Market Report March 22 2021

This article was first published on Metal Blog
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Bitcoin (BTCUSD) (4-hour)

As Bitcoin closed its latest weekly candle at $57,363, it shows that the “go-to” digital store of value continues to remain bullish despite its massive 1,400% run over the past 12 months.  As we zoom into the 4-hour chart, we can clearly see all vital supports being held for the bulls.  While back under the February high of $58,367, we can see a clear 10-day consolidation phase while fundamentals remain as strong as ever.  Typically, these types of consolidations bode well for bulls as of late.  While experienced traders are remaining cautious and waiting for further retrace, some expect a violent breakout straight into the $60,000’s.  However, if bears try to take control, bulls want to see $51,000 defended for short-term bullish continuation.   

Ethereum (ETHUSD) (4-hour)

With Ethereum seeing a weekly close of $1,784, the chart paints a less-than-ideal picture for bulls.  As we zoom into the daily chart, we can see the vital support at $1,733 being defended with vigor, despite the many attempts to dump through unsuccessfully.  Lastly, the 4-hour chart paints a decent short-term picture for bulls as vital support is held and descending trendlines are seen.  Throughout this bull cycle, we’ve seen these trendlines coil an asset down only to find buyers stepping in hard for the bullish breakout.  If it does break down from here, bulls want to see the $1,575 to $1,625 zone step in with buyers to hold the short-term trend.  Vital high timeframe supports remain at $1,400, $1,250 and $980.

Fundamentals & Correlations

While we’ve seen almost no movement on the US Dollar Currency index, currently at 91.8 from last week’s 91.83, Bitcoin Dominance within the crypto market has dropped. Seeing a slight reduction from 62....

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