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Bitcoin and Ethereum Market Analysis – 19.04.2021

Bitcoin(BTC) witnessed a sharp dump to $50,900 on April 18, leaving investors guessing whether to buy the dips or close their positions in anticipation of further decline. Traders should keep a close watch on the strength in the recovery as that will provide an insight about the next possible move. From the day’s highest to lowest point, the price of Bitcoin dropped by almost 15% against the U.S. dollar.

Bitcoin’s dip below $52,000 was another good bullish buy-the-dip opportunity, a wonderful signal that, we should expect more rallies that could take BTC to clear more all-time highs.

The Altcoins indicator- Ethereum is trying to fend-off the bears after a rebound to sustain the bullish momentum.

Looking at the BTC daily chart, we see a rebound to close above the key levels of daily MA 50. However, the long tail on today’s candlestick suggests that buyers are attempting to stall the decline at $50,460. If the rebound sustains, the bulls will again try to resume the uptrend but they are likely to face stiff resistance between $61,825.84 and $64,849.27. A breakout of this resistance zone will suggest that the current fall was only a pullback to shake out the weak hands.

On the other hand, the failure to sustain the rebound or build upon the bounce in the next few days will indicate that demand dries up at higher levels. That is likely to invigorate the bears who will try to assert their dominance and break the $50,460 support to cause damage.

The indicators, both the RSI and daily MA 50 suggest a bullish posture and uptrend is still much intact.

Fig.1.Bitcoin: The RSI at mid-point and the daily MA 50 holding on well give the bulls an edge.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

BTC weekly chart shows, an outside bar indicating that, the bulls ran into resistance. The red bar is a big force suggesting some indecisions and consolidations going on.
In that regard, the critical indicator to watch is the weekly EMA 8 which should hold Bitcoin’s price from dropping further.

We have different possibilities to mentally prepare ourselves of any possible outcome. I still give it to the bulls.

Fig2. Bitcoin: The critical support area to watch is the $50,460 support level. Source: bitcoin.live

Ethereum
ETH/USD pair is doing well here, after the price rebounded sharply and rose above the resistance at $2,040.77, and that is very significant.

Ethereum’s Beautiful dip to our entry level at $2,040.77, rewarding patient buyers once again. For now, let’s see if $2,145.62 can hold.

I don’t see the bears breaking the $1,950 support as the bulls are still strong here.

Fig.3 Ethereum: The $2100 area support is to be sustained for more rallies. Source: bitcoin.live

Top Takeaways
$BTC MA 50 area support 4H MA 200 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