Bitcoin needs to return to its range before the weekly close
After a very adventurous week, the price of Bitcoin (BTC) today is looking to start rising again after rebounding on the $ 26,700. Back above the $ 30,000an BTC will he finally return his weekly range closing?
Figure 1: Bitcoin weekly price chart (Weekly)
In our previous analysis, we recalled that the Bitcoin price was still moving within it weekly range, and this is from the beginning of 2021. The price has a range of horizontal evolution, which can be framed in a rectangle. A range is said to be “broken” when the price breaks out during a fence. If the price comes out with a wick just close eventually run with replacement of, then the range is not considered broken and then the possibility of bouncing down middle or even the top of the range then becomes very likely.
During the last bounces at the bottom of this range at $ 30,000the price always ends up going back inside the rectangle at the weekly closure. The BTC then stabilized for several weeks, then systematically ended up going back to the top of the range to make a new ATH. Despite a different and difficult economic context, with unpredictable events leading to the collapse of cryptocurrencies, such as the collapse of the Terra project, this support could remain valid at the weekend.
If there is a bounce off the support, then we could aim for the Tenkan in the direction of $ 37,400even the Kijun in the direction of $ 46,225. If the 30,000 retired at the end, has the next weekly support levels at $ 26,000then $ 22,800.
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Bitcoin breaks a reversal pattern upside h1
Although it has been emerging in a very strong downturn since the May 5thThe BTC currently manages to break through descending pattern expansion at the top. The break suggests a return to $ 35,000.
Figure 2: Bitcoin price chart (h1)
In theory, this kind of chart figures often break from the top, with a minimum target corresponding to the height of the second at its exit, so that $ 35,000then their maximum aim can go to the first point of contact in the pattern here at $ 39,700. So the price trend broke down important, it went back over its cloud and the Tenkan as well as the Kijun. These curves are now acting as supports that could help push the price back towards $ 35,000.
However, pay attention to the Chikou span the bullish exit has not yet been validated, as well as the small orange trend that could detract from the price. So it will be decisive to see in the coming hours if the price breaks out to keep bullish due to where replacementunfortunately there will be a high probability that you will find the bottom of the pattern at $ 25,000. The bearish scenario is that this pattern would then be broken down, towards the $ 22,000.
Ether (ETH) must hold the $ 2,000
Although it also changes itself ia descending bevel expansionIt will be necessary to Ether (ETH) maintains its support for $ 2,000 then break its upward trend.
Figure 3: Ether price chart (h1)
If it manages to break its pattern from above, the price of ETH could reverse towards the $ 2,686. So far, however, as long as the price stays below the cloud it seems to be complicated though. It will therefore be necessary to break the cloud on the rise due to bearish rejection, the next support will have $ 1,600the risk of breaking the bevel from below will be followed by a target at $ 1,294.
The IS cryptocurrencies continue to decline after a difficult week. A fence will be required inside the weekly range de BTC Sunday to try to come away with a rebound.
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Chartered Sources: TradingView
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