Couple of weeks now have been tremendous for BTC, nearing all time high of $20k. In less than 24 hours, BTC price hit $19,484 before seeing a slight pullback to sub-$19,250. The action is still strong bullish beyond the cycle expectation, as there is no sign of trend reversal. It’s almost 100% rally in less than three months and this is a milestone achievement which does not happen all the time. From the daily chart, it’s being a long leverage trade since September, a tremendous trade right up to $19,250. This trade has not given us any reason to jump ship, having gone past the 10th day MA.

Fig.1.Bitcoin: BTC price hit $19,484 before seeing a slight pullback to sub-$19,250.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

The Bitcoin price was rejected at $19, 500, meaning, another drop is likely which might be significant. We need to bring our stop loss to $17.5k going forward, as we’re going to see a decent pull back. As we inch closer to the much talked-about $20k mark, which is just one candle away, we need to be cautious.

Fig.2. Bitcoin: Stop loss to $17.5k, most ideal at the moment. Source: bitcoin.live

Can it get farther, without retracement? That’s the big question.

Looking at the weekly chart, we can see 8 green candles in a row, similar to the run in 2017. This is an indication that, a retracement is imminent even though, the bullish strength makes it look impossible at this moment. It might be a significant decline and we need to keep our eyes on the remaining a near-term resistance level of $19,500 before hitting the all-time high.

Fig.3. Bitcoin: 8 green candles in a row, similar to the run in 2017. Source: bitcoin.live

Ethereum
Good news from Ethereum, as it has formed a bottom and made a massive breakout in the last 4 days. In my report last week, I did say that, people should stay away from trading ETH as long as the downward trend persists and no bottom formed. I laid emphasis on the downtrend of Ethereum and the cascading lower high noticeable in almost all the Altcoins. Events in the last 4 days, have shown that, ETH is on revival mission and could hit $800 before the end of 2020. We could see the trend reversal after forming a bottom with massive volume. The reversal trend is grinding high, finding a new resistance level-$530, before the slight pull back.

Fig. 4. Ethereum: A clear defined bottom formed. Source: bitcoin.live

Getting to the highest of September might ultimately be the next target now. Let’s sit back and see where the uptrend will take us to, even though, the record time high of $1400 might not be pretty soon.
Top Takeaways
BTC – New Cycle Highs. BULL MOVE.
ETH – Trend reversal in play.  Long

🔴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