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Bitcoin and Ethereum Market Analysis – 05.02.2021

The BTC bulls appear to have their eyes set on the $40,000 mark as BTC has flipped $35,000 back to support level. This was an impressive move given that, BTC price had been trading in a sideways range for weeks and regardless of the reasons behind the surge, one would expect traders to follow the trend and stop this opening of short positions.

After significant come back from the recent short-term correction, Bitcoin (BTC) price posted a 15% gain over four days as it climbed from $32,400 to $37,200 (an indication that,the bulls have gained momentum).

While Bitcoin is gradually stepping-up, Ethereum and many other Altcoins have been soaring; a sign that, traders are shifting their funds from BTC into Ether and other smaller-cap coins.

Looking at the BTC daily chart, we’re above the 20-day MA, pushing the bulls to an instant high-to-all-time highs. We could see a clean 10-day MA breaking above the 20-day MA.

On Jan.22nd we had a 60 day cycle low, we held that to a retest. The good news now is that, we’re exceeding the retest above the BB.

There are two scenarios here: the 13 days retracement may have ended for an upward resumption. The other scenario is that, we may first have sideways range with 60-day cycle and the reason, why it’s possible is that, we didn’t have the right translated cycle that consolidated for a long time.

From the leverage position, place your stop loss at $32k support area which is below the 20-day MA. Any price movement below this level is bearish.

Fig.1.Bitcoin: Place your stop loss at $32k as we have two scenarios here.
Source: Paid Content by Peter Brendt and his partners at bitcoin.liv

Let’s not lose our position in the bull market as we’re getting set for the next phase of cycle high.

Ethereum

Sentiment throughout the crypto market continues to improve Ether (ETH) as the price ventured into uncharted territory and notched a new all-time high of $1,688.99 on Feb. 4.
The up-sloping moving averages suggest a strong bulls and a break above $17,500 could start the next leg of the up-move that could reach $1,955 and then $2.1k.

  Fig. 2. Ethereum: The all green candles could start the next leg of the up-move that could reach $1,955 and then $2.1k

Consider rotating some BTC HODL position to ETH as it looks unstoppable in its upward movement.

Top Takeaways

BTC – Still strong,   Do not lose your position in a bull market.

ETH – Consider rotating some BTC HODL position to ETH.

🔴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