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Bitcoin and Ethereum Market Analysis – 28.06.2021

The BTC/USD pair had a tepid comeback late on the June 27, with bears still seemingly in control of price action. The recent 11% highs up to $34,683.15 now acting as short-term resistance. If BTC can make a confirmed break above it, then the bottom of the recent resistance zone is the next likely upside target, although this looks likely to be a tough task at the current time. A support zone between $30k and $28k needs to hold to prevent further heavy losses.

So far, the “demand wall” around $30-31K seems to be holding well, whereas any slide to that range gets quickly bought up. This could be a sign that we might be reaching the end of this short-term bearishness, as long as the $30k price level holds.

Bitcoin’s consolidation in the current range could create trading opportunities for most Altcoins over the coming days.

Looking at the BTC daily chart, the coin is trading inside a short-term ascending triangle pattern. It could not manage to break above, but struggled to overcome resistance at $35,000, and the breakout quickly turned into a false breakout.

A break above the 20-day EMA could open the doors for a move to the stiff overhead resistance zone at $40,000 to $42,451.67. This points to a possible consolidation between $28,000 and $42,451.67 for the next few days. The longer the price trades in this range, the stronger will be the next breakout from it. The trend will favor the bulls if MA200 is recaptured.

Our hope is that we continue to find support and begin to build a base on re-accumulation. That being said, we are still in a bear rectangle, trading below key horizontals. Be careful.

Pic.1 BTC is closing-on a 35.5k for mid channel resistance within the bearish rectangle.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

From the BTC weekly chart, BTC broke the lower low and regained MA 50, first time since 8k level. A clear definition here as this weekly MA 50 hammer helps bulls.

If the bulls sustain the price above the MA 50, the BTC/USDT pair could attract further buying that may push the price to $40,527.

Pic.2 BTC broke the lower low and regained MA 50. Source: bitcoin.live

Ethereum
Ethereum is struggling to hold MA 200. Break back above $2050 would suggest some short term bullish influence.

The bulls will likely to defend this MA 200 aggressively. A strong bounce will suggest accumulation at lower levels and the bulls may then try to push the price above the $2050 key level.

Pic.3 Ethereum is struggling to hold MA 200: Source: bitcoin.live

Top Takeaways
$BTC 30k area support 43k area resistance
$ETH $1750 area support $2050 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