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.