This week I would like to expand upon last weeks rather bullish article, which was based upon the belief that the cryptocurrency uptrend is nearing going into another important stage.
Certainly, this week's events surrounding the Ethereum spot ETF has only served to strengthen my belief, despite the slightly weird reaction from the market prior and post ETF approval.
ETH made some solid strides this week based upon the ETF realization towards the $4,000 level, however, all signs point to this being just the beginning.
Price action-wise, the ticker movements, and chart price patterns, are also alluding to big things ahead for BTC and altcoins over the coming weeks months.
Source: Twitter.com
Moreover, Biyond's own indicators have confirmed my theory and are the icing on the cake for Bitcoin in terms of Biyond Vanguard turning Green on the weekly time frame for BTC and ETH.
This occurrence on Vanguard has consistently been one of the profitable and reliable signals for ongoing price gains and indeed trend continuation since its inception.
Source: Biyond.co
Further confirmation is set to come from Biyond ATLAS continuing to turn lower and hopefully soon below the 100.00 level. Please remember down means up and up means down with this indicator. (In other words it's an inverse indicator.
Source: Biyond.co
Bitcoin has some extremely bullish price action right now, although we could be in for a few weeks of consolidation before we see a major price breakout.
As illustrated by the brilliant Netdania charting platform once Bitcoin crosses $74,000 (penultimate higher time frame trendline resistance) we are going to see a move backed by the market forces pre-election to at least $90,000 (final trendline resistance before parabolic breakout.
Source: Netdania.com
But what about ETH? I believe that it would not be unwise to say we could see ETH doubling in value towards 8,000 in a reasonably short period of time once the ATH is breached.
ETH is probably one of the hardest coins to trade in my opinion as the price action can be extremely misleading.
Source: Symbolik.com
One of the things I have come to learn with ETH is that it can often look flat and lifeless from a price action perspective, but it can still rally at any time, and continue that trend for longer than expected. So best to take a position rather than try to trade it.
The Demark indicator shows a clear breakout to come, and weeks of upside, if we see the $3,890 level breached and the price holds above this area.
I would also suggest keeping a close eye on the invalidation of a number of bearish price patterns across various altcoins.
Source: Tradingview.com
Link and SOL are two classic examples. Once we see these patterns invalidate, I can't think of what further confirmation outside of bullish cypto-specific news that the crypto market needs to march higher.
Source: Tradingview.com
Overall, I still believe the ongoing move higher could conservatively target $3.2 trillion market cap pre-election, and maybe even 4 trillion if ETH and alts decide to explode higher.
