Bitcoin’s dominance rate and trading volumes have been rising in the previous weeks and this shows that, the cryptocurrency market’s momentum is built around Bitcoin.

However, the primary Altcoins indicator, Ethereum is showing weakness against Bitcoin as ETH/BTC has dropped 30% in the last one month. ETH weakness is a clear indication that most Altcoins are tolling the same line since they tend to reflect Ether’s performance. Now, many cryptocurrency traders are asking when the Altcoins will break out and start to rally again.

$BTC #Bitcoin

Weekly candle is closing, uptrend is still intact and price rising high in EMA8 support $14k resistance area. The good news is that, the $20,000 mark is back on the table, now that, we’re above the cluster area (macro lower high) of price action – the June 2019 high circa $13,800. Bitcoin (BTC) is still pushing up through new higher highs and making a new yearly high.

Fig.1 Bitcoin: The $20,000 mark is back on track. We’re above the cluster area.

Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The macro lower high has not been convincingly broken yet, though we have penetrated it, the battle is far from won. We’re in election week, expect volatility here, a rejection may retrace to 12k mark. One has to be careful and conservative here, keeping the key levels in mind.

Fig.2 Bitcoin price rejection may retrace to 12k mark key level. Source: bitcoin.live

Let’s keep watching EMA 8 for now, and see if bulls can turn 14k into real support.

$ETH #Ethereum

The price of Ethereum is still showing weakness against BTC despite its last two weeks rally above $400. We can see button of rising candle in bearish trend consolidating for 7 days rally here. Expect $420 re-test at this level after setting up for a re test of prior horizontal resistance right around $415.

The momentum is still a little bullish with rising support level to watch. Can it spring surprise, time will tell. The clear uptrend line gives us a guide to the short term price action, so we will watch that closely.

Fig.3: Ethereum: The momentum is a little still bullish with rising support level to watch. Source: bitcoin.live

 

Support levels to watch: Based on daily charts:

$BTC EMA 8 support $14k area resistance

$ETH MA 50 support $415 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