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Bitcoin and Ethereum Market Analysis – 26.07.2021

Bitcoin price looks like to have resumed bull trend after rising above $37K in less than 24-hours ago. The price of Bitcoin has broken up from the range-bound and the key resistance level to revive its bullish trend.

The volatility in the last few hours is quite intense so, it is hard to know what will happen next, but we should identify key horizontals to play, starting from that key lower high break at 34.6k area. So it may be prudent for short-term tactical traders to consider unwinding exposure a bit.

Yes, the bears are threatened right now, as a result of this amazing bounce but we need to see more positive indicators in this market price recovery.

Other Altcoins are following the Bitcoin’s bullish resurgence with more upside likely. Ethereum looks to be rescued but not out of the wood yet. It’s important for Ethereum to hold above $2,150 for more upside.

Looking at the BTC daily chart, we see a clear upward path as it broke out of the range construction between $30,000 and $34.6k. The daily MA 50 has been flipped (for now), and the price needs to hold on to this MA 50 recapture for more bullish recovery.

However, a breakout doesn’t necessarily guarantee continuation. The new resistance area-41.5k must first flip for support for the rally to continue. If that fails, more downside becomes likely.

Pic.1: The price shows a clear upward path as it broke out of the range construction between $30,000 and $34.6k
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

From the BTC weekly chart, we see a clear bullish trend. The massive vertical run in the weekend trading has ended the decent correction of many weeks. The crucial levels at $30k and $34.6k held as support, which served as the launchpad for the current highs above $37,000.

The weekly chart is holding the MA 50 for more upsurge. EMA 8 resistance was observed and now broken, and we shall watch to see if it stays that way.

Pic.2: The crucial levels at $30k and $34.6k held as support. Source: bitcoin.live

Ethereum
Ethereum made an improvement here as Ether’s price is up by 7% in the past 24 hours and is currently aiming to flip $2400 area resistance.
Recapture of MA 200 which could have triggered a long position, and then two days with throwbacks to $2150. Watch that level as well as MA 50. $2400 is a key level to watch for resistance as well.

Pic.3: Ether’s price is up by 7% in the past 24 hours and is currently aiming to flip $2400 area resistance. Source: bitcoin.live

Top Takeaways
$BTC 34.6k area support / 41.5k area resistance
$ETH $2150 area support / $2400 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