Still within its range, Bitcoin (BTC) and Ether (ETH) are posting new compression that could trigger big moves soon. Will cryptocurrencies finally take a clear direction?
Bitcoin still in range
Nothing has really changed since our last analysis of cryptocurrencies, the bitcoin price (BTC) is still moving in its long-standing daily range with a generally bearish bias on higher time frames.
Bitcoin still fails to break out of this downturn marked by lower and lower market tops and the cloud as well as the Kijun do not miss any attempt to reverse the structure.
Figure 1: Bitcoin daily price chart
It is for all these reasons, then, as well as a still difficult economic context, that we will continue to favor rather bearish configurations on the cryptocurrency charts at the moment.
After Bitcoin broke a Rising Wedge as well as a Bear Flag on the decline, it seems destined to seek much lower targets at $14,200 and $14,400.
Only the return of the price above the Daily cloud at $22,000 could allow for a short-term trend reversal and ambitions to start higher.
Figure 2: Bitcoin price chart h4
At the moment, the H4 chart shows us a triangle that includes rejections lower and lower on its upper part, and higher and higher on its lower part. So here we have a symmetrical triangle, which breaks more generally towards the preceding trend. Here, the bearish trend is clearly, therefore the breakout objective of this triangle would likely take us towards $14,400 in the coming days or weeks.
However, if the probabilities are not certain, we must be prepared for a possible breakout from the top, which would lead the price back above $23,000. What is certain is that the h4 cloud is resistance to the price at the moment, which raises the risk of falling again.
👉 Find our selection of the best sites to buy Bitcoin
Discover our group consisting of Vincent Gane and our fundamental and chain analysis experts on the Toaster. Our experts provide you daily with exclusive information and analysis on the crypto market to optimize your knowledge!
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bullrun
Ether (ETH) set to break a descending triangle
Regarding Ethereum (ETH) priceit shows increasingly strong compression within a trailing triangle. Theoretically, here too the probabilities are in the bearish breakout camp.
We will wait to see if the price will manage to bounce out of the cloud and break the upper trend towards a target at $1,475, or if the support breaks, leading to a new drop towards $1,093 or even $760 (daily objective after breakout of rising wedge below).
Figure 3: Ether price chart (h4)
To become bullish again, Ethereum will also need to show signs of a reversal, including bringing back the price above its daily cloud at $1,600.
The exchange No. 1 in the world – Controlled in France
Binance
-10% off fares with code SVULQ98B 🔥
The conclusion of this technical analysis
Bitcoin and Ether expected to break the H4 triangle soonresulting in a large new volatile movement.
If the odds continue to decline further, it seems more appropriate to wait for separate confirmations in this market which has been moving in the range for many months.
👉 Get our explanatory guide to buy Ethereum
Chart sources: Trading View
Newsletter 🍞
Get a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliates. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no influence on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be responsible, directly or indirectly, for any damage or loss incurred after the use of a product or service highlighted in this article on him. Investments involving crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
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.
