The most trusted cryptocurrency platform
Coinbase.com - (US & INT)

Bitcoin and  Ethereum Market Analysis – 21.11.2021

While many were hoping to see Bitcoin remain above $60,000, it dipped as low as $56,000, causing a negative sentiment that rippled through the market during the week. This has raised the question of how far the correction will go.

Bitcoin needs to reclaim the $59.5k area soon and break this week’s series of lower highs and lower lows to restore confidence. The key levels to consider is the zone between $58.3K and $53K as it contains very strong support in terms of both technical and on-chain indicators. This zone is where the buyers and sellers will find equilibrium before the next move.

We might be seeing the first positive signs that the correction in the BTC price could be coming to an end if there is a strong buying at lower levels.

Bitcoin (BTC) is witnessing a tough tussle near the $58,000 mark but that has not stopped select altcoins from hitting a new all-time high. This shows that traders are watching the fundamental developments on individual coins. One of the recent top performing major altcoins has been Avalanche (AVAX), which has soared more than 120% in November. That could not be said of Ethereum which did trade in the green once this week.

At BTC daily chart see that BTC/USD pair fell by 10.36% in the week ending 21st November. The reversal saw Bitcoin fall through the first major support level at $62,167 and the second major support level at $58,859.

The recovery is facing resistance at the 50-day simple moving average ($60,187) and the moving averages are on the verge of a bearish crossover indicating that bears are making a strong comeback.

If the price turns down from the current level, the bears will attempt to extend the correction by pulling the BTC/USDT pair below $55,600. If that happens, the next stop could be the strong support zone at $53k. Let’s watch that key pivot for a signal, as well as recent lows and remember to buy the dip around 53k if we are given the opportunity.

On the contrary, if the price rebounds off this zone, the bulls will try to push the pair above the moving averages and the downtrend line. Such a move will indicate that the corrective phase may be over. The bulls will then try to drive the price above the all-time high at $69,000.

Pic.1: The reversal saw Bitcoin fall through the first major support level at $62,167 and the second major support level at $58,859: Source: Paid Content by Peter Brendt and his partners at bitcoin.live, BTCUSD Chart by TradingView

The BTC weekly chart still shows uptrend, holding the MA 50 and closed at the EMA 8. The long red candle indicates a bounce and rejection at that key pivot level we have been watching, $60k. This has let us know, that our larger time frame key levels would be challenged.

In that regard, the critical indicators to watch are the weekly EMA 8 and MA 50, which should hold price from further decline.

Any negative views could be invalidated if the bulls can drive the price above $59.5k. Such a move will suggest that traders continue to buy at lower levels. A breakout of the initial all-time high at $64,849.27 could attract momentum traders, starting the next leg of the up-move.

Pic.2: The BTC/USD pair still have the picture of uptrend, holding the MA 50 and closed at the EMA 8: Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum

Ethereum sell-off found some support at the $4k level and is currently pushing back higher. Today’s candle, so far has made a higher low compared to Nov.19, and this may indicate that the sell-off has stalled for now.

A move above $4,344 high would also break the series of lower highs and see Ethereum back into a zone of prior resistance that turned into support between $4,379 and $4,457.
Watch the key horizontal $4k area, that’s our buy the dip until proven otherwise.

Pic.3: The sell-off found some support at the $4k level and is currently pushing back higher: Source: bitcoin.live , ETHUSD Chart by TradingView

Top Takeaways
$BTC $55.5k area support / EMA 8 area resistance
$ETH $4200 support / $4550 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