Beautiful action here, it is day 53 of BTC new high which shows the underline strength. Bitcoin price has been showing an outstanding strength in the previous weeks and today the price closed with a new 2020 high at $13,950. Bitcoin’s price is still relatively stable and hovering under the crucial resistance of $14,000. The price movements look pretty good – organic; testing every previous support and resistance levels before continuing. At the same time, Bitcoin’s price has been moving in tandem with the equity markets over the past 24 hours. The price has consistently been pushing towards the $14,000 barrier, just taking liquidity above the high.

Fig.1. Bitcoin still bullish at key levels.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

In the coming days, it will be looking for a new Cycle top, even though, we might still see the possibility of a bearish divergence .We might see an accumulation of downward trend, up to 12k mark. The breakouts don’t entirely show strength as they continue to get rejected as seen in the diagram below.

Fig.2. Bitcoin showing the possibility of a bearish divergence. Source: bitcoin.live

After the little retracement, expect the bullish trend to continue to an all-time high of $16k around late December, just as the price action is unfolding. In that regard, the crucial breaker would be the area between $14,250-14,375 for any continuation of the price. If that breaks, a potential target of $15,000 is on the table.

Fig.3. Bitcoin after little retracement, expect an all-time high of $16k around late December. Source: bitcoin.livee

It’s quite remarkable that, we haven’t seen a 30% low since March, 2020 but, we still need to be careful.

$ETH #Ethereum

Other Altcoins seem to be in a declining mode and might prompt cryptocurrency traders to take action as attention is shifting back to Bitcoin.

Fig.4: Ethereum in a declining mode. Source: bitcoin.live

Last week’s report, showed how bearish, the top ten Altcoins were and there might be a continuation of that trend in the coming weeks. Expect to see a new low as the downward trend continues.

Top Takaways

BTC – New Cycle Highs.  Strong – Looking for Cycle Top.
ETH –   Downtrend continues

🔴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