The massive bull cycle rally continues, respecting the 10 day MA and rising steeply here. It’s making another run for all-time high as the price of Bitcoin broke through the $18.5k mark which is crucial for further upward movement. It has been a week of high consolidation and high volume events as the breakthroughs caused the price to continue rallying toward the next hurdle.

Fig.1.Bitcoin broke through the crucial $18.5k mark:
  Source: Paid Content by Peter Brendt and his partners at bitcoin.live

Looking at the daily chart, a clear resistance zone is marked around this all-time high of $18.7k and thus, may serve as a trigger for investors to take some profits off the table. It’s a real profit position from the trading stand point of view but, we don’t sell in a bull market like this. If you’re looking to add or you feel under-invested, this is not the best spot to do that as you have to wait for the next cycle low to occur. We’re are at that point, where a significant pull back is inevitable. Traders should move the stop loss to $17,250 mark below the 10 day MA.

Fig.2. Bitcoin: Move stop loss to $17,250 mark: Source: bitcoin.live

From the weekly chart, we have had a nice move since the last bottom and still maintaining a strong consolidation. The V-correction took us to where we had a natural resistance and since then, no looking back. It has been a steep bull movement all the way to the 7th week rally.

BTC price is inching closely to the famous all-time high of $20k and it’s pretty difficult to tell, where the next move will lead us to. We might see some sort of pull back which may be significant. The pullback may get to $15k mark and thereafter, where will be bullish consolidation up to March-April 2021 time frame.

Fig.3. Bitcoin Likely have a pull back up to $15k mark: Source: bitcoin.live

When you have a rally like this, it becomes difficult to predict the top. I will not be surprised for an additional 2 – 3 green candles to take it above the all-time high of $20k. We haven’t seen any 30% pull back since April this year. This is the longest in trading history since the emergence of BTC. We might not see 30% pull back but, be rest assured that, there will be a pullback of up-to 20%. This is not the time to add leverage.

Ethereum

Ethereum is beginning to have a potential ending phase from the decline. Most of the Altcoins are also tolling that line.

From August-September time frame, it has been low-lower all the way but we’re beginning to have a nice rally here. If the nice rally continues in couple of weeks from now, it will offer more investment options in the Altcoins space.

Fig.4. Ethereum: Low-lower since August-September but beginning to form a nice rally. Source: bitcoin.live

We’re not there yet from the trade stand point of view but, a nice confirmation of a change in trend has started.

Top Takeaway

Bitcoin – steep bullish trend is intact.

Ethereum, looking for a possible bottom and forming a nice rally.

🔴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