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Bitcoin and Ethereum Market Analysis – 09.04.2021

After rallying more than 100% in 2021, Bitcoin (BTC) seems to be struggling to turn the $60,000 level into support. Though, still holding-on strongly, it remains in the range-bound with most Altcoins, and short-term traders view this as buying opportunities. Traders who were expecting a quick resumption of the uptrend may have been caught off guard by the range-bound movement.

The consolidation in the near term may last more than expected as bears continue to aggressively push back at key overhead resistance levels. Notwithstanding, BTC is giving no hint of a deeper reversal under $60,000.

While Bitcoin’s bull market is trying to fend-off the bears, the Altcoins indicator – Ethereum has managed to sustain the momentum and propel the price above the $2,,000 level after a recent dip.

Looking at the BTC daily chartwe see a cycle low in place even though the trend is still the same since September, 2020. However, today’s Doji candlestick suggests the bulls are struggling to sustain the momentum at higher levels.

The BTC/USDT pair has formed an inverse head and shoulders pattern that will complete on a breakout and close above $60,000. This bullish setup has a target at $72,000. If the bulls sustain the momentum and clear this hurdle, the uptrend may reach the next target at $80,000.

Contrary to this assumption, if the price turns down from the current level, the bears will once again try to break the critical support at the 50-day MA. If they succeed, the selling could intensify as short-term traders may rush to the exit. That could pull the pair down to $50,460.02 and then $43,006.77.

Just be prepared for any outcome that is against your position.

Fig.1.Bitcoin: Tighter BB suggests the bulls are struggling to sustain the momentum.
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BTC weekly chart, shows BTC consolidating in declining cycle low on a short term. The bulls will once again try to resume the uptrend that could push the price to an all-time high.
In that regard, the critical indicator to watch is the 20-week MA, which should hold Bitcoin’s price from dropping further.

We have different possibilities to mentally prepare ourselves of any possible outcome. If we get a nice sideways consolidation, then BTC market will be ready for the next big move without going into a deep correction. Otherwise, the trend reversal will continue flipping towards the support areas at $54,450 and $50,460.

Fig.2.Bitcoin: The critical indicator to watch is the 20-week MA, which should hold Bitcoin’s price from dropping further. Source: bitcoin.live

Ethereum
ETH/BTC is doing well here, after the price rebounded sharply on April 8 and rose above the resistance at $2,040.77, and that is very significant. This is extremely positive action, to not only Ethereum but the Altcoins in general.

The bulls will now make one more attempt to climb above the all-time high, having found the bottom. If they manage to do that, the ETH/BTC pair could resume its uptrend towards the next target at 0.045 BTC.

Fig.3 Ethereum: ETH will make more attempt to climb above the all-time high, having found the bottom. Source: bitcoin.live

🔴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