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Bitcoin and Ethereum Market Analysis – 09.08.2021

Bitcoin broke through the 80-day rectangle of retesting and accumulating to hit the intraday high of $45.3k during the weekend. Bitcoin tested one of the most critical levels of resistance at the MA 200 but was rejected. This rally is the highest BTC has reached in more than two months and has increased the buying interest across the board pushing the total cryptocurrency market capitalization above $1.8 trillion.

In overall, the short-term sentiment has turned positive, showing early signs of a strong recovery. Will the July inflation report affect further price recovery? I don’t think so. I see the retracement on the last 4-hour chart, preparing the market for the next major move if Bitcoin could return to early Monday’s highs to prevent an extended sell-off.

The MA 200 level is the critical level that must be reclaimed for further upside and flipping this level will strengthen further market participation by adding more buying pressure. While the short-term price action may remain volatile, the long-term picture looks positive.

The Altcoins indicator-Ethereum accumulated a 45% gain in two weeks to break above the $3,000 mark on August 7, placing its market capitalization at $340 billion.

Looking at the BTC daily chart we see, a break-out through the 80-day rectangle and the testing of the MA 200 level, I have talked about so much. As expected it was rejected there, so now we are watching for a throwback or bullish retest of the top of the rectangle.

Any capturing of this MA 200 level will cement the rally to be macro bullish. If that happens, the BTC/USDT pair could rally to the $50,000 to $51,483 overhead resistance zone. This level may again act as a stiff resistance but if the bulls arrest the subsequent decline above the 200-day SMA, the uptrend could continue.

The up-sloping of the moving averages near the overbought zone suggest that bulls are in control.

Pic.1: shows, a break-out through the 80-day rectangle and the testing of the MA 200 level
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

From the BTC weekly chart we see a clear bullish structure that failed to go below MA 50. The BTC/USD pair picked up momentum after the bulls pushed the price above the overhead resistance at $37k level.

Focus on weekly EMA 8 and wait for the dips. Weekly EMA 8, daily MA 50, as well as MA 200 area resistance are all critical for the next move.

Pic.2: A clear bullish structure that failed to go below MA 50 Source: bitcoin.live

Ethereum
Ethereum is strong again and continuing to be strong, even breaching our big level at $3000 before dipping back below.
I would look to buy the dip at $2850, and if that fails watch our key level of $2450 again. The formation of a double bottom here, is a clear indication of a bullish trend.

Pic.3: The formation of a double bottom here, is a clear indication of a bullish trend. Source: bitcoin.live

Top Takeaways
$BTC 42k area support MA 200 area resistance
$ETH $2850 area support $3000 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