The most trusted cryptocurrency platform
Coinbase.com - (US & INT)

Bitcoin and Ethereum Market Analysis – 08.03.2021

Bitcoin’s outlook remains bullish, preparing to challenge the lower high that we marked out last week. As expected, the price has been trading in an equilibrium pattern, and seems to be close to breaking out of it. The illiquid supply of Bitcoin continues to increase, giving us hope for another fantastic rally to all-time highs.

A bullish pattern signals that Bitcoin may be gearing up to retest its all-time high and this positive development is pushing Ethereum and few other Altcoins higher.

Looking at the BTC daily chart, We see the 8 EMA is holding well and the relative strength index (RSI) has started to turn up, indicating that the bulls are attempting to continue the massive rally. The bulls need to clear the lower high for such rally to resume.

Fig.1.Bitcoin: Let’s keep an eye on the two key levels clearly marked -$43,000 support area and the $52,000 resistance area.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The crucial levels to watch are defined in the chart above. As long as Bitcoin sustains support at $48,300-$48,700, a retest of the $52,000 resistance area is likely. This is the critical breaker for further bullish momentum. If $52,000 breaks, a test of the $55,000 area and potentially new all-time highs are on the table.

If the buyers can propel the price above the $52,000 resistance level, the BTC/USD pair may retest the all-time high at $58,341. A breakout of this level could start the next leg of the uptrend, which may reach $72,112.

From the BTC weekly chart, we see a clear uptrend. Therefore, short-term corrections shouldn’t be classified as bearish trend reversals yet. Every bull cycle has periods of consolidation and corrections to generate more strength for the market’s next impulse wave.

Therefore, corrections of 30%-40% frequently happen during Bitcoin bull cycles and this should be taken into consideration for this pullback as well. We need to stick to our strategy of buying any time we get closer to the EMA8.

Such corrections often end at the 8 EMA range, as that’s the critical indicator to watch for bull and bear the market’s momentum. As long as Bitcoin’s price sustains above the 8 EMA, further bullish continuation is likely.

Fig.2.Bitcoin: The EMA 8 is still holding on well, indicating a strong bull market. Source: bitcoin.live

In overall, still bullish.

Ethereum
ETH is strong as well, breaking those lower highs and gathering some momentum to potential retest recent ATH. Ether (ETH) is currently range-bound between $1,658.572 and $1,820.473. The three green candles in a row shows the bulls are set for another rally above the ATH. The buyers will now try to propel the price above $1,869.473 and to the much anticipated $2k area resistance.
If the $2k level is regained and the momentum sustained, the ETH/USD pair could start the next leg of the uptrend, which has a target objective of $2,515.

    

Fig.3. Ethereum: Breaking those lower highs and gathering some momentum to potential re test recent ATH. Source: bitcoin.live

So for now let’s just see if it can hold EMA 8 and let’s keep buying the dip.

Top Takeaways
$BTC EMA 8 area support – 52.5k resistance
$ETH EMA 8 area support – $1660 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