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Bitcoin and Ethereum Market Analysis – 01.07.2021

Bitcoin price staged a slight resurgence in June 29 but could not sustain the momentum. The recent price hike has brought some optimism back into the market, especially after bitcoin sustained the double-bottom bullish formation on the 4-hour chart at $31.5K. However, the bigger picture hasn’t changed as Bitcoin continues to consolidate in a sideways channel of $30K – $42K.

Bitcoin and altcoins are witnessing selling near key overhead resistance levels ($36k), and this has made BTC battling to remain above $35,000, suggesting further upside is in store.

We believe that the transfer of crypto assets from speculators or momentum chasers to long-term investors is a positive sign. This is laying a groundwork for the start of the next bull run but it may not happen in a hurry.

At the moment, institutions are unlikely to buy aggressively and propel the price of Bitcoin higher because there is still a chance that they can accumulate at lower levels. Therefore, the range-bound action may continue for a few more days.

The Altcoins indicator-Ethereum pushed up to a fresh high two days ago and breaking out from the channel for the first time since June 18. This is a positive sign that the bears have so much work to do to stall further moves.

BTC daily chart, shows more consolidations in the bear rectangle, with an initial break above 35.6k and then rejection. The 20-day EMA ($35,196) on June 29 was broken but the bears have not allowed the price to sustain above the 20-day EMA.

That 20-day EMA level must be defended, to even talk about MA 50 test, or 40k test, let alone MA 200 and 43k to confirm a reversal. Bear action continues until proven otherwise.

Pic.1: Shows more consolidation in the bear rectangle, with an initial break above 35.6k and then rejection.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

From the BTC weekly chart we see a decent consolidation taking place above the EMA 8. The resistance at the key level- $36K, suggests that, the buyers are buying at every dip. If this level holds, we could expect it to head toward the upper angle next at around the 38k level.

Pic.2: A decent consolidation taking place above the EMA 8. Source: bitcoin.live

Ethereum
Ether (ETH) broke above the 20-day EMA ($2,170) on June 29 and rejected at $2250, still indicating strength. However, since the bears did not waste time to pull the price back below the key level-$2250, suggests bears still have an upper hand.

That level needs to be turned into support or else this will be just another EMA 34 rejection

Pic.3: A break-up above the 20-day EMA ($2,170) is a positive sign. Source: bitcoin.live

Top Takeaways
$BTC 30k area support 43k area resistance
$ETH EMA 34 area support $2050 area resistance

🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service


🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service