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Bitcoin and Ethereum Market Analysis – 09.07.2022

Bitcoin has been holding up well, and a short-term move higher in the new cycle is becoming more likely now. A whole lot of progression here to the bullish side.

From a chart perspective, I am targeting $25-27k while understanding where the failure lies and also how that target can get tagged. During these times you have to be ready for both sides. A low at $17.6k remains a distinct possibility.

Fixed narratives just do not work for any market and the more fixed a narrative becomes, the more likely it is that a market will serve up a grand surprise.

For BTC not trading below the psychological level -$19k means, the selling pressure has reduced and this has put the entire market in a bullish atmosphere.

BTC daily chart shows a significant leap above the key level of June 26 and highly suggestive of a new cycle in play. Trading above the 10-day MA shows some relative strength for the new cycle forming.

As you can see in the chart, these patterns in the middle of a strong trend are classified as bull-flags, which should theoretically break bullish. The 60-day cycle Low has found support (in the form of a short squeeze) and bull-flag/ triangle formation might eventually break to the upside.

Still have to watch for that one more move lower first, which would actually be best from a cycle low identification standpoint.

In overall, fairly bullish.

Chart 1. significant leap above the key level of June 26 and highly suggestive of a new cycle in play.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

Looking at the BTC weekly chart we see a move above the lower channel and getting more strength for a counter trend rally. This has repositioned the entire structure to favor the bulls. Depending on how the long green candle closes, as it will determine the next line of action.

We are expecting a move back to the 10-week MA. I’m looking at the new 60-day cycle to be more of a rally-up but we shouldn’t rule out any possibility of having a significant drop that could form a clean 60-day cycle low (double bottom).

Still there is a room for that one good move higher especially, if it can break above the recent high around $22.2k.

Chart 2. long green candle repositioning the entire structure to favor the bulls
Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum
Both BTC and Ethereum charts are showing some positive short-term signs but still remain in a range-bound consolidation low base. ETH started the weekend in consolidation, as prices continued to hover around the $1,200 region on Saturday.

ETH price could thus be in the process of delivering a bullish breakout with bulls trying to perform a daily close above $1,243.89. Should they pull that off, the monthly pivot at $1,300 will be up for grabs and could then be used as a launching platform to go for a steep rally towards $1,500. That would mean a solid 10% gain up to the monthly pivot, and a 30% return up to $1,500.00.
A break above $1.3k will potentially trigger a short-term relief rally and would help Ethereum to re-test the $1,500 area.

Chart 3 shows a price of the token continued to hover around the $1,200 region:
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