose to a late morning high of $57,750.
Bitcoin certainly has some resistance to get through around the $58,600 level, and support from the broader market is needed to make a break back toward $60,000.
If we see an extended crypto rally, bitcoin could test resistance at $60,000 before any pullback.
Looking at ethereum, things are looking a little better than they are with bitcoin…
Again, ethereum is up over 7% to $4,380 right now. Aside from a dip before 8:00 AM EST, ethereum’s rally has remained intact on the way up. It was also able to break through a few resistance levels.
Barring any major developments, it’s looking like we might see an extended crypto rally after all…
One interesting thing about crypto is that the ‘market’ is never closed. Crypto trading can happen at all hours of the day and on weekends as well.
Luckily, I’ll be keeping an eye on things to bring you up-to-date news on any developments.
To a bright future,
Chief Technology Expert, Technology Profits Daily