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Bitcoin and Ethereum Market Analysis – 09.06.2022

Bitcoin is still consolidating around the $30K level, as the bulls and bears are fighting to establish control over this area and decide the next direction. Bitcoin is now into its fifth week of holding at this level.

My stance is to stand aside and let price dictate a clear trend direction. I am a firm believer in the saying: “The longer the consolidation, the bigger the breakout.” This approach has proven to be very fruitful across all asset classes, and in time, this logic is likely to apply to Bitcoin and the major Altcoins.

Once the price breaks out to the upside, we will likely see Bitcoin targets $37k and beyond. First, we need to see the $30,000 level hold firm, and we can then assess from there.

Patience, a much-underappreciated investor skill, is the best approach for now.

BTC daily chart shows the bulls are fighting to keep the rate above the $30,000 mark. From the mid-term point of view, the price is located in the middle of the channel.

Until we clear the key area:32k-33k area, then we have a good case to expect a move up to 37k-38k area. You have a better decision to make at 30k level if you can’t handle a bear market down to 20k level. The price action is still under 10-EMA daily, a positive that it held the recent range lows for now.

If we do move up to 37k-38k area, I will go more than my underweight position. Risks are still to the downside as the trend slightly favors the bears and this cycle has failed to provide any real upside.

Chart 1: The chart shows the price action being underpinned within a channel and the bulls fighting to keep the rate above the $30,000 mark. Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

Looking at the BTC weekly chart we see testing the $31K resistance level multiple times over the last few weeks even though it failed to break above it.

A breakout to the upside from the flag would be considered a bullish signal. Nevertheless, the price would still need to break above the $32K level, the higher trendline of the pattern and the 10-week moving average, before a bullish reversal could be expected.

Chart 2: The chart remains constructive as it looks slightly bullish after testing the $31K resistance level multiple times.
Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum
$ETH/USDT made new range lows and reversed – to feel like something is brewing to the long side, we need daily up next candle.

Not looking strong anyway, Ethereum is all about long term position because of its volatility. I wait for $2200+ area to go more than my underweight position.
Meanwhile, a double Doji shows a continued state of bias conflict among traders, which could result in the price breaking out in either direction.

Chart 3: Ethereum made new range lows and reversed – to feel like something is brewing to the long side.
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