After a week of consolidation, Bitcoin (BTC) and Ether (ETH) are taking advantage of various supports that should help them continue their rise. But what are the objectives that should be targeted and what are the different situations that need to be monitored? The point in this analysis.
Bitcoin (BTC) retests its high range
From our analysis last week, the price of Bitcoin (BTC) managed to break its resistance at $21,500 (a zone that corresponds to the middle of the previous range that lasted from June to November 2022). Now the price is approaching $24,400, another important resistance that needs to be broken to give a strong reversal signal.
Figure 1 – Bitcoin daily price chart
Since the beginning of the year, cryptocurrencies have been on meteoric rise without real correction and recover critical support levels. Bitcoin managed to re-integrate its range (rectangle in blue) which was resistance in December and should now allow the price to rebound if it was to return to this level.
At the moment, all the signals seem to be green and also the 100 Moving Average and the Ichimoku system are showing a bullish recovery. The Tenkan, the Kijun and the cloud support the price and the Chikou Span continues its path unhindered.
Moreover, a large triangle (falling wedge) has broken on the bottom side, indicating the area around $26,735 as the next target, as mentioned in our previous analysis. If nothing is certain, the indicators are in any case very optimistic. So let’s hope that the buying force is enough to break the range from the top.
Regarding a potential disadvantage situation, it will be necessary to monitor the behavior of the price of the 24,400 dollars. In fact if the price were to break the Tenkan down to 22,000 dollars, it would be better to have a return on the Kijun around 20,300 dollars.
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Ether (ETH) heading towards 2000?
When it comes to the price of Ether (ETH), a situation similar to bitcoin is emerging. A falling wedge has broken from above and gives a bullish target at around $2,608 now. To achieve this objective, however, it will be necessary to break the $2,000 zone again, which is a psychological threshold but also the top of the range that has lasted since June 2022.
Figure 2 – Ether price chart (Daily)
To help the price break through this important zone, the Tenkan and the Kijun are accompanying the price and give a bullish signal along with the 100 Soft Average. As long as ETH manages to stay above $1,450 (the middle of the range it managed to cross), we can see a high probability that it will return to a test of $2,000.
In the event that the price goes back below its mid-range, in this case there would be a good chance that this zone will provide support again. At that point, we will no longer be safe from returning to $1,000.
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The conclusion of this technical analysis
Bitcoin and ether should retest their high range in the coming days. Then, if they manage to break this level, their prices should reach the targets determined by the Daily Triangles. However, be wary of a possible rejection at these resistances, as any increase usually ends in a correction.
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Chart source: TradingView
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