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Bitcoin and  Ethereum Market Analysis – 24.12.2021

Bitcoin has edged slightly higher, a little above $50k level and has given us the first impression after 13 days that, it could go run up. The good news now is that, it has broken the short term descending triangle and could go up to $60k level, where the target of BTC may be known.

The BTC daily chart shows a breakout of the descending triangle and a little above the 10-day MA.

Once, we go past the $52-53k level, we’ll be in the rising portion of the cycle. Right now, the cycle is not yet clean as I pointed out last time but I think we’ll be leaving the downtrend behind if the momentum continues. If we can close up to $53k, then $60k mark will be within reach pretty time soon.

I don’t see the price making ATH in the next 10-15 trading days but it might get to the zone of $60k level (before we had that decline). This will help us unravel the next move.

Let’s hope it will not fail to go beyond the $52k level, otherwise, the $45-46k area will not hold. When you look at the BB at the support level, it’s beginning to tighten up thereby resolving itself either to shoot up or decline to $39-40k level. The cycle structure would get complicated, if we have further decline.

Pic.1: A breakout of the descending triangle and a little above the 10-day MA.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

Looking at the BTC weekly chart, the price action is still below the 10-day MA but I’m very optimistic that, we’ll get to the rising portion of the cycle soon. If this happens, then expect a blow-off top move leading to the next phase of the 4-year cycle.

We’re not going to see a cycle similar to the last cycle. The last cycle was right translated with nice rising portion and I don’t think we’re going to have such in this cycle based on the kind of decline we saw lately.

We need to be patient and wait for more confirmation that, we’re breaking out of the declining phase of the market.

Pic.2: The price action is still below the 10-day MA but the indicators favor the bulls.
Source: bitcoin.live , BTCUSD Chart by TradingView

Ethereum
ETH/USD is still looking pretty nice, holding on well even though, it’s still not out of the declining phase. If we can see Ethereum moving up to $4200 level, it then means, the consolidation phase is over.

Pic.3: ETH/USD is still looking pretty nice, holding on well even though, it’s still not out of the declining phase. Source: bitcoin.live , ETHUSD Chart by TradingView

I wish everybody, Merry Christmas and Happy New in advance.

🔴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