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Bitcoin and Ethereum Market Analysis – 05.04.2021

Bitcoin continued to take a breath as it has struggled to break above the $60,000 level in the past few days and this could have attracted profit-booking from short-term traders.

We might likely see a rally above $59,000 as it’s being fueled by bullish news from Visa and PayPal as both are getting into Bitcoin and cryptocurrency payments. Put differently, the market is very much in the middle of the bull cycle and any correction is good news to traders and investors.

The bullish price action of some Altcoins such as ETH, BNB, DOT and EOS show that Altcoins have capitalized on Bitcoin’s range-bound trading below the $60,000 level. Altcoins will probably continue to gain momentum, and even if Bitcoin makes new all-time highs, Altcoins will most likely follow suit.

BTC daily chart, shows several critical support levels being established. Right now, the important area to hold is $56,000. As long as that region maintains support, more upside is likely for the market. This puts new all-time highs and potentially $73,000 on the table.

The moderating of the slope of the moving averages shows that bears are aggressively defending the $60,000 to $61,700 resistance zone. A strong breakout above the $60,000 to $61,700 overhead resistance zone will suggest that bulls are back in the driver’s seat. That could signal the start of the next leg of the uptrend, which has a target at $69,279 and then $79,566.

Fig.1.Bitcoin:50.3k area support is critical for the next move.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

What we have presently, is more bullish consolidation and likely continuation.

BTC weekly chart shows, another higher low was made, ascending triangle formed, resulting in renewed upward momentum. Stay focused on key levels. Weekly EMA 8, daily MA 50, as well as 50.3k area support are all critical for the next move. Loss of that brings us to 42k I believe.

The entire structure since September is massively bullish when the market broke above $12,000 and started to accelerate. The previous higher low was made at $42,000, which became the critical support area to hold. As Bitcoin’s price didn’t even need such a heavy correction this time, the recent low at $49,500-$51,000 can be classified as the new higher low.

Fig2. Bitcoin: The Ascending triangle formed at the key resistance level indicates strong bullish trend. Source: bitcoin.live

Therefore, the next points of interest could be made, if Bitcoin’s breaks above the current all-time high at around $61,000.

Ethereum
The range-bound action of Ethereum’s price resolved to the upside on April 2 and the price surged to a new all-time high at $2,144.59. However, the bulls could not sustain the higher levels as the price again dipped back to the breakout level at $2,040.77.
The bulls are currently attempting to push the price back above the $2,040.77 to $2,144.59 overhead resistance zone. If they succeed, the ETH/USDT pair could pick up momentum and start its journey to $2,618.14. Let’s see if that recent breakout level can be turned into support.

Fig.3 Ethereum: The EMA 8 area support $2150 area resistance is critical for the next move. Source: bitcoin.live

It’s bullish all the way here considering the up-sloping EMA 8 and the RSI in the positive zone.

Top Takeaways
$BTC MA 50 area support/ 61.7k resistance
$ETH EMA 8 area support/ $2150 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