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Bitcoin and Ethereum Market Analysis – 11.03.2021

Bitcoin is showing strength and a new all-time high is on the horizon. Bitcoin price takes aim at a new all-time high as traders push BTC back above $57,000 and institutions increase their exposure to cryptocurrency.

Within one hour, Bitcoin (BTC) price surged to $57,100, a level not seen since Feb 20, when BTC price made a new all-time high at $58,352. The bullish breakout signals increases the likelihood that BTC will attempt a run at the $60,000 level.

Other cryptocurrencies are rallying heavily as well. For example ETH is seeing impressive gains as it sustains the price above $1,800. This might be exactly the period to become interested in the second-biggest cryptocurrency, especially with major upgrades expected for Ethereum in the summer 2021.

Looking at the BTC daily chart, we see a nice bullish setup, as BTC broke above the $52,040.95 overhead resistance and turned it to support area.

The long tail on the candlestick shows, more buying on dips is going on, as the key level of 52.7-53k is crucial.

Fig.1.Bitcoin: Nice bullish setup as BTC broke above the $52,040.95 over Resistance.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

If the bulls can drive the price above the all-time high at $58,341.03, the next leg of the uptrend could begin. The next major target on the upside is $72,112.

From the BTC weekly chart, we see a bull flag structure with an EMA 8 support, indicating a strong bullish trend. With the current momentum, I don’t see the reason why we will not test a new all-time high.

Fig.2.Bitcoin: A bull flag with an EMA 8 support, indicating a bullish trend. Source:bitcoin.live

The chart shows some crucial levels to watch in order to sustain the bullish momentum. One of them is the key level of 52.7-53k. I think we should treat that area as buy the dip, and if we lose it, a more defensive posture is warranted until the dust clears.

Ethereum
The bull cycle is intact as long as it doesn’t lose the critical levels, namely the $1,450 region, which was confirmed during this latest pullback. Luckily for the bulls, Ether’s price didn’t drop below this level, as the chart below shows.

At present, we have a full blast come-back, as we’ve cleared the level of horizontal resistance – $1,658.57. I think we should treat all dips as buying opportunities here too, especially if we get back to that 1,658.57 area.
We now watch to see if the price can rally at EMA 8, or it needs to find further support in the 1,658.57 area. I could see a retest of the all-time high at $2,040.774, that could trigger continuation toward $2,500 or higher.

Fig.3. Ethereum: We’ve cleared the level of horizontal resistance-$1,658.57. Source: bitcoin.live    

Let’s treat every dip as buying opportunity for the next big move.

Top Takeaways
$BTC 52.7k area support / 58.5k resistance
$ETH $1650 area support / $1860 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