Bitcoin (BTC) and Ether (ETH) are still under resistance

This week, Bitcoin (BTC) and Ether (ETH) failed to overcome significant resistance. Should we expect a new drop in the coming days? Update on the various objectives and levels to be monitored.

Le Bitcoin (BTC) et l’Ether (ETH) sont toujours sous résistances – Jusqu’où la chute va-t-elle continuer ?

The underlying trend remains bearish on Bitcoin (BTC)

This week, the price of Bitcoin (BTC) consolidated around 16,800 dollars with resistance still: the Tenkan, the Kijun then Cloud the Ichimoku indicator in Daily. In this configuration, it seems that it is still difficult to imagine a bullish rally as long as the price remains under all these curves since they are characterized by possible levels of significant rejection.

Figure 1 – Bitcoin daily price chart

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Until price manages to re-enter the large blue rectangle that encompasses the previous consolidation (range), the price will remain at risk of falling towards our initial target at $14,300. This follows the breakout of the Bear Flag (drawn in yellow in the figure above) and punctured from below last August. It was the subject of a declared withdrawal (repeat on the lower limit) in September.

In addition, the previous fall that occurred at the beginning of November has been corrected by 50% (to be rejected precisely at this level which also corresponds to the Kijun-Top of the cloud alignment), which is not a very good sign. . Basically, if the price were to break $15,600, a new Bear Flag would be activated, with a target of $13,500.

To invalidate the bearish scenario we are seeing, the price would have to go back above the cloud at $18,500 and above all go back to the upper part of the previous range around $22,000. to signal a trend reversal with a new high higher than the previous one. But we are still far from it and the odds are still on the downside at the moment.

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Ether (ETH) continues its path towards $1,000

Since our analysis last week, the price of Ether (ETH) has indeed confirmed the breakout of the triangle we found on the 4-hour time unit. This yellow chart pattern is a continuing triangular compression of sorts that continues a long downtrend. The exit below was the most likely one, and we can now expect a high probability that the price will return to the bottom of the rectangle at $1,080.

Figure 2 – Ether price chart (H4)

The target of this triangle is actually a bit lower towards $1,030, which would mean the range would be breached from below, with new downside targets to be set if that happens.

To invalidate the ongoing decline, the price would need to retrace above $1,340 to finally break a larger triangle, with the help of the cloud which would once again be an important support.

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The conclusion of this technical analysis

Bitcoin and Ether still maintain an underlying bearish trend and the price continues to progress towards the breakout targets initiated in our previous analyses.

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Chart source: TradingView

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I am passionate about cryptocurrencies since 2017 and I am an avid knowledge sharing advocate, Youtuber, crypto analyst and regular trader. Every week, my role is to inform you about technical analysis by giving you my perspective on the evolution of the price of Bitcoin and ether, using my favorite indicators such as the Ichimoku as well as chart patterns.