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Bitcoin and Ethereum Market Analysis – 12.04.2021

Bitcoin has shown a relative strength after BTC reached the $60k level again; an indication that, the consolidation may be over and could be eyeing a new all-time high.

For the very first time in a Bitcoin (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure toward the end of a market cycle have become increasingly confident of higher prices as they hold on to their Bitcoin. This only adds to the already existing supply shock. If demand remains strong, this is a recipe for another leg up for the BTC price.

A bullish pattern signals that Bitcoin may be gearing up to retest its all-time high and this positive development is pushing Ethereum and few other Altcoins like BNB pumping. This has contributed to Ethereum, showing more strength and giving investors reason to add more ETH to their portfolios. ETH is making serious inroads in both BTC and USD terms in what I see, as a classic sign that ETH could overshadow Bitcoin in this second quarter of the year.

Looking at the BTC daily chartwe see a clear uptrend structure. The levels that are critical to watch are $54,572 and $50,460.02 support zones. Below the $50,460.02 support zone will be bearish and the neutral zone-$54,572, providing the heavily needed support for further upward momentum . Simply put, 61.7k resistance level  must break for the rally to continue. Flipping this level for support opens the door to new all-time highs.

I don’t give the bears a chance here, to break and sustain below $54,572 as the bulls have regained the 50-day MA and also bearing in mind of the wider adoption by institutional investors.

Fig.1.Bitcoin:61.7k resistance level must break for the next leg of the rally to continue.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

BTC Weekly report, shows the bull trend continues with a new weekly all time high candle close. Focus on weekly EMA 8 and wait for the dips. All looking great and following our expectations.  Do not over-complicate this, the setup is perfect and we now just need to focus on our mindset and the execution of the trade.
Let’s keep watching the EMA 8 support and all those horizontal levels we have captured for dip buying opportunities should volatility continues.

Fig.2.Bitcoin: The EMA 8 is still holding on well, indicating a strong bull market. Source: bitcoin.live

Let’s keep it simple and stick with our plan of buying dips until proven otherwise.

Ethereum
Ethereum is strong in the process of price discovery, consolidation and new weekly high as well. Presently, we have a full blast break-out, as we’ve cleared the level of horizontal resistance-$1950, which we should keep a close watch.

 Fig.3. Ethereum: A horizontal resistance level-$1950 has been cleared paving way for the next leg of the rally. Source: bitcoin.live

We treat all dips as buying opportunities, especially if we get back to that $1950 area.

 

Top Takeaways     
$BTC MA 50 area support 61.7k resistance
$ETH $1950 area support $2150 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