The most trusted cryptocurrency platform
Coinbase.com - (US & INT)

Bitcoin and Ethereum Market Analysis – 12.05.2022

BTC corrected on reasonable volume, the lowest since December 2020. The price of bitcoin plunged below $30,000, triggered by high volume selloffs. BTC has bounced back above $30k since then, but the overall tone in the cryptocurrency space remains bearish.

First rule of high volume selloffs, do VERY little.  Don’t get fancy, don’t use ANY leverage, and be content with what spot allocations you have decided to take on.

A steady bleed of the crypto market has resulted in BTC, plunging 55% from its November 2021 peak and lost all the key levels.

The risk right now, outweighs any reward potential. Wait for better days and protect your capital.

The BTC daily chart shows dominant downward trend, still testing the lower lows at day-59 cycle low. As we have a new low, many people are already wondering if the bottom is in, again…I would say that the bottom is not yet in, there is more to come. Patience is key…
Yes, BTC bounced back to $30k level but we still have to wait for a retest of $33-34k area to take out those lows. Let’s hope that the bottom gets confirmed as soon as possible to get the daily close trend up to put a new cycle in play.

Chart 1: The chart shows dominant downward trend, still testing the lower lows at day-59 cycle low.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

BTC weekly chart shows a downtrend structure, still at the lower range of the descending channel and trading much below the 10-day MA. The chart construction could still retest the lows before we could have any clear intention of breaking out of this downward channel. I would guess trading back over $33k has a high % chance of being a new Cycle. No trading at times is the best trading.
The chart still favors the long and don’t expect the 4-5x move to a peak soon, you need to give it sometime.

Chart 2: shows a downtrend structure, still at the lower range of the descending channel and trading much below the 10-day MA. Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum
Still having bearish outlook like BTC and all the moving averages are trending down. I do not see a clear level upon which we can structure a trade right now, and suggest we wait for the price to flip $2300 area resistance, that would be a good start.

Buying into a collapsing market is a scary thing to do. For you to long, we have to make sure, there’s a bottom in place. It is time to be alert for a buying opportunity.

Chart 3: Still having bearish outlook like BTC and all the moving averages are trending low.
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