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Bitcoin and Ethereum Market Analysis – 02.09.2021

It can be said that, Bitcoin ended on a positive note in August, printing the second consecutive monthly candle higher, capping an increase of 13.6% but has seen some consolidation below $50k as a psychological barrier. In the last eight hours, BTC is pushing back-up for a test of the 49k level, which is quite remarkable for the bulls.

The continuous momentum right now depends on whether BTC can pierce the $50k key level and turn it to support level. As always, the market is known to turn sharply, but as we stand the charts remain pointing higher and the overall market sentiment is positive.

However, while Bitcoin is facing a crucial resistance to break through, Ethereum rose above a key resistance level to hit a three-month high.

In overall, the total crypto market capitalization has shown a bullish continuation with constant higher highs and higher lows. Traders have to be cautious here because, historically, September used to be a corrective month, meaning that some altcoins’ breakout may catch many traders off guard.
BTC daily chart, shows weakening on daily candles, consolidating between $46,064 and $49,733.92. Both MA 200 and MA 50 have flattened out, OBV showing bear divergence and the relative strength index (RSI), slopping at the midpoint, suggesting weakness in momentum.

The bearish divergence has to be invalidated, for BTC to break $50k key resistance level, to make a big impulse move.

Pic.1: Both MA 200 and MA 50 have flattened out, OBV showing bear divergence and the relative strength index (RSI), slopping at the midpoint, suggesting weakness in momentum. Source: Paid Content by Peter Brendt and his partners at bitcoin.live

BTC weekly chart, shows a clear bullish structure with no sign of red flag in both the weekly MA 50 and EMA 8. I see the bulls defending these key levels aggressively for more upside.

Let’s stay focused on the key levels and buy the dip. Weekly EMA 8, daily MA 50, as well as 53k area resistance are all critical for the next big move.

The bullish continuation is more clear here than the daily chart, giving me confidence that the worst of the longer-term correction is already over.


Pic.2: Shows a clear bullish structure with no sign of red flag in both the weekly MA 50 and EMA 8. Source: bitcoin.live

Ethereum
The daily chart for Ethereum (ETH/USD) shows a breakout above the upper boundary at $3,400 to hit a three-month high at $3,836.87. This is a clear signal of strength for the pair and a resumption of the uptrend, which may reach the next target objective at $4,150.
This higher high recorded shows that, the bulls are in control. As long as the previous resistance zone (turned support) at $3,400 is sustained, the continuation toward all-time highs become likely.

Pic.3: The long green candle shows a breakout above the upper boundary at $3,400 to hit a three-month all high at $3,836.87. Source: bitcoin.live

Top Takeaways
$BTC MA 20 area support / $49800 area resistance
$ETH EMA 8 area support / $4150 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