Bitcoin, undoubtedly has been impressive in the bullish market with couple of swings over the last 72 hours. Bitcoin’s dominance rate will be tested in the couple of days with Ethereum strongly breaking through the resistance level of $420. It will be an exciting trading week as we watch the primary Altcoins indicator –Ethereum, consolidating strongly in this new rediscovered upward trend. The momentum is strong along with positive sentiment on social media and no only.

  Fig.1: Ethereum: rediscovered upward trend.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live

Bitcoin
Big signal here on the weekly chart as BTC Continues to bleed higher, bouncing again off the EMA 8. Hitting the All Time High of $20k is becoming inevitable as it pushes towards re-testing this level. We have had couple of dips and a $100 pull back from the EMA8. Let’s continue to watch EMA 8 on that support level and treat dips as a buying opportunity. Rejection at the key levels is an indication that, we need to see more convincing breaks. From the weekly stand point of view, we could see the strength. We’re keeping an eye on the high and little dip of $13,900 – 14k mark. This level should be seen as a buying opportunity because, it will definitely hit $20k mark.

Fig.2 Bitcoin: Likelihood of Pull Back of $13,900 – 14k mark. Source: bitcoin.live

Thus, the likelihood of having a trading frenzy reminiscent of 2017 is possible as the new bull cycle is heavily increasing and the price of Bitcoin getting ready to make new higher highs.

Ethereum
Ethereum Looks to continue its consolidation after strongly breaking through the resistance from Oct 22-24 and continues to churn nicely. Momentum is strong along with the few breaks, despite having some swings.We need to keep an eye on the key support levels – rising zone, the buying dip and the prior zone with a $480 retest imminent.

Fig.3: Ethereum:  Rising zone, buying dip and prior zone need to be watched. Source: bitcoin.live

Support levels to watch:
$BTC EMA 8 support $16k area resistance
$ETH $420 area support $468 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