Saturday, December 3, 2022
HomeCryptoBitcoin (BTC) and Ether (ETH) are falling again

Bitcoin (BTC) and Ether (ETH) are falling again

On the decline, Bitcoin (BTC) and Ether (ETH) are dangerously close to key levels not to be yielded. What are the scenarios to watch out for?

BTC is testing the breakout of its triangle

This week, the price of BTC finally went down again and is now moving within a continuation triangle. If in general this type of pattern breaks in the direction of the tendency previous one, however, should we expect a drop to the bottom in the next few hours or days?

Figure 1: Bitcoin h4 price chart

cryptoast logo

Discover TradingView

Trading tools for professionals and amateurs

toaster icon

On the h4 chart, the price of BTC has settled into a squeeze for several days, in which the price is less and less volatile. If price were to give up its sideways support at $19,000there would be a high probability that the Bitcoin returns to find the level of $15,577 approximately (target to be adjusted according to the location of the breakout, which corresponds to the height of the triangle).

However, the price having rebounded from its low trendlinethere is always a chance that the price will once again manage to move back towards the top of the triangle. In this hypothesis, the compression coming to an end, it would be possible for the price to break through its resistance from above, with a bullish target at $25,697 about.

It will therefore absolutely be necessary to hold the price close above the $19,000 to preserve the possibility of rising again in this market.

👉 Find our guide to buy Bitcoin (BTC)

Meet Vincent Ganne and our fundamental analysis experts on the Toaster. Our experts provide you with exclusive information and analyzes on the crypto market on a daily basis.

cryptoast logo

Discover our Private Group

Content with high added value and quick to consume

toaster icon

Ether (ETH) back at $800?

As for the Bitcointhis week the price of Ether (ETH) is trying to rebound on its side support and avoid the bearish breakout. However, this type of chartist figure is more likely to break on the downside.

Figure 2: Ether price chart (h4) by Tagado

Figure 2: Ether price chart (h4)

The level of $1,000 will therefore be to be watched in the coming days because if it were to give way, we would have a very good chance of having a new fall in the direction of the $776 approximately (height of the triangle reported at the point of the break). It will then be necessary to hold this level at the close and start again in the direction of the upper limit of this triangular rackto try to break the resistance at $1,300.

In the event that the price manages to break out above this pattern despite the bearish probabilities, we could then aim for a return to $1,723.

cryptoast logo

Discover ETH on Binance


-10% reduction on fees, with the coded SVULQ98B 🔥

toaster icon

Investing in cryptocurrencies is risky (learn more)

In conclusion

the Bitcoin and theEthereum both compress inside bearish patterns and would risk break down in the next few days. Caution therefore on this market which does not yet really show any bounce signals.

👉 Follow our section dedicated to technical analysis

Chart sources: TradingView

Newsletter 🍞

Get a crypto news recap every Sunday 👌 And that’s it.

What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.



Please enter your comment!
Please enter your name here

Most Popular