Bitcoin ready to take off?
Since last week, the price of Bitcoin (BTC) is gradually heading towards the top of its daily trianglealso corresponding to top of the range installed for several months. A break of this resistance could result in a return of the price beyond the $50,000.
The daily chart of Bitcoin (Daily)
After a rather difficult start to the year for the cryptocurrencies, Bitcoin finally regains some color, with a nice rise in its price towards its resistance at $44,500. Side Ichimokuthe indicator shows the best, with a rising cloud, a price accompanied by the Tenkan and some Kijun in support, as well as the Chikou Span trying to free itself from its last obstacles.
As a reminder, if the price manages to break above this price level, we could see a bullish impulse towards the $55,832 about. It must be said that since January, the $44,500 are very clearly a barrier to the rise of Bitcoin. It will therefore be necessary this time to manage to cross this threshold to be truly out of this tidy.
A lot of brackets therefore remain to be broken down to trigger the bearish scenario. Thus, if the BTC were to be rejected on this resistance, it would most certainly go back towards the bottom of its pattern at $39,000with a high risk of breaking from below towards $31,350.
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Ether retesting from the top of its range
After breaking its Daily triangle last week, the price of Ether (ETH) finally also soared towards the top of its range.
The chart of Ether (ETH) in Daily
Since January, the price of Ether was compressing him too more and more inside his triangle and we had anticipated during our previous analysis that a high volatility was to follow.
Technically, the goal of break of the triangle at $3,768 is now activated. However, we will have to remain vigilant once the price reaches the top of its range, since the resistance at $3,200 remains important. She had indeed already rejected the price on multiple occasions in the past. In the event of a break in this, an even higher objective to $4,571 will be triggered (corresponding to the height of the range, reported at its exit).
In the case where ETH was once again rejected at the top of its range, there will however be a risk of the price returning to its support at $2,500or even at the bottom of its range at $2,200.
In conclusion
The majority of cryptocurrencies are on the rise again this week. However, they come under resistance and what happens next will be determined by the behavior of the price at the top of their respective range.
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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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