Bitcoin (BTC) and Ether (ETH) Compression Complete – Defined Breach to Watch

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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 h4 price chart by Tagado

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.

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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) according to Tagado

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.

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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.

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Chart sources: Trading View

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