Bitcoin price hit $14,218 at the close of today’s trade and keeps climbing as a trading frenzy reminiscent of 2017 begins to unfold.  We expect the largest cryptocurrency to make a decisive move. Up 42% in 4th quarter, Bitcoin price outperforms top bank stocks despite all the hullabaloo said about BTC during the pre-election analysis.

However, the primary Altcoins indicator, Ethereum seems to have bounced back after ripping-up above $400 mark. Could this bull momentum of today be a hoax or, are we in for a treat? Let’s watch-out.

$BTC #Bitcoin

It’s pretty nice to see BTC staying strong as bull here and setting the pace for others. It’s heading into the daily close, continuing its slow bleed up. It’s a big surprise that $BTC has held up quite well and even has the potential to rip higher in spite of the uncertainties surrounding the US election. The battle has not be won yet, still has the potential for a big drop if we see some maneuverings with the post-election and some macro-policies that may not be favorable to the market. Until that happens however, let’s enjoy the bulls’ momentum, now with their highest close since December

BTC price has accelerated pass the consolidation area. We need a convincing break, we’ve not seen that yet. Be cautionary, we recognize bullish but it’s a 50/50 split.

Fig.1 Bitcoin: convincing break-out needed.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

If we can turn the $14k zone into supporting zone, $20k mark is achievable. For now stay patient and careful, giving bulls the edge but be prepared for some major volatility.

Fig.2 Bitcoin: if $14k zone (prior resistance level) becoming the  supporting level,$20k mark is achievable. Source: bitcoin.live

 

$ETH #Ethereum

ETH gained some bullish momentum today getting back above $400. ETH has broken the lower high, expecting to turn the prior resistance – $400, to a support level so they can re-test that $420 range.

Fig.3: Ethereum has broken the lower high, MA 50 support $415 area resistance. Source: bitcoin.live

Decent bull momentum, but still major risk to putting in a lower high to that $420 area, Be careful, we might have a pull back, so let’s be on the lookout.

 

Support levels to watch:

$BTC EMA 8 support $14k area resistance

$ETH MA 50 support $415 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