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Bitcoin and Ethereum Market Analysis – 11.07.2021

Bitcoin price is still in tightening range and we are searching for signs that may provide insight about the next move. This lack of any noticeable sign has made BTC, vulnerable to a pullback, even though, BTC price refuses to fall below $30K level. This refusal to fall below $30K has triggered more accumulation of BTC at the $30k level by long term investors.

The cryptocurrency market as a whole needs some new motivation, to help break these ranges and set up a new trend. BTC’s current spot price remains below all three moving averages, suggesting ongoing bearish sentiment. A bit of a breakout in the BTC price may lift sentiment, but at the moment, the top-ranked digital asset is still meeting pushback at key overhead resistance level.

The Altcoins indicator-Ethereum on the other hand is currently being supported by the 200-day SMA and shows range resistance of around $2,460. However, prospects may be improving after ETH/USD halted its recent slide.

BTC daily chart shows a tightening range between $31,000 and $36,670 over the last three weeks. We cannot make any headway in this range box as traders are undecided about the next directional move.

Both SMA 50 and MA 34 are gradually flattening out, suggesting a balance between demand and supply. If bulls could push the price above $36k, it will be the first sign of strength. The BTC/USDT pair could then rally to $41,330 and then to $42,451.67 where the bears are likely to mount a stiff resistance. A breakout of this resistance will indicate the possible start of a new uptrend.

Let us prepare our mind for any possible outcome as the daily BTC/USD chart screams bear continuation, though a close above SMA 50 on daily would get my attention.

Pic.1 Both SMA 50 and MA 34 are gradually flattening out, suggesting a balance between demand and supply.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

BTC weekly chart, shows the best argument for bulls with MA 50 bounce and hammer candle. We have decent consolidation in place that can lead to price shooting up.
Weekly chart is giving us a good sign, as the RSI is in the mid-point position without much divergence. We really need to watch the EMA 8 resistance and the rising MA 50 support.

Pic.2 RSI in mid-point and a decent consolidation with MA 50 bounce and hammer candle. Source: bitcoin.live

Ethereum
Ethereum ETH/USD descending triangle suggests ETH has weakness on the horizon. Back above $2400 then something could be cooking. MA 200 support and $1900 should be monitored.

Pic.3 ETH/USD descending triangle suggests ETH has weakness on the horizon. Source: bitcoin.live

Top Takeaways
$BTC 30k area support / MA 50 area resistance
$ETH $1900 area support / MA 50 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