Breakout of the upward range for Bitcoin (BTC) and Ether (ETH) – How to position yourself well?

Bitcoin (BTC) Technical Analysis

Last week we were talking about a bullish scenario for the course of Bitcoin (BTC) in the event of weekly closing above the $43,000. It is now done, with a fencing tonight at $46,800. It is now clear that the price has managed to get out of its rangeand that the latter takes up a bullish structure.

The next point that will act as resistance / sell zone is now towards $49,000 – $51,000. As in all bullish rallies, the price will have to retrace its movement in order to validate this market state change.

Analysis of Bitcoin (BTC) in 1W

The grouping of 3 days will give us more precision on the sequence of events. Again we can clearly see this break bullish tidy with a movement acceleration price. The area of $49,000 – $51,000 mentioned just before, is identifiable as a sales area. A recovery of the latter will be extremely positive, as it will be part of a bullish context on the monthly view.

Thanks to this movement, 2 new areas appear to take long positions :

• The demand area at $41,000 – $43,000corresponding to the former top of the range,
• The order block area at $37,500 – $40,000corresponding to the momentum of the breakout movement.

A loss of $37,500 in closing Daily would be a sign of market reversal. Indeed, all the buying zones of the macro uptrend have been revisited, and the market will no longer have reason to defend buying zones below this threshold.

Bitcoin (BTC) analysis in 3D

On the 4h view, the information is essentially the same as on the daily view. We find our demand areaand the sales area at $50,000 – $51,000.

For now, the best strategy for a shrewd investor will be to take a long position on the bullish retracement between $43,000 – $40,000 and wait for a bullish recovery to play future moves. It is quite possible to secure quickly on the first selling zone, and to sell on the rise in stages.

Analysis of Bitcoin (BTC) in 4H

Ether (ETH) Technical Analysis

The price of Ether (ETH) also reacted very well to the bitcoin bullish breakout. On the weekly view, the sales area has also been taken over. Indeed, the price managed to close above $3,000, with a breakout up to $3,300. Now the next sales area important is at $3,900 – $4,150.

The course of Ether also resumed a uptrendand will have to retrace its movement to validate the structure.

Analysis of Ether (ETH) in 1W

The daily view will tell us more about this dynamic. We find our sales area mentioned above, and 2 new areas appear:

• The demand area at $2,900 – $3,100corresponding to the former upper limit of the range
• The block order zone at $2,500 – $2,700corresponding to the impulse of the bullish movement

These two areas will allow place oneself in the purchase with the objective of an increase towards the new area of ​​sale.

Ether (ETH) analysis in 3D

On the 4h view, we also validate the resumption of the point identified last week at $3,000. Here again, an area of ​​interest emerges on the $2,650 – $2,750giving more weight to our analysis on the largest units of time.

The point which must absolutely be held in 4h and in 1D, is now at $2,500 and corresponding to last trough recently printed.

Analysis of Ether (ETH) in 4 hours

Spell Token (SPELL) Technical Analysis

Today I offer you the analysis of a much less known token, namely the Spell Token (SPELL). I will specify all my analysis so that you can correctly identify my entry and exit conditions.

Let’s start with the price structure. The latter is perfectly bearish on major time units (daily, weekly). Nevertheless, the price seems to want to print a definitive bottom on this bearish phase. If a local uptrend were to take shape, it would in reality be only a bullish retracement of a downward movement.

What I therefore envision on this hypothesis is a retracement in the order block zone at $0.02. However, the price will have to fencing on the day view above the $0.00517. Once this has been validated, our plan can therefore take place. The strategy is simple, we will take a buy position on the bearish retracement movement local bullish. A protection order (stop-loss) under the last trough will allow us protection in case of invalidation of the strategy.

Without strategy optimization, it is possible to have a scenario with a risk/reward of around 33. That is, we win 33 times our loss.

As this token is very volatile, and is after the top 150 (153^th) it is better to put a risk of 1% or less on this scenario.

1D Spell Token (SPELL) Analysis

Conclusion

the Bitcoin (BTC) and Ether (ETH) have managed to step out of their range which had been holding the course since early January of this year. Now the bullish momentum can clearly be established, and the price is moving towards the selling areas:

• $49,000 – $51,000 for Bitcoin
• $3,900 – $4,100 for Ether

However, I am expecting a retracement in the demand areaswhich will make it possible to place for purchase by reducing the risk.

the Spell Token (SPELL) also presents shopping prospects interesting. A daily closing above the $0.00517 would initiate a buying strategy with the objective of $0.02.

It was cryptOdin to serve you.

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