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Bitcoin and Ethereum Market Analysis – 19.03.2021

Bitcoin is still holding-on pretty nice as it remains in the range-bound, giving no hint of a deeper reversal and traders are taking this as buying opportunities. The possible consolidation in the near term may last more than expected as Bitcoin fails to recapture its all-time high-$61,825. Traders who were expecting a quick resumption of the uptrend may have been caught off guard by the range-bound movement.

We are in a bull market with persistent dip-buying opportunities; an indication that, we should expect more blistering rallies that could take BTC to clear more all-time highs after a possible consolidation into a 65-day cycle low.

While BTC’s bull market is trying to fend-off the bears, the Altcoins indicator- Ethereum couldn’t sustain the momentum and propel the price up to the $1900 resistance support.

From the BTC daily chart we see the 20-day MA is sloping up within the cycle high, indicating that bulls still have a lot to offer. After getting to day-50 cycle high, BTC reversed direction but could not break below the 20-day EMA. The 20-day EMA and the range-bound movement suggest more consolidation in the near term is possible. The support of the mentioned range could be at $43,959.63, which is just above the 65-day MA ($41,914).

We’re in day-55 of the cycle with no significant decline. Expect to see more consolidation into a day-65 cycle low which could serve as a base for a big move. I don’t see the bears sinking the price below that cycle low, as the bulls are ready to propel the price to a retest of -$61,825 pretty soon.

Fig.1.Bitcoin: The price is still within the range bound consolidating for a big move.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

Looking at the BTC weekly chart, we see a 20-day MA fully stretched and that could no longer sustain the trajectory movement. Expect to see BTC price consolidating in an uptrend and this will make the range-bound constructions allowing the market to recharge itself for a blow-off move.

In that regard, the critical indicator to watch is the 20-day MA, which should hold Bitcoin’s price from dropping further.

Fig2. Bitcoin: 20-day MA fully stretched, that could no longer sustain the trajectory movement. Source: bitcoin.live

Notwithstanding the short term consolidation, the uptrend is still intact and the BTC is ready to maintain its position in the bull market.

Ethereum
Luckily for the bulls, the ETH/BTC pair has held up nicely during this latest drop in BTC price, finding support in the 0.029–0.031 area. If this support zone is lost, however, the next support is found at the 0.025–0.0275 area. This level, in particular, is critical to hold to sustain the current bull trend.
Meanwhile, the chart shows that ETH/BTC has been in correction mode since February with lots of range bound actions. Nevertheless, the construction itself remains intact and valid, with higher lows and higher highs constantly being seen.

Fig.3 Ethereum: A reversal before the support zone signals an uptrend. Source: bitcoin.live

 

The chart for ETH/BTC still looks bullish as we look forward to kick-start a general uptrend.

🔴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