BTC is trying to preserve the $30,000
After retesting the $32,000Bitcoin (BTC) price was unfortunately rejected at the top of its range h4, falling below its resistance at $30,600. A level that will absolutely have to be broken in the next few days to hope for a new upward movement.
Figure 1: Bitcoin h4 price chart
While it has been moving horizontally for almost 3 weeks, the Bitcoin is currently working in the neutral zone around the $30,000. As the price is moving in a range, we are waiting for a direction take in the next few days in order to be able to determine a specific objective.
In the event of a break in the yellow range from the bottomthe cloud, the Kijun and the Tenkan of the Ichimoku would act as resistance and would therefore cause a break in the bracket at $28,000 in the direction of a bearish target at $25,796 approximately (height of the range reported at its breakout point).
For the bullish scenario this time, we will have to wait for the price to go back above the $32,200 closing to have a clean break of this range towards the $35,925 about.
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Ether (ETH) is still under resistance
For its part, the course of Ether (ETH) remains in a downward dynamic with high points and low points always lower and lower. What are the scenarios to observe in the coming days?
Figure 2: Ether price chart (h4)
L’Ether evolves into a descending widening bevel. A chartist pattern that usually ends in a top exit. Although these bullish exit probabilities are strong, ETH still remains in downtrend with the break of an important support at $1,900. This rejection hints at a new low ahead, towards the sideways support at $1,610 Firstly.
Supports are however to watch on the way. The horizontal support at $1,770 (undergoing breakout test) then the previous low point at $1,730. If the price were to retest the bottom of the pattern as expected, it would then absolutely have to rebound for a bullish break in the direction of the $2,213. Indeed, in the event of a bearish breakout, the price would otherwise most likely return to the level of the 1,366$.
The cryptocurrencies continue their evolution in a downtrend and the breakout of chartist figures is to be watched for the next few days. Indeed, these signals will most likely give the market direction for the following weeks.
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Chart sources: TradingView
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