Cryptocurrencies

Please find attached the monthly cryptocurrency technical analysis update.

Please find attached the longer- term outlook on Bitcoin and Ethereum.

Our general bullish views and biases over the past 2 years have largely materialized.

The technical outlook suggests a more difficult year with meaningful bear phase potential and volatility to both the upside and downside.

A cautious approach is recommended.

The general Crypto bull trend is approaching our target areas.

Current medium-term advances should complete the cyclical bull trend and be followed by a multi- month decline.

Ethereum is also experiencing a bull trend after a period of solid base building, but the long-term outlook on this market remains somewhat uncertain.

The Bitcoin bull trend is in full swing towards the stated target levels.

Interim corrections and consolidation periods are natural occurrences during an impulsive bull trend.

Current medium-term advances should complete the cyclical bull trend and be followed by a multi month decline.

Ethereum is also experiencing a bull trend after a period of solid base building.

The long term outlook on this market remains somewhat uncertain

The expected bull trend on Bitcoin is materializing after a meaningful break out of the consolidation parameters.

Ethereum’s technical outlook remains elusive with a variety of potential medium-term possibilities. We retain the preferred view of base building for an eventual meaningful bull trend.

It seems like the market has decided on its choice for the preferred cryptocurrency, whether we agree with it, or not.

Bitcoin and Ethereum’s technical pictures continue to diverge.

While BTC is consolidating as part of a cyclical bull trend, the long-term outlook for ETH remains more muted with volatile moves within a wide triangular trading range.

The main goal of long-term analysis is to portray possible large trends as the primary driver of returns and profits.

It is not a trading or timing input but can be used confirm the medium- and shorter-term views.

The medium-term bullish outlook on Bitcoin could be materializing as the market breaks above initial key resistance.

Interim overbought conditions are likely to result in a corrective phase, but this would remain part of the larger bullish bias, if pivotal support holds.

The expected bull trend should complete the cyclical upside that started at circa $ 16 000.

Ethereum remains less certain. The general view of a medium-term bottom, however, seems to be materializing.

The medium-term bullish outlook on Bitcoin should be close to materializing as the recent consolidation phase nears completion.

The expected bull trend should complete the cyclical upside that started at circa $ 16 000.

This view is despite our well documented fundamental scepticism.

Ethereum remains somewhat of an enigma. It does seem, however that the market is constructing a medium-term bottom

that could result in a meaningful bull phase/relief rally.

The general bearish stance on the US Dollar remains preferred.

An expected correction in the bear trend has, however exceeded the indicated target levels.

This counter trend strength requires us to suggest a viable alternative possibility for a return to the largely ranging market conditions before the recent bearish break out.

Fortunately pivotal activation levels are quite close to current market levels.

The general consolidation in BTC is fast maturing and should result in a bullish outcome to new highs.

ETH remains difficult to pinpoint. Our medium- term bullish outlook was neutralized after a failure to reach new highs.

The best alternative is for this market to continue with an extended and overlapping bottoming formation.

The cryptocurrency market has evolved from a highly correlated entity to the current situation where the various currencies exhibit unique trends and outcomes.

The stark divergence between ETH and BTC outcomes over time has been notable.

Bitcoin and Ethereum technical pictures continue to diverge.

While BTC is consolidating as part of a cyclical bull trend, the long-term outlook for ETH remains more muted with volatile moves within a wide trading range.

The goal of long-term analyses is to give a visual representation of trend potential.

It is not intended as a trading or timing input but does confirm the medium- and shorter-term views.

It is also a useful input onto strategic decision making.

The general consolidation in BTC continues in line with expectations and should have an eventual bullish outcome to new highs.

ETH have completed the bear trend. Our medium- term bullish outlook is materializing after a prolonged negative stance. The recent break of pivotal levels has confirmed the illustrated outlook.

Current market action allows for a fair amount of detail to be included in the views. The goal is to portray a complete and comprehensive view. It is, however, unlikely to depict the exact outcome.