November is starting on a bullish note, bringing some relief after a bloody October. As long as the $100,000 level holds for BTC, further upside in the crypto market can be expected as part of a larger correction phase. Let’s go over the possibilities together.
7 Days Heatmap
The 7-day crypto heatmap shows a mix of red and green, red for large-cap altcoins like ETH, XRP, and SOL, and green for mid-cap altcoins, indicating clear rotations, especially among privacy tokens such as ZEC, DASH, and ZK.
BTC Analysis
As per our previous BTC update, it has been overall bearish after breaking below the $110,000 support zone.
This week, BTC has been trading within a falling channel marked in red, forming a major correction phase.
However, the overall macro trend remains bullish as long as BTC is trading above the $90,000 level and the lower blue trendline drawn from the weekly timeframe.
ETH Analysis
As per our latest ETH analysis, it rejected the $4,000 resistance level and moved lower in an aggressive manner.
However, it is now retesting the lower bound of its falling red channel, as well as the $3,000 support level and round number.
As long as the $3,000 level holds as support, we’ll be looking for long opportunities on lower timeframes, expecting a bullish correction toward the upper bound of the falling red channel.
Quote of the week
Learn to take losses. The most important thing in making money is not letting your losses get out of hand.
~ Marty Schwartz
Closing Remarks
In summary, November kicks off with renewed optimism across the crypto market after a tough October.
While BTC remains in a corrective phase within a falling channel, the broader trend stays bullish above the $90,000 level.
ETH is showing a similar setup, retesting key support around $3,000. If these critical zones hold, both BTC and ETH could trigger a short-term bullish correction, setting a positive tone for the weeks ahead.
