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Bitcoin and Ethereum Market Analysis – 15.08.2021

We have wonderful Bitcoin price action that appears to be confirming an end to the 3-month downtrend and a resumption of the primary bull market. Bitcoin price is no longer in its “worst case scenario” as the current rally has being sustained despite the bulls struggling to slice through the key resistance levels.

I’m getting more bullish on that the 4-year cycle uptrend is firmly in place but, it’s not a dominant trend yet, as the bears are still showing its underline strength.

The sharp rebound in Bitcoin today, proves that traders are buying aggressively on every minor dip. From long term investment point of view, this could be another opportunity to invest if you miss the 45% move earlier. I’m saying this because, the big bottom has been formed and a new bull cycle has begun.

While Bitcoin is stepping-up, Ethereum and many other Altcoins have been impressive; a sign that, the overall market is healthy.

Looking at the daily BTC chart, we see day-24 of the uptrend, that is in a right translated cycle. The entire structure is bullish since the market broke above $36500 key resistance level.

I want to see a slight correction up to 60-day cycle low, that will shake-off the excessive sentiment that has already built up. This is the only way; further strength could be demonstrated.

Pic.1: The entire structure is bullish since the market broke above $36500 key resistance level.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

From the BTC weekly chart we see four green candles in a row sitting around the 20-week moving average (MA), confirming a strong uptrend scenario. This is the first time this has happened since late January when prices rallied to a fresh all-time high.

We have a bottom formed at 30k level that could assure us of a continuous uptrend with slight correction intercepting the move.

The bulls are in firm control here.

Pic.2: Four green candles in a row sitting around the 20-week moving average (MA), confirming a strong uptrend scenario. Source: bitcoin.live

Ethereum
Ethereum’s chart is slightly more positive than the Bitcoin’s one with the spot price above all three simple moving averages, which are in a positive order. It’s pushing above the BB with four green candles in a row, which is a positive development also.

If Ethereum continues to stay within the uptrend, it looks likely to break above the current cluster of highs.
Right now, from a leverage point of view, Ethereum is not giving any reason to be afraid, all I see is a strong uptrend scenario.

Pic.3: The spot price above all three simple moving averages, which are in a positive order. 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