Bitcoin (BTC) and Ethereum (ETH) have soared this week. But will this rebound last or is the correction near? Find out which goals to watch for the major cryptocurrencies.
BTC is still potentially moving into a Bear Flag in Daily
Despite a notable increase in the past few days, the Bitcoin rest under resistance. Its price remains below the SSB plate (top of the cloud), as well as under the high trend line of its ascending range.
Figure 2: Bitcoin Daily Price Chart
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To return to being truly bullish in the short term, it will be necessary to move back above the Daily cloud for $ 25,200 then confirm this level to support. In the meantime, we remain in potential Bear Flag with a goal around $ 14,232 should the price break support a $ 20,500.
So we will cancel this bearish pattern or this is the beginning of a Trap for bulls ?
Figure 1: Bitcoin h4 price chart
The breaking of model h4 will set the tone for the next few days. If pierced from above, the rise could continue until $ 31,000 approximately (height of the motif at its exit, transferred to the place of the break). This objective would also correspond to a return to the level of Weekly Kijun.
Conversely, in the event of a breakout from the low around the $ 20,500then there will be strong chances of seeing the price around the again $ 16,600which would also trigger the Bear Flag daily target at $ 14,232.
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Ethereum (ETH) tests its endurance
As for the price of Ethereum (ETH), it has finally touched ours target at $ 1,726 which had been activated in our previous analysis. So what are the next scenarios to watch out for?
Figure 3: Ether Price Chart (h4)
If the price has managed to start rising again, however, it will be necessary to remain vigilant about it resistance at $ 1,800 from theET now it evolves within a Ascending wedge. This type of pattern breaks down more often, which is why you need to wait for the pattern to break to get into position.
We would rather be in a profit-taking zone here, with potential return around the $ 1,200 (orange trend line). And this time, the risk would be to break through this support, with the price falling towards the $ 800.
In the event that the price breaks its resistance, then we could aim for a return around the $ 2,557. The pattern breakout and potential resistance should therefore be monitored.
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In short
the Bitcoin and theEthereum they are under resistance and we are quite in the profit-taking zone following a big price hike. Now we have to wait breaking confirmationsto know the direction cryptocurrencies will take in the coming days.
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Sources of the chart: TradingView
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Passionate about cryptocurrencies since 2017 and a fervent advocate of knowledge sharing, I’m Youtuber, cryptocurrency analyst and regular trader. Every week, my role is to inform you about technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as Ichimoku and chart patterns.