Major declines in crypto market leaders (BTC and ETH) occurred on Tuesday November 16th, as more than 10% of the cryptocurrency market’s value was lost.

Elliott Wave analysis says that this drop indicates that crypto markets have entered the fifth wave in a cycle of five waves.

As of today’s writing, the total global cryptocurrency market is worth $2.73 trillion. With the crypto market completing the five-wave cycle, what’s next for Bitcoin and Ethereum (which contribute more than 62.5% of the global market cap)?

Bitcoin

Bitcoin (BTC), which fell almost 15% due to the selling, took a serious hit. Bitcoin’s technical analysis with the Elliott Wave shows it trading at the $58k-60k level.

Bitcoin will begin to bear if it falls below its $58k support area. Bitcoin was trading at $59.6k when this article was written. It is still within the support zone.

Bitcoin is expected to rally as the cryptocurrency consolidates. BTC could regain an important support area at $63k if there is more bullish pressure.

Ethereum

While ETH has consolidated, we could see the world’s second-largest cryptocurrency retest the $3,900 zone. Because there is still bearish momentum in ETH.

If so, ETH may see a significant signal of the bearish cycles and could break below its $3900 support zone. Ethereum could rally to $5,000 after this point.

To The Flipside

• Despite Ethereum’s current loss, Raoul PalETH may rally up to 100-300% by 2021, according to some analysts

What are the reasons to care?

Bitcoin and Ethereum are located at critical support zones that could influence the price action in both asset types over the coming weeks.

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