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Bitcoin and Ethereum Market Analysis – 14.04.2023

This week we have seen the total cryptocurrency market capitalization soar above $1.3 trillion. The sentiment has also improved considerably across the board since the beginning of this new 4-year cycle.

Bitcoin’s price managed to top the coveted $30K level – a point that we haven’t seen for 10 months and has shown no signs of slowing down.

Ethereum also shot up to $2,100, surpassing the pivotal $2K level (marking an 11-month high) and leading the entire market into a fresh rally.

In any case, the week was undeniably bullish, and it’s very interesting to see if the momentum will carry on in the coming weeks.

BTC/USD daily chart shows the price action showing impulsive bullish structure in the mid-cycle of the 60-day cycle. Essentially the trend looks perfectly fine and we’re in Day-35 of the 60-day cycle with the price right at the upper BB and well above all the important moving averages (MAs).

The next cycle high is starting to come up on the horizon, but it feels like this market has one more good run left in it and we want to be well positioned to take advantage of it.

It’s unclear whether $BTC needs to dip to solidify ~$28800 as support before jumping to $33k key level. But at the moment, more arguments are for upside at this time. Even though, we don’t have spiking volume, the relative strength index (RSI) continues to gain traction, moving deeper into overbought territory.

When you see a big move that doesn’t retrace but consolidating profitably, there is every tendency that it’s going to continue the upsurge especially for a new cycle. We will experience a small decline before continuing its upsurge move. Don’t be afraid of any slight pull back because we’re expecting this mid-cycle consolidation to revalidate this move.

Chart 1. The price action showing impulsive bullish structure in the mid-cycle of the 60-day cycle.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

Looking at BTC/USD weekly chart we see a sizeable move away from the lower low (downward channel) of the last 4-year cycle. Having stayed above the key support cushion zone ($27,270-28,650) has given rise to a right translated cycle in this new 4-year cycle.

I expect more upside possibilities of the rising portion of this last part of the 60-day cycle. I believe the next stop is just a hair above $33,000, where we’ll encounter the 100 moving average, on the weekly time frame.

Chart 2. a clear break away from the lower low (downward channel) of the last 60-day cycle.
Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum

Awesome move above the August 2022 all-time high. Looking a little stretched on shorter timeframes and a pullback to the critical support around $2,000 is possible before bulls attempt to take ETH higher.

Trending again in the right direction, well above the important moving averages(MAs). Having held those lows and now gone up on a counter trend move, expect a retest of the $2.4k resistance. If this level is scaled on a closing basis, ETH/USD could soar higher.

Overall, nice move and the sentiment is bullish to keep the momentum high.

Chart 3. ETH/USD trending in the right translated direction and well above the August 2022 all-time high.
Source: bitcoin.live , ETHUSD Chart by TradingView