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Bitcoin and Ethereum Market Analysis – 18.03.2021

BTC is gaining significant strength right now and has some momentum, re capturing the Feb. high, and hopefully turning it into support. Bitcoin bulls bought the dip and produced enough momentum to send BTC price to an upward gain.

Recent news from the Federal Reserve seems to be boosting enthusiasm, and with stimulus checks hitting as well, there are much of tailwinds to help keep the trend going. Institutional accumulations of more than what is mined every day has led to a higher demand of BTC.

As Bitcoin spent the later part of the day trading at $58, 900, the leading Altcoin indicator -Ethereum (ETH) pushed higher, gaining 4.08% to trade at $1,839 at the time of writing. This shows that, the entire Altcoin markets are still healthy and are gearing up for a move higher.

From the BTC daily chart, we see an upward trend after Bitcoin rebounded off the 20-day EMA ($53,739) on March 16 and re captured the Feb. high($58,400) on March 17.

The up-sloping 20-day EMA and the relative strength index (RSI) in the upper zone suggest bulls are gaining more strength that could result in a move back to the all-time high at $61,825.84. A breakout of this resistance ($62k) will signal the possible start of the next leg up to $72k.

Fig.1.Bitcoin: BTC rebounded off the 20-day EMA ($53,739) and cleared the Feb. high ($58,400)
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

For now let’s continue with the bull bias, and look to buy the dips back to EMA 8, and key horizontals.

Looking at the BTC weekly chart, shows the initial resistance zone ($58,400) being cleared, riding above the BB and is currently climbing higher. For the bulls, $62k and possibly even $72k will be the next targets if BTC price continues its rally in couple of days to come.

The EMA 8 support remains intact and the uptrend is as strong as ever, as we keep an eye on support 62k resistance.

Fig2. Bitcoin: The 3 green candles in a row signifies an upward trajectory move. Source: bitcoin.live

It’s bullish all the way, there’s no sign of weakness here, we want to stay above the mid $57.5k area ideally.

Ethereum

The ETH/USD chart is showing strength as the up-sloping MA-20 supports $1970 area resistance and the RSI is in the positive territory, suggesting that the path of least resistance is to the upside.

Ether (ETH) is currently range-bound between $1,758.572 and $1,869.473. The long tail on the March 16 candlestick shows the bulls are buying on every minor dip. The buyers will now try to propel the price above $1,869.473 to the much anticipated psychological $2k area resistance.
If the $2k level is captured and the momentum sustained, the ETH/USD pair could start the next leg of the uptrend, which has a target objective of $2,515.

Fig.3 Ethereum: $1,758.572 is key to the continued uptrend as any dip is considered a buying opportunity. Source: bitcoin.live

The impulse wave is high, let’s continue to buy the dip as the bull is gaining significant strength right now.

 

Top Takeaways
$BTC 58k area support/62k resistance
$ETH EMA 8 area support/$1950 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