Bitcoin New All-Time Highs Coming – Crypto Piece

Crypto Market Heating Up

Bitcoin is now on the brink of new ATHs.

In our last Crypto Piece (found here), we highlighted that “Uptober” is NOT canceled and that’s turning out to be correct!

Is this move real? The data points to a strong YES!

Let’s take a look at this data and the opportunity it presents.

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Bitcoin Analysis

Firstly, Bitcoin is on the verge of printing its first green monthly heikin-ashi candle, indicating a bullish trend.

Typically, Bitcoin tends to have at least 2 or more consecutive heikin-ashi candles of the same color. If this holds true, then we’re looking at a bullish November, suggesting a continuation of the uptrend (our base case).

On the daily timeframe, the current Bitcoin move has bullishness written all over it:

1) Break above key downtrend line

2) Reclaim and hold above daily 9, 21, and 55-EMAs

3) Bullish Supertrend

4) MACD indicating bullish momentum

5) RSI in bullish control zone now

200-Week MA Heatmap

Right now, even the 200-week MA Heatmap is still in "cool" territory, suggesting an attractive buying price.

What this shows is the distance price is trading from the Weekly 200MA.

The closer to the 200-week MA, the better it is to accumulate, and the opposite also holds true.

Ethereum Analysis

With Bitcoin near ATHs, it’s only a matter of time before Ethereum catches up to the upside.

Here is a simple chart of ETH showing that:

1) Bull market uptrend line is still intact

2) $1946 to $2140 support zone has been held

3) Weekly MACD is fully reset and nearing a bullish cross

4) Weekly RSI has lots of room to run-up

Even on the daily chart, price has reclaimed the 9, 21 and 55-EMAs after consistently finding support on the Supertrend’s green support line ever since it flipped from red shading to green shading (bearish to bullish).

Ethereum’s picture is looking very attractive for upside and the key level to break right now is $2825.

Liquidity Conditions

It’s important to remember that Cryptos (like other risk-on assets) are strongly influenced by liquidity.

Right now, the global money supply (in USD) from some of the key developed countries is rising. This is a bullish backdrop, which is supportive of higher prices.

Now that we’ve established the foundation for Bitcoin and Ethereum’s bullishness, let’s get a Timing Edge through our proprietary Cycle Forecast. In the Premium Section next, we’ll also look at stablecoins to confirm this bullish Bitcoin move.

Then, we’ll look at a leading indicator of Bitcoin and see what to expect next. After that we’ll cover a couple of key Crypto-related stocks that are showing very attractive Money-Making opportunities. Lastly, we’ll analyze the altcoin market.

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