Time to rebound for Bitcoin (BTC) and ether (ETH)?


Since April, Bitcoin (BTC) and Ether (ETH) have started a correction that they don’t seem to want to stop anymore. Prices are reaching important support levels that must be maintained to avoid nullifying the rise at the start of the year. So what are the different situations to watch out for? The point in this analysis of Bitcoin and ether.

Bitcoin (BTC) finally back to $25,000

After multiple separate tests at $30,000, an area that represents significant psychological resistance, the price of bitcoin (BTC) ultimately failed to rise higher. If the beginning of the year started more than well with a strong bullish trend, this is the time for corrections and uncertainty in view of the various attacks made by the SEC on the cryptocurrency market.

As we explained in our previous analyses, this result to $25,000 seemed very likely given the lack of volume and the importance of the next support shown by the $25,000 level. Now, we will have to pull back quickly or risk seeing BTC fall back below $20,000 and risk the Bear Market continuing further.

Figure 1 – Bitcoin daily price chart

Bitcoin therefore retreated to the lower part of the extended pattern in yellow, after the breakout of the small dotted triangle which clearly aimed to return to $25,000. Now that this price has been reached, Bitcoin finds itself under many resistances: the 30,000 dollars, the Ichimoku cloud, the Tenkan (turquoise curve) and the Kijun (purple curve).

It is therefore difficult to see an upside opportunity in the short term because there are obstacles in the way. It will be essential to get the cloud back as support for around 30,000 dollars to talk about a bullish situation.

Meanwhile, as the price is moving inside a large rising bullish pattern (in yellow), then we believe there is a real risk that the current decline will continue. It is indeed a pattern whose exit probabilities are largely in favor of falling.

While the $25,000 area remains an important support to hold, The real areas to watch are those characterized by the Weekly Kijun at $23,667 and the Monthly Tenkan at $23,265. These levels will be urgently needed as they allow buyers to maintain a bullish bias.

If the price goes back below these supports, they will then become resistance and help BTC reach the breakout target for the upward extension pattern around $20,600. As the Chikou Span is still far from the low trend of this chart pattern, there is a chance that the breakdown will not be validated for several days. This would give time for prices to stabilize above $25,000 before another bearish momentum.

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Ether (ETH) on its way to a retest of $1,500?

Regarding the price of the cryptocurrency Ethereum, Ether (ETH) continues to correct after an upward expansion several weeks ago. After a last pullback to $2,000 that was not enough to overcome this important resistance, the price seems to be heading straight for this crucial support now at $1,500.

Ether Price Chart (Daily) by Tagado

Figure 2 – Ether price chart (Daily)

Ether has broken its support at $1,750 which was once a resistance and and this should allow for a price reversal since it is an area that has been worked for a long time. Unfortunately, after ETH has fallen below this zone, it is now at risk of becoming an obstacle again.

Until it goes over $2,000, so the analysis will remain weak there as well with a target of 1,569 dollars. All the Ichimoku curves are likely to hold the price back for a long time.

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The conclusion of this technical analysis

In the coming days, cryptocurrencies will have to fully initiate a replay of the supports that are being retested. Otherwise, new bearish targets will be activated with the risk of a summer in the red.

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Chart source: TradingView

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