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Bitcoin and  Ethereum Market Analysis – 04.01.2022

Bitcoin remains in a short term downtrend, bulls defending the $45.5k area well, but not getting any real upside move. BTC chart has been complex and choppy for weeks and below $45.5k opens up a move down to $40k.

In the meantime, I think we’re really looking at the Feb 60-day cycle low to begin moving higher again.

BTC daily chart shows, we have tested the lower level too many times with no recognizable and tradeable chart construction that could easily run to $58k-$60k for the top of the 60-day Cycle.

It’s becoming a concern to many traders because, we’ve had six-trading days below 10-day MA which could lead to losing $46k level down to $40k area. Loosing that level means, we’ve had a failed cycle that will jeopardize the price moving beyond the upper range of the accumulated consolidation phase.

Be patient, don’t force yourself looking for a leveraged trade as there’s no clear direction of the price movement at the moment.

Pic.1: The chart shows, we have tested 45k level too many times with no recognizable and tradeable chart construction.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

BTC weekly chart is not too alarming, even though, BTC is in the downtrend with the 10-day MA trending below.

If we form a base of Head-N-Shoulder structure, then expect a big push forward to get back to $53k and even beyond. But H-N-S structure can be invalidated too… if we get further then 53K..

Watch your leverage, this isn’t a time to be pushing it.  Back over $53k indicates we have finally left this area behind, but until then be careful.

Pic.2: The base of Head-N-Shoulder structure formation will result to a big push forward to get back to $53k and even beyond.
Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum
ETH/USD is in a clear downtrend, having lost the lows and rejected at the 10-day MA, as it’s trending lower. This is a definition of a downtrend as all the moving averages are trending low.

This could change if we have a clean breakout and a new run higher then $4200 within February can be expected.
Until then, as I outlined in the last analysis, watch your trading, this type of market can chop you apart.   The goal is to preserve capital, both financial and mental, so we are ready to take advantage at the right time.

Pic.3: ETH/USD is in a clear downtrend, having lost the lows and rejected at the 10-day MA.
Source: bitcoin.live , ETHUSD Chart by TradingView

🔴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