Bitcoin is still in range
Since last week, the price of Bitcoin (BTC) hasn’t really taken a new direction, it is still moving very clearly inside its ranges between $33,700 and $45,000.
The daily chart of Bitcoin (Daily)
Despite an unfavorable economic and political context, the price of Bitcoin has been in an accumulation phase for several weeks.
You will have to wait until the range break, in order to get an idea of the direction the price will take. Indeed, if the BTC If this lateralization from above is broken, buyers will have regained control of the market, which very logically will send the price to a new high point. According to chartist figure in yellow above, the breakout target of this triangle would send the price to $55,835 approximately in the event of a breakthrough resistance at $45,000.
Conversely, if the support at $38,000 gives way, there will be a high risk of the price returning to $35,000 (bottom of the range), even up to thebearish target from triangle to $31,149.
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Ether must rebound
Just like BTC, the price of Ether (ETH) continues to evolve within its tidy rectangular.
Ether (ETH) h4 chart
Whereas Ether had broken this descending widening pattern (in yellow), the price made this week a pullback on the top of the figure despite a objective bullish to $3,124. However, this target will remain active as long as the price does not go below the trough at $2355 in closing.
To get a real idea of the meaning that will take ETH in the coming weeks, however, we will have to wait for the range break. If it happens by the topthe price should move back towards the $4,571 (height of the range reported at the place of breakout).
In the event that the price returns to the bottom of the range and the support gives way, the bearish target at $1,602 will be triggered.
In conclusion
The cryptocurrencies continue to evolve within their tidy. We are waiting for the breakout resistance or support to position ourselves in the direction of the objective determined through the analysis.
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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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