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Bitcoin and Ethereum Market Analysis – 14.04.2021

It’s been a day of excitement as BTC has shown significant strength to rise above the stiff overhead resistance at $61,825.84 on April 13, indicating another leg is about to take-off. Thus, the likelihood of the continuation of bull cycle is heavily increasing as the Bulls look almost unstoppable right now. The breaking of initial ATH-$61,825.84, psychological level is a sign of that. our patience of buying the dip for a long time has paid-off. We shouldn’t be in a hurry to book profits now, as we anticipate the bull-run to continue.

To add some icing on the cake, the high volatility of BTC has been controlled up to 14.25% and with the purported supply shortage and the buying frenzy now spilling over into retail, we could see a vertical rally resumption in the coming days.

The Altcoins indicator- Ethereum appears well-positioned to maintain the vertical uptrend as it’s giving bears, no signs of coming back. This extreme bullish trend could gain more momentum as more investors are adding Ethereum ti their portfolio.

BTC daily chart shows a clear uptrend structure, a broke-out above the stiff overhead resistance at $61,825.84 on April 13, indicating the resumption of the uptrend. The sharp rally also completed the breakout from the inverse head and shoulders pattern that has a target at $69,540. The up-sloping daily 50 Ma suggests the bulls have the upper hand.

Usually, after the breakout from a critical level, the price retraces and retests the level. In this case, BTC/USD pair could drop to $60,000. If the bulls can flip this level into support, the pair could resume its uptrend.

Fig.1.Bitcoin: The up-sloping daily 50 Ma suggests the bulls have the upper hand.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The bulls are in firm control here.

The BTC weekly chart shows the breakout above $61,825.84- psychological barrier, and this area has quickly become the new support level as a launch-pad for more upside. The weekly chart shows this continuation is seen as BTC rallied toward the next point of interest- $69,540.

Now, the critical area to watch is between $58,250 and $60,000. As long as that sustains support, Bitcoin’s price can continue running towards $$69,540 to $72,500.

 Fig.2.Bitcoin: The chart shows a breakout above $61,825.84- psychological barrier for more uptrend. Source: bitcoin.live

Ethereum
Ethereum is super bullish as it broke above the $2,200 resistance on April 13, which resumed its uptrend. Presently, we have a full blast break-out, as we’ve cleared the level of horizontal resistance-$2150.

The $2150 re-test would be a gift at this point. As of right now, there is no resistance so we will wait for more consolidation, and look to buy a retracement.
If the path of least resistance is to the upside, the bulls will now try to push the ETH/USDT pair toward the next target at $2,618.14.

Fig.3. Ethereum: A full blast break-out above the horizontal resistance-$2150 is pushing ETH/USDT pair toward the next target at $2,618.14.
Source: bitcoin.live

🔴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