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Bitcoin and  Ethereum Market Analysis – 06.01.2022

Be careful everyone, support at $45k has been penetrated like butter, now that we lost some old support, the next move lower is likely towards $40k.  Nobody should have been leveraged (at least not long) and be careful not to puke your spot positions at a major bottom. Just have to ride this cycle out to see where it goes, where an opportunity presents itself.

This looks a lot like the June – July 2021 period, and this is in the Half Cycle Low timing band. As I always say, there is a time to be cautious and defensive, and a time to be bullish and aggressive.

Looking at 4-hour BTC chart, we see a total loss of the $45k support and a downward movement being in place.

The problem right now is that, It is not looking as something that will reverse completely pretty soon, at least for the short term. Although, I am not predicting the lower level, but the set-up shows a possible retest of $40k or even $30k. If it goes down to $40k, that becomes a mid-cycle point for any possible reversal.

Pic.1: A total loss of the $45k support and a downward is in place.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

According to BTC daily chart we shouldn’t push trade where there is no trade and never discount the possibility of BTC (in worst case scenario) pummeling to $30k and that’s why we need to be careful here.

I don’t think about being bullish until the early February. I always advise people to have a core position to add on a big drop and reduce allocations on pumps. That way, you reduce anxiety and the adverse effect of a volatility market.

Pic.2: The December 18-19 cycle low that failed to make a right translated cycle and has given it a bearish outlook.
Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum
ETH/USD is in the downtrend like I mentioned in my last analysis and it has completely lost its old supports at $4000 & $3600, just like the BTC.

We have lower highs and I hope we’ll not get to a panic selling volume spike where it will drop to $2600. The bearish outlook looks a bit scary and we should wait for the market to tell us when to buy the dip.
It is time to be alert for a buying opportunity.

Pic.3: ETH/USD is in the downtrend and it has completely lost its old supports at $4000 & $3600, just like the BTC.
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