Bitcoin Buyers Traps And Head Down Again
Although a majority of cryptocurrencies a certain bullish momentum saw itself recover in the short term, with a falling wedge breakout at h4, the market finally turned around very quickly, which the resistance against $ 40,000.
Figure 1: Bitcoin price chart (h4)
However, the course of Bitcoin (BTC) managed to remove the bullish event bevel, thanks to the weak passage on the cloud. But it was at the opening of American markets on Thursday that the price fell violently again with a daily red candle -10.87%the day after the nutrition announcement of a further 0.5% rate increase.
After breaking a low trend taken over several weeks, the BTC thus yesterday’s bearish target was pulled by $ 34,000 approx. This corresponds to height triangle at his entrance, carried over to a place of breaking. Price target corresponding to previous market low point, made last January. If this support were successful at $ 34,000, there would be a level $ 31,500 would be in the line of sight then (next support).
Thus the bullish case in the medium term unfortunately forgotten? It would seem so. It is crucial that the price goes back above its previous high $ 40,000. As long as this resistance is not broken, the cryptocurrencies They should continue their downward trend. If, in spite of everything, Bitcoin was to go back above this key level, then the prospect would be open for a possible return $ 42,000.
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Ether keeps firm, but still at the end of compression
As the BitcoinEther (ETH) price finally fell back within its shares descending bevelafter false outbreak.
Figure 2: Ether price chart (ETH) in h4
Although theETH it seems to be trying to break its bevel from below, the bullish scenario seems to be in good danger as it would be necessary to go back to the previous high point at $ 2,970. Resistance that will be hard enough to overcome now from the cloudIchimoku rather thick, reinforced by the Tenkan and the Kijun on the road.
So the short – term priority scenario will be bearish, with a target at $ 2,330 approximately when the bevel is drilled from below.
an Bitcoin and theEther they failed to preserve their bullish signals. The major releases that have taken place over the last few days suggest that the decrease should continue on the cryptocurrencies.
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Chartered Sources: TradingView
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