This week, Bitcoin (BTC) and Ether (ETH) are trying to preserve their short-term bullish momentum. However, cryptocurrencies are still under major resistance that may block further potential yet. What are the different situations to consider in the coming days?
Bitcoin (BTC) is testing its resistance
Once again, the bitcoin price (BTC) under significant resistance that prevents surge. Although the price has resumed bullish momentum in the short term, the movement will remain fragile as long as it continues in the lower part of the range we have been monitoring for several months (rectangle in blue).
To get really bullish again in the medium term, you will have to wait for the price to regain the upper part of the range around $21,600. until then, the upper line trend of the orange pattern as well as the middle of the range could send the price back down the range to $18,500. In fact, the middle of the range acts as a strong resistance.
Figure 1 – Bitcoin daily price chart
The orange pattern is an ascending increase, the odds are better on the downside at the uptrend towards $21,500, or at the Tenkan Daily at the current level.
In any case, we will have to watch the breakout that will give us the direction of the next move. We prefer the decline as the market structure is still bearish with lower and lower highs. If the price breaks through the resistance on the top, then we could revisit the price looking for the top of the range towards $24,500.
But, if the pattern breaks from below, then BTC should retest its support at $18,500 and there is a risk this time that the range will be broken from below towards $16,100 (target of the Rising Wedge in yellow).
Figure 2 – Bitcoin weekly price chart
To conclude this bitcoin analysis, the Ichimoku in Weekly gives us a lot of resistance that we will have to recover.
As a reminder, the first sign of regression is a return to Kijun Weekly at the end. But all Tenkan and Kijun flats are difficult levels to iron, it will be necessary to be wary of first $21,655, then $24,966 which could send the price to new lows.
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Ether (ETH) still blocked
Ether (ETH) price remains stuck between two Tenkan Weekly flats at $1,624 and $1,478 and we will have to break one of the two to give us the meaning of the next glossary.
If ETH regains these two support resistances the price should eventually move back towards the top of the range at $2,000. But as long as the price remains below weekly resistance, we should favor the break down towards the bottom of the range at $1,000.
Figure 3 – Ether price chart (Daily)
Despite a bullish rebound in the last few days, this rise looks more like a correction before a new fall since Ether is still moving in a bearish range, with lower and lower highs. As a reminder, the breakout of the Rising Wedge in yellow triggered a bearish objective at $762, a target that remains valid.
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The conclusion of this technical analysis
Bitcoin and Ether remain under significant weekly resistance and it could be rejected in the coming days to achieve the objectives already. We will have to wait for confirmations of a bullish breakout to invalidate the objectives which are still weak at the moment.
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Chart sources: TradingView
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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.
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