After this week of rise on Bitcoin (BTC) and Ether (ETH), is a big bullish movement finally to be considered, or are we going to start again towards a new fall? Discover the different scenarios to watch out for.
BTC is still moving in a compression triangle
As he finally seemed to break a continuation triangle bearish last week, BTC price had finally re-entered the latter, revealing the somewhat larger triangle below. A new chance for buyers to perhaps manage to retest prices around the $30,000 ?
Figure 1: Bitcoin h4 price chart
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After a bounce off this triangle bottom, the Bitcoin finds itself again above $20,000 and in search of $21,000, but above all a possible return to the upper part of the triangle for an attempt to bullish breakout. Although the momentum has been on the rise for several days with a Kijun and an Tenkan h4 become again brackets at the price, it will however be necessary to go back above the cloud in order to be able to consider leaving serenely. This would also correspond to a return of the price above the Tenkan Daily who still serves as resistance.
If the price goes above the $21,500BTC could finally benefit from a support strong enough to be able to break this triangle from above in the direction of the $27,150 approximately (height of the triangle at its entrance transferred to its break point). However, as long as the price has not broken its upper trendline, watch out for rejection since we are still moving in a bearish continuation pattern, following a very strong downtrend. There is therefore more probability of breaking down towards the $15,700especially since the cloud h4 as well as Tenkan Daily always act as resistance.
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Ether (ETH) hints at reversal prospects
Just as for the Bitcointhe price of Ethereum (ETH) finally managed to bounce off its support at $1,000allowing to break the cloud from above and regain the Tenkan and the Kijun h4 in brackets. Are we going to break this triangle from the top?
Figure 2: Ether price chart (h4)
With for only resistors h4 the top of the triangle and the Chikou Span blocked by prices, the bullish break could be done in the next few days. However, as long as we do not close above the high trendline we will have to remain vigilant because the price could very well go back to the cloud twist (Very weak support passage which often attracts the price).
We will therefore wait to see if theETH manages to break its upward triangle towards the $1,726 (height of its triangle at its entry), or if the fall will finally continue in the direction of the $779. However, we remain in a bearish continuation triangleso watch out.
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the Bitcoin and theEthereum continue their evolution inside triangles in h4. We will have to wait for their breakout to position ourselves in the direction of the breakout, but be careful, because this type of pattern is very often the harbinger of a bearish breakout.
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Chart sources: TradingView
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