Crypto Market Analysis/Ideas/Signals – 28.03.2022
Bitcoin and Ethereum ANALYSIS
Good development for both Bitcoin and major altcoins here, strong bull bias and the declining channel of over five months has been broken. This even-day gains nearing 10% have put BTC price action firmly ahead of every other week so far this year.
The break out of the $47k resistance level is a trigger that, a continuation of the larger uptrend is likely. The logical view of the market is that, we’re on a counter trend move that could take us to May time- frame and probably to a new ATH.
Looking at the BTC daily chart we see that, the price action has surpassed the prior high of the previous 60-day cycle high and I can confirm to you that, we’re in the rising portion of the new cycle. This is a new cycle that’s forming a right translated cycle already.
Nobody knows where this counter move rally will take us to, but for the fact that, BTC is trading above all the moving averages right now is a sign that we’re in for a big rally.
We have been patient all the way through the declining phase, this is the time to take advantage of the move and hopefully we’ll smile in all of this development.
Chart.1: The new cycle forming a right translated cycle already and taking out the declining phase.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView
The BTC weekly chart has shown that the declining channel has been broken and BTC trading well above the 10-week MA. We have come to the end of the intermediate period of the downside and a new rising channel has begun.
BTC/USD is grinding back to higher levels after a rejection at just above the $45,000 mark previously.
This new cycle has started on a positive note, everything aligning well but let’s not rule out any possibility of having a significant drop.
Chart.2: The chart has shown that the declining channel has been broken and BTC trading well above the 10-week MA.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView
Ethereum
A big move up and first higher high since late Nov. 2021. Following in Bitcoin’s footsteps, Ethereum has soared 25% increase from the March 7th low.
With $2,878 now holding as support, and the key psychological resistance turned support at $3,000, ETH/USD will continue to eye $3800 in an effort to retest the ATH.
Chart 3: Following in Bitcoin’s footsteps, Ethereum has soared 25% increase from the March 7th low.
Source: bitcoin.live , EHTUSD Chart by TradingView
Bitcoin and Alt SIGNALS and Trading Ideas or Comments
As price rolls into resistance remember to check what the funding rates are. Parts of this cycle can be remembered in some regards to funding rates. When they are positive shorts are paying longs or funding rates are negative where longs are paying shorts.
Over the last 72 hours, we have seen funding have negative readings as $45,000 had been approached. That indicates many and possibly the majority are still bearish at this resistance. When that happens it’s wise to look at what price and the chart has been through over the short term. For me continuing to short doesn’t pay off when price attempts breakouts 4 or more times and especially the 5th time.
I believe to close out the month and as we roll into April the green candle will be back.
Pic.4: Long confirmed at 43,239. Source: bitcoin.live , BTCUSD Chart by TradingView
The rule of 5 touches on a triangle is valid and should be taken into consideration when building your market thesis.
Chart 5: An Example of a 5 Touch Triangle Breakout:
Source: bitcoin.live, BTCUSD Chart by TradingView
BTC and ETH are safe positions but less profitable than alts during the bull runs. When we are in bearish times BTC losses the least, ETH a little more, and alts will have far higher percent loss than both also If you want to multiply profit having strong alts in the portfolio is a good option.
For mid term(1-2 months) We can recommend the following alts to have in your portfolio as they are on bottoms in BTC pairs or are breaking out.
$AAVE $ALGO $BAL $BAT $COMP $DASH $ICP $NEO $TOMO $XRP
Mid Term Market PROGNOSIS (1-2months)
Like I said back then… No expectations, no hope, no fear, just your strategy, and a plan.
Following green projection:
*Resistance hit after 27% bounce from channel support
*360MA HTF target hit
*channel breakout
Chart 6. green projection stays in tact if S/R flip above $44,333. Source: @Anbessa100
Status of Crypto market in Mid Term(1-2 months):
The crypto market is confirmed LONG as of March 28th.
