Bitcoin (BTC) and Ether (ETH) Preparing for the Next Move – Rebound or New Fall Coming?
This week, the price of Bitcoin (BTC) and Ether (ETH) is still stable but is starting to show interesting signals for a return to reuse. Is it soon to start again for a new fall? Discover the different scenarios to watch out for.
Bitcoin (BTC) still bearish towards $14,000
While it stabilized all week around $16,500, Bitcoin (BTC) price remains bearish with his chartist target at $14,300 that he unlocked by breaking a daily Bear Flag from below. The graph clearly shows us that the price continues its downward trend with highs still lower than the previous ones, and lows still lower as well.
Figure 1 – Bitcoin Daily price chart
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In Ichimoku reading, the price remains under important resistances characterized by the Kijun (in purple) at $18,500 (previously broken low-end in blue that should reject price on retest) and then the cloud that remains above price. We see that the Chikou Span (in white) is devoid of any obstacle and therefore does not prevent the price from continuing to fall.
The RSI then shows us two divergences. The 1st is bullish and proven, while the second (characterized in yellow) shows us a possibility of a decline. In a bearish market with a target here determined at $14,300, it is best to favor bearish signals and therefore bearish divergence.
Especially since this type of signal doesn’t necessarily mean a move is going to happenit may simply be price stabilizing before resuming its original direction, and that is what BTC price has been doing since the bullish divergence took shape.
Add to this the descending triangle that forms (dotted lines) and whose direction of the breakout is very often from below. In these circumstances, it seems more likely that the decline will continue. However, if the price breaks its resistance at $17,300 and therefore takes the path of the bullish reversal, then it could soar towards the Kijun at $18,500 before finally heading back towards the target at $14,300.
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Ether (ETH) soon back on its low range at $1,000?
Despite its ongoing rebound attempt, the price of Ether (ETH) remains below an important resistance at $1,250 that has already pushed the price back numerous times in the past. As it stands, the price also holds below the Kijun and below the cloud, showing that the trend remains clearly bearish. Here too, the Chikou Span is under all resistance and could block prices in the event of an attempted bullish recovery.
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Figure 2 – Ether price chart (Journal)
As long as the price does not regain the $1,700 level at the close, then we will not have a change in structure and the fall should therefore continue towards the bottom of the range (blue rectangle) at $1,000, then towards the breakout objective of the Rising Wedge (yellow triangle) towards $762.
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Conclusion of this analysis technique
Bitcoin and Ether are stabilizing and preparing for the next move to come. With the current signals delivered by the price and the various indicators, the fall does not seem to be over yet.
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Graphic source: TradingView
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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 bosses.
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