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Bitcoin and Ethereum Market Analysis – 18.02.2021

The Bitcoin bull-run seems almost unstoppable right now as BTC just notched another new high of $52,300 on Feb. 17. To add some icing on the cake, BTC also broke that big psychological level of 50k and did it in grand style, after multiple tests of this level in the previous days. The psychological level at $50,000 saw only minor resistance to Bitcoin, which shows that the bulls are firmly in command and not hurrying to book profits. We anticipate the bull-run to continue.

Bitcoin has gradually matured as an asset class replacing gold as the traditional store of value. During the previous bull-run in 2017, Bitcoin’s 60-day volatility was at 32%. But in the current bull phase, Bitcoin has recorded lower volatility at 14.25%. I believe that as institutional adoption increases, volatility could drop further.

I don’t see any sign of slowdown in the number of institutions showing interest in Bitcoin. If institutional adoption continues to grow, the sentiment is likely to remain positive.

The Altcoins indicator – Ethereum appears well-positioned to maintain its uptrend as it’s giving bears, no signs of coming back. A new breakout to $2,000 seems imminent, as it continues to grind higher.

Bitcoin
The BTC daily chart shows an upward trend in price discovery — as the current price of Bitcoin is 150% higher than the all-time high in 2017. This indicates that, BTC is extremely bullish, even though, we don’t have spiking volume.

Let’s watch the critical area between $47,250 & $48,000 and as long as that support area is sustained, Bitcoin’s price will continue its upward journey towards $54,000-$55,500.

Fig.1.Bitcoin: Move the stop-loss to $48,500 with a close watch on the support area.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

For now let’s continue with the bull bias, and look to buy the dips back to EMA 8, and key horizontals.

The BTC weekly chart shows the initial resistance zone being cleared and is currently climbing higher. For the bulls, $55,000 and possibly even $63,000-$65,000 will be the next targets if BTC price continues its rally.

 Fig.2.Bitcoin: The OBV showing higher high as the initial resistance level cleared for more uptrend. Source: bitcoin.live

It’s bullish all the way, I don’t see BTC breaking-out below the 20-day EMA ($36,196) as there’s no sign of weakness.

Ethereum
The ETH/USD chart is showing strength as the up-sloping MA 20 area supports $1970 area resistance and the RSI is in the positive territory, suggesting that the path of least resistance is to the upside.

Ether (ETH) is currently range-bound between $1,658.572 and $1,869.473. The long tail on the Feb. 15 candlestick shows the bulls are buying on every minor dip. The buyers will now try to propel the price above $1,869.473 to the much anticipated psychological $2k area resistance.

If the $2k level is captured and the momentum sustained, the ETH/USD pair could start the next leg of the uptrend, which has a target objective of $2,515.

Fig.3. Ethereum: The RSI is in the positive territory and the MA 20 supports $1970 area resistance. Source: bitcoin.live

The impulse wave is high, let’s continue to buy the dip as the bull is pulling weight here.

🔴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