Bitcoin (BTC) and Ether (ETH) looking for new bullish targets

Bitcoin (BTC) and Ether (ETH) looking for new bullish targets

After a turbulent week, Bitcoin (BTC) and Ether (ETH) are rebounding and prompting new bullish targets. Is a new price explosion expected or is the correction imminent?

Bitcoin (BTC) reaches its daily target

In our previous analyseswe found that the price of bitcoin (BTC) was within a range between $15,500 and $25,000 (ie lateralization of the price without clear direction). After bouncing off the bottom of the Ichimoku cloud last week, it looked like the price would start to rise again to finally break this resistance that had not been crossed since August.

Figure 1 – Bitcoin daily price chart

After the breakout of this yellow triangle in January 2023 and the return of the price above the Kijun (purple curve), we were able to set a new target at $26,734 for Bitcoin and it is done since the price has reached this level. Now, the question is whether BTC will succeed in moving higher, or if a corrective drop is expected at this profit level.

πŸ‘‰ Buy crypto through the ultra-secure ZenGo wallet

The all-in-one crypto app

0 fee for your 1st crypto purchase πŸ”₯ (up to $200)

toaster icon

Will Bitcoin hit $30,000?

Since we have therefore achieved our objective, we must now look at what the lower time unit gives, which is 4 hours (h4). So, we note that the price has broken through the important resistance of $25,000 which corresponds to the upper part of a descending extension pattern at a right angle. By taking the height of this chart pattern and bringing it back to its breakout, we find our new bullish target which also triggered and confirmed the breakout of the Chikou Span.

Bitcoin price chart (h4) by Tagado

Figure 2 – Bitcoin price chart (h4)

So the probabilities give a good chance for this rise to continue towards around $31,620. On the way, however, there will be significant resistance to watch at $28,600 (the former support area turned resistance on the daily chart).

For all analyses, probabilities are not certainties, so it is important to plan for an invalidity scenario. In this context, a price return below $22,800 would be quite negative for the future as the cloud and the Kijun will act as resistance again and that there would therefore be a risk that this would lead BTC towards its next support at $20,000.

Ether (ETH) still on its way to $2,000?

The price of the Ethereum cryptocurrency, Ether (ETH), continues to rise and is no longer far from $2,000. Its daily range is between $1,000 and $2,000 and a priori the price should retest its high range soon. The $2,000 target therefore seems quite likely, knowing that Bitcoin has triggered a bullish target and that Ether is trying to break a bullish pattern on the h4 time unit. See if he manages to break it.

Ether price chart (h4) at Tagado

Figure 3 – Ether price chart (h4)

As with BTC, the price of ETH is testing a new pattern breakout from above which could lead to a price rally in the coming days towards the target at $2,246 (the height of the extension going down at right angles to the exit). Of course, we will have to wait for the breakout at the end of this figure to get a relevant signal.

Then, this objective will remain valid until the price goes back below the cloud at $1, which case there will be a risk of testing the next support at $1,500.

πŸ‘‰ Find our explanatory guide to buying Ether

An essential tool for traders πŸ“ˆ

30 day free trial

toaster icon

The conclusion of this technical analysis

So will Bitcoin and Ether manage to continue this explosive rise that started from the beginning of the year? The charts are still dependent but the sustainability of the new targets will depend above all on the next economic news.

πŸ’‘ Get access to our premium group consisting of Vincent Gane and our experts on fundamental and chain analysis. They provide you with exclusive information and analyzes daily on the crypto market to optimize your knowledge.

🎁 Cryptoast Research Launch Offer

1st Free Newsletter with code TOSTNL

toaster icon

Chart source: TradingView

Newsletter 🍞

Get a summary of crypto news every Monday by email πŸ‘Œ

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.

AMF recommendations. There is no guaranteed high return, high risk is associated with a product with high return potential. This risk must be in line with your project, your investment horizon and your ability to lose some of these savings. Do not invest unless you are prepared to lose all or part of your capital.

To go further, read our Financial Status, Media Transparency and Legal Notices pages.

Bitcoin Cracks $27,000, Keeps Pumped!  Is BTC even going over $30k now?

Bitcoin Cracks $27,000, Keeps Pumped! Is BTC even going over $30k now?

Anthony Pompliano argues that bitcoin is the best hedge against inflation

Anthony Pompliano argues that bitcoin is the best hedge against inflation