Bitcoin is setting new records in almost all aspects as it’s printing a new high with each day. BTC price is finally set to break through that elusive $20,000 barrier but we will likely see a sharp correction before it or near 20K. At the peak of trading today, Bitcoin dropped to $17,284, recording a sizeable pullback from its $18,520 peak. Yet, BTC recovered almost immediately after each minor correction, stabilizing within $17,600 for most of the time. Well, $20k level is clearly the next focus for Bitcoin.

Fig.1.Bitcoin: Inching closer to the elusive $20k mark
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

We are into uncharted territory as sentiment remains positive and Bitcoin is leading a monster rally. Bitcoin’s momentum remains strong as a strong market response, whale inflows, resilience above each whale cluster, and high open interest are making Bull Run to be formidable.

This trend is noteworthy because Bitcoin is testing a strong resistance level at $18,000. As long as BTC stays stable above the $16,400 support area, the Bull Run will probably hold sway.

However, the primary Altcoins indicator – Ethereum is on the verge of another 2017-style bull run. The Ether (ETH) price is currently hovering between $450 and $470, similar to its price action in December 2017. Back then, the scenario ended up being incredibly bullish, and it quickly rocketed to $1,400.

 

Bitcoin
It has been really an exciting time for BTC with nice consolidation from the daily and weekly charts. It’s being 9 months of consolidation with rising demand and strong OBV. Everything is looking pretty good for BTC at the moment.

It’s finishing up the day with our favorite type of candle, a high wave spinning top. What is interesting to me is the fractal nature of the price action in this steady grind up, with large green days being followed with these doji/spinning tops before eventually resuming the climb higher. Having in mind, how close we are to 20k, I’m looking at a rejection pull back at that level. Rejection at the key levels is an indication that, we need to see more convincing breaks. Will it get to a lower high break at 14k range, are we going to see a trading frenzy reminiscent of 2019 scenario here? It’s an exciting time as we wait for an EMA 8 dip, let’s watch that support.

Fig.2. Bitcoin: Could we have a lower high break at 14k range? Source: bitcoin.live

Ethereum
Ethereum looks like a double top here at the $470 level, consolidating strongly with today’s high wave candle. It’s breaking through the new resistance level of $460, keeping the hope high of a breakout of 500 range. Momentum is a bit strong despite having some swings.


Fig.3. Ethereum:  Breaking through the new resistance level of $460.  Source: bitcoin.live

I give the bull a strong edge even though, there’s still a lot of support to be tested. It’s still bull all the way here unless we see some more signs of weakening. We need to keep an eye on the key support levels – rising zone and the prior zone with a $490 retest imminent.

 

Top Takeaways
$BTC EMA 8 support $16k area resistance
$ETH $420 area support $468 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