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Bitcoin and  Ethereum Market Analysis – 31.10.2021

October has so far been a solid month for BTC, currently higher by 40% for the month, after the September shake out. The cycle structure still looks beautiful right there.

The conditions continue to look very similar to BTC’s situation in November 2020, right before a new all-time high was achieved. However, we must remain cautious in the near term as spot inflows have been slowly trending higher, and the estimated leverage ratio is still elevated.

Still going in the rising portion of the cycle and tracking well to hold the key support levels, the overall positive mood in the market is likely to see repeated attempts to $65k-$72k key resistance level.

While Bitcoin is in right translated bullish cycle, consolidating, Ethereum and many other Altcoins have been seeing massive gains across the board, printing an intraday high at every instance.

The BTC daily chart is back to time higher, as we’re in the second half of the cycle. We took out the 10-day MA and still looking for the 60-day high in what looks like a formation of a head and shoulder pattern (bull flag).

I was expecting more dip and that didn’t happen, rather the bulls are beginning to sustain the momentum at key levels. BTC is holding the key support zone firmly as the breakout above $63k would flag a bullish continuation and a potential test of the all-time highs.

Two scenarios could play out in this bull market – one could be a straight jacket uptrend with slight consolidations at intervals and the other could be a longer range – bound consolidation that could see a slight correction from the mid-cycle of the 60-day cycle up to 40-day cycle low ($53k) before any big move.

We are truly in a bull market and we have to be patient to let the market unfold.

Pic.1: The formation of the bull flag has validated the bullish continuation.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

BTC weekly chart is still looking good, as the price indicators are showing more strength.

I don’t see anything to worry about here, as we’re riding above the weekly BB and 10-week MA. The price could see a blow off here in the intermediate time frame as many bullish signals are still flashing, with RSI in right territory and the accumulation of volume intact.

I don’t see Bitcoin topping out soon, ignore all the noise and focus on key horizontal levels.

Pic.2: The chart is looking good, as the price indicators are showing more strength. Source: bitcoin.live

Ethereum
Very similar to BTC, looking pretty decent in the bull market. It’s above the rising 10-day MA and ETH/USD pair made a new all-time high earlier in the session and it is unlikely to be its last as the daily chart remains positive.

As long as the bullish channel remains, Ethereum is likely to go into price discovery mode soon. The next likely figure to be talked about will be $5k which would seem achievable fairly quickly.

Ethereum has also outperformed Bitcoin in the past few days, pushing the BTC/ETH spread back to around 700 compared to its 590 multi-week low made just 10 days ago.
The Ethereum set-up remains positive going into the end of the year.

Pic.3: The chart shows an upward trajectory to form a higher high. Source: bitcoin.live

🔴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