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Bitcoin and Ethereum Market Analysis – 22.03.2021

Bitcoin is very close to new all-time highs once again, but the final hurdle may likely take some time to overcome. However, Bitcoin’s price couldn’t break through this resistance yesterday, which has pushed it back toward its previous range. The local resistance is $60,000-63000, while the support area is at $54,000 to $55,000.

Key Bitcoin price metrics show that despite the struggles faced in order to breakout past $60,000, top-traders are growing increasingly bullish as evidenced by an uptick in leveraged long positions over the past week as the BTC trading range grew tighter.

The pressure will likely see a build-up resulting in a breakout to the upside as long as Bitcoin’s price stays inside this range.

As bulls struggle to lift Bitcoin price above $60,000, several Altcoins are moving to new all-time highs. The Ethereum’s price has continued to showcase increasing signs of stability around the $1,784 – $1,800 over the last 48 hours. Ethereum’s chart structure is similar to the one of BTC in terms of higher low and moving averages. So Ethereum breakout is expected too.

Looking at the BTC daily chart we see a strong uptrend structure, which has been the case for the last six months. This has been confirmed through higher lows and higher highs. We have higher lows to watch that may be challenged, 55k and 53k. That being said we remain in buy the dip mode, and bulls are in charge until proven otherwise.

As long as these regions hold, the uptrend would continue and the rise of Bitcoin’s price towards $68,000-$74000 is likely to be the next point of interest.

  Fig.1.Bitcoin: The 55k and 53k are the key levels to watch as they provide support further upward momentum.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

From the BTC weekly chart, we see a bull flag structure with an EMA 8 support, indicating a bullish trend. The tightening range on the chart continues, with EMA 8 primary support being the most important level to watch.

We have a nice volume here even with the OBV (On bound Volume) conforming the uptrend and the RSI in the positive territory signaling a strong bullish trend.

Fig.2.Bitcoin: The tightening range on the chart continues, with EMA 8 primary support being the most important level to watch. Source: bitcoin.live

Ethereum

Ether (ETH) has been trading just above the 20-day EMA ($1,735) for the past three days. This is a positive sign as it shows that the bulls are accumulating on dips to the 20-day EMA.

ETH short term has established solid support in that $1735 level, so we continue to use that as a loading zone until proven otherwise. Lower highs are formed on daily as well, so watch that for a signal.

If the bulls can propel the price above $1,850, the ETH/USD pair could rise to $1950 area and then challenge the all-time high at $2,040.77. A breakout and close above this resistance could start the journey to $2,614.

The moving averages are sloping up and the RSI resetting, suggesting the bulls have a slight edge.

Fig.3 Ethereum: ETH short term has established solid support at $1735 level to further increase the bullish momentum. Source: bitcoin.live

 

Top Takeaways
$BTC MA 20 area support/ 62k resistance
$ETH $1735 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