This week Bitcoin (BTC) and Ether (ETH) rebounded from their mid-range, suggesting that the current rise is not ready to end yet. Here are the different areas to watch in this new analysis.
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Bitcoin (BTC) needs to break through the $24,500 resistance
During our technical analysis last week, the price of Bitcoin (BTC) fell again to retest its mid-range at $21,000. We were expecting a correction to the 0.382 Fibonacci level, which BTC will have finally managed to hold on the close in a surgical and powerful rebound that now suggests the possibility of a breakout of this lateralization of the price that has been going on since June. 2022.
Figure 1 – Bitcoin Daily price chart
In the next few days, BTC will need to break the top of its range at $24,500 and psychological resistance at $25,000 to gain momentum towards the Rising Wedge breakout target at $26,734. . To help it, it has in support: the Tenkan, the Kijun as well as the Ichimoku cloud which represent important supports in this new upward trend initiated in the short term.
In the event of a new rejection by this resistance, it will be necessary to expect a return of the price of Bitcoin to the middle of its range at 21,500 dollars. Moreover, it will be necessary to hold this level under penalty of returning to visit the zone of 19,000 dollars for a more significant correction to the bottom of the range.
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Ether (ETH): soon to return to $2,000?
Regarding the price of Ether (ETH), its price rebounded this week on the Ichimoku cloud towards 1,500 dollars, an area close to the middle of the range. Since it has confirmed this former resistance zone as support, it now seems very likely that the price will retest the high of the range at $2,000 in the next few days.
Figure 2 – Ether price chart (Daily)
We can therefore favor a return of the price to $2,000 as long as Ether remains above its mid-range, especially since here too the Tenkan, the Kijun and the cloud are important supports that can help this rise. . The long-term objective of the breakout of this symmetrical triangle in yellow remains estimated at 2,600 dollars (which corresponds to the height of the triangle reported at its breakout).
In the opposite case, this zone would again become an important resistance with a risk that the price starts again in the direction of the bottom of the range at 1,000 dollars. A very pessimistic scenario which for the moment seems to be getting further and further away.
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Conclusion of this technical analysis
Bitcoin and Ether look set to rally higher with a powerful mid-range rebound in recent days. A new break test is therefore to be preferred, to most certainly seek the objectives corresponding to the outcome of their respective triangles.
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Chart 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 patterns.
