BTC tries to rebound towards $25,000
While the Bitcoin and theEther achieved our goals from last week, the cryptocurrencies ranged again this week, with BTC price consolidating above $20,000. Behavior that could suggest a bullish technical bounce for the next few days.
Figure 1: Bitcoin h4 price chart
Following a reaction in the area of the $18,000 a few days ago, the price finally regained its psychological support at $20,000. A level that we will now have to hold to aim for a bullish recovery towards the $25,000.
Indeed, the price has been moving for several days within a Reverse Shoulder-Head-Shoulder / Where descending widening bevel, reversal figures whose exit most often takes place from above. the BTC tries to break its lateral resistance from above, which could give this objective of $25,000 corresponding to the height of the Head of the figure, reported at the place of the break.
However, it will be necessary to keep the support at $19,500 because any fall below this zone would represent a risk of a bearish breakout in the direction of the $15,000.
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Ether (ETH) on its way to $1,500?
With a graph identical to that of the Bitcoin, the price of Ether (ETH) seems to be taking a bullish direction following the breakout of its pattern from above. Rise coming for theETH ?
Figure 2: Ether price chart (h4)
With a price that closed above its chartist figure h4, the price of Ether seems to be heading back upobjective from breakage to $1,485. An invalidation would occur only if the price were to test the $900 again since there would then be a high probability of returning this time to the $707 in the event of a downward break.
In conclusion
The cryptocurrencies attempt to break through their side resistance from above, which would trigger an obullish objective for the short term. Despite this, it will nevertheless be necessary to avoid the false breakout and to hold the level of $20,000 on the Bitcoin to hope to pass over the $25,000 (Kijun Daily) and see it as more than just a technical rebound.
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Chart sources: TradingView
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About the Author : Tagado
Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
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