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Bitcoin and  Ethereum Market Analysis – 27.10.2021

The overall sentiment still remains bullish even though, the BTC price dropped about 13% from its all-time high recently. So our thesis and caution paid off, as we saw this dip coming well ahead of time.

Bitcoin, hitting below $60k indicates that BTC may be looking to form further higher low and then make a run to big all-time highs before the end of the year. The short-term technical are beginning to turn cautious and slightly bearish as 4-hour, and daily momentum slowed and started to trend lower.

The price did pull below the EMA 8 but I do think we necessarily need more consolidation before we can push the price right back up to that $63-64k area.

The ideal picture would be to flip the psychological level – $60K into support, retest $64.8K, and break out higher towards $67K to $70K.

Alt-coins look OK overall, but continue to take a firm back-seat to Bitcoin.  I suspect it might remain that way for some time here except few altcoins like Shiba Inu.

Looking at the BTC daily chart we see a move to a lower low, which has led us to below 60k psychological area. We are looking at 53k area which is the measured move from the head and shoulders. Observing the forming of head and shoulders, taught us that BTC was likely to consolidate.

The price action below the EMA 8 is a warning signal that, we may likely see more consolidation around $52-53k area. We need to watch that area for any possible retest of $52k.

For now, the bulls still have an edge.


Pic.1: We are looking at 53k area which is the measured move from the head and shoulders.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The BTC weekly chart is still very much bullish as all indicators have bullish outlook. There is nothing to worry yet, even though we have had a weakening momentum since making the ATH. We have a decent consolidation in place, that can lead to price shooting up.

Let’s stay focus on the key levels of weekly EMA 8 and the rising daily MA 50, as all are critical for the next move.


Pic.2: Let’s stay focus on the key levels of weekly EMA 8 and the rising daily MA 50,
as all are critical for the next move. Source: bitcoin.live

Ethereum

Ethereum is still consolidating, and likely to break ATH, though it has been pausing a bit. Wait to buy on an ATH break, or at our key horizontal levels.
Let’s see if the price could be sustained above the 50 MA and the price breaking out of the BTC shadow to take another shot at pushing the price above $4,300 area resistance.
For now, let’s keep buying the dip.


Pic.3: A range bound consolidation going on for the next big move. Source: bitcoin.live

Top Takeaways
$BTC 52k area support / 67k area resistance
$ETH $3650 support / $4300 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