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Bitcoin and Ethereum Market Analysis – 26.03.2023

Despite facing problems flipping $28,000 to support, BTC is firmly on the way to breaking out towards new higher highs. Bitcoin has stood the test of time and despite falling more than 70% from its all-time high in November 2021, BTC is expected to continue its upward trajectory.

Over the short-term the $30K mark will likely serve as the most major resistance. This range was the bottom recorded in mid-2021 before the rally to the current Bitcoin’s ATH at $69K recorded in November 2021.

A monthly chart compares 2023 price behavior to that of previous cycles, and implies that Bitcoin is now breaking out towards new all-time highs considering its 2023 bullish posture so far.

Overall, this is an encouraging moment in the cryptocurrency market as the top 2 cryptocurrencies have recorded massive rise in trading volume.

Looking at the BTC daily chart we aee the price action currently consolidating above $27K level and the 10-day MA trending high. We’re in Day-16 of the 60-day cycle with BTC still in dominant move to face resistance from current levels up to $35,000 or so.

We should keep our focus on the long-term prospects for much higher prices. Avoid getting shaken out of long positions based on short-term volatility. The trendline remains high with notable bullish momentum and the 60-day cycle is moving in the right translated cycle even though, it’s still at early stage. The remaining 60-day cycle might be more of a rally-up but we shouldn’t rule out any possibility of having a significant retrace, but we shouldn’t sidestep even if that happens.

When you see a big move that doesn’t retrace and is consolidating, there is every tendency that it’s going to continue the upsurge especially for a new cycle.

Chart 1. Price action currently consolidating above $27K level and the 10-day MA trending high.
 Source: Paid Content by Peter Brendt and his partners at , BTCUSD Chart by TradingView

The BTC/USD weekly chart shows a long green candle and a 10-week MA in 3 months moving in the right direction. BTC in the last 3 months, came out from bottom (that didn’t make a lower low) to make a higher high in 6 straight weeks to top the upper BB.

We might see a little retrace (as the bullish rally got rejected at $28,600), that’s okay but coming weeks could potentially clear uncertainty to pave way for more upside. The new 4-year cycle has turned to the upside.

For short-term, target 29K-32K is the breaker level, for Mid-term – target 36K-38K and if there will be any possible correction – target 24K-25K. This will guide you to make an informed decision to enter the market.

There is every reason for the bull market to continue to move higher highs irrespective of the contrary views people put out there in the social media. We should trust the price action and the market indices and not minding the narratives.

Chart 2. A clear break out from the lower low (downward channel) of the last 60-day cycle.
Source: , BTCUSD Chart by TradingView

ETH/USD is trending in the right direction as the price action is above all the moving averages (MAs). Ethereum has tested the support zone ($1600-$16500) and bounced back from there, indicating a potential bullish trend.

Ethereum is consolidating with a potential move toward the resistance area of $1860. The resistance level may act as a barrier to the upward movement, and you should closely monitor the price action and volume in the market to identify any potential price reversals.

Recent news about Ethereum (Shanghai upgrade) suggests a more positive long-term outlook.

Chart 3. ETH/USD consolidating and trending in the right direction as the price action is above all the moving averages (MAs)
Source: , ETHUSD Chart by TradingView

Seeing a lot of strength in Ethereum verses BTC. The range bound structure shows that Ethereum is still on its course and has not lost value much.  Ethereum looks strong in general.

If the ratio advances above .092 I will flip at least half of my Bitcoin holdings into ETH.
Overall, while there are some bearish signals in the short term, the long-term outlook for Ethereum appears positive.

Chart 4 The range bound structure of Eth/BTC is still on course and has not lost value much.
Source: , ETHBTC Chart by TradingView