While consolidating for several days below key levels, Bitcoin (BTC) and Ethereum (ETH) still have persistent bullish targets. Will cryptocurrencies succeed in overcoming their psychological resistance or is a strong correction coming?
Bitcoin (BTC) keeps its Uptrend
Since the beginning of the year, the price of bitcoin (BTC) has continued to rise and it now seems on the right track to regain old psychological support that turned out to be resistance at $30,000. With the support of the Tenkan, the Kijun and the Ichimoku cloud, the BTC could finally manage to return above this area it has not visited since June 2022.
Figure 1 – Bitcoin daily price chart
Of course, in retesting the $30,000, the price will most likely be rejected as it is an exact number and the past has shown that sellers are heavily positioned in these areas, but the uptrend that has been in effect since January will not be challenged as long as the price remains above the Kijun and Cloud Daily near $24,300.
Often, A sell signal is triggered as soon as this Kijun breaks down. As long as this is not the case, the rise of Bitcoin is therefore most likely.
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Bitcoin still on its way to $30,000?
From our last analysis, The price continues to slowly rise towards the breakout target of the descending right angle extension pattern we identified. Here too, on the h4 time unit, the trend is still clearly bullish with the price supported by all of the Ichimoku indicator supports.
Figure 2 – Bitcoin price chart (h4)
We talked about the strong chance of rejection that the resistance showed at $28,600, we are now stuck just below. Thanks to a continuous triangle breakout on the lower time frame (in h1), the price should succeed in breaking through this level from above in the coming hours.
Then, we may finally have the long-awaited retest of $30,000, and then go for our objective at $31,620 which corresponds to the height of the pattern carried over to the point where it was broken out.
This scenario could be invalid if the price loses its support at $26,600. We would then have a retry of $25,000 where we would have to bounce back completely or risk going back to $20,000 again.
Ether (ETH) remains under resistance
The price of Ethereum cryptocurrency, Ether (ETH), still blocked by its resistance around $1,800. meIt will be necessary to successfully break this level in order to finally have a price impulse towards a new bullish target that will continue to break out of this extended pattern descending at a right angle, the same on Bitcoin.
Figure 3 – Ether price chart (h4)
In case of breaking this resistance, then the probabilities will be stronger to visit the psychological threshold of 2,000 dollars. Then if the price manages to cross this level, ETH should move towards the objective of the pattern towards 2,289 dollars.
This scenario will be invalid if the price goes back below $1,700. In fact this zone currently represents an important support on which the price has been consolidating for a long time. Missing this level should trigger a move back towards $1,500 and challenge the current uptrend with a bearish breakout from the Kijun Daily.
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The conclusion of this technical analysis
So the objectives are still bullish for Bitcoin and Ether. Now let’s see if they manage to break their respective psychological resistances, which would be good news for the future since they would act as support.
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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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