While Bitcoin (BTC) and Ether (ETH) have been in the correction phase for several weeks, significant supports are being tested. Update on the different scenarios to watch for major cryptocurrencies.
Bitcoin (BTC) still testing its cloud
Still very clearly above its daily consolidation triangle , Bitcoin (BTC) continues to correct. If it is for the moment supported by its cloud support , will it finally manage to start rising again towards its price target ?
Bitcoin Daily Chart (Daily)
While Bitcoin had triggered a long-term target of $ 82,500 , the price is now testing significant support around $ 54,000, the weekly Tenkan . If the cloud breaks from the bottom , BTC should head towards $ 49,000 , which is the weekly Kijun level .
In all cases, as long as Bitcoin does not return below the high trendline of the triangle at $ 46,000 , the momentum remains bullish and the target of $ 82,500 is preserved.
The symmetrical widening of hollow still valid in H4
As long as the price continues its evolution within this h4 pattern , the bullish rebound remains strongly possible, since this type of chartist pattern has more probabilities of breaking from the top.
Bitcoin H4 chart
Thus, if a new price return on the lower part of the pattern towards $ 53,600 is in progress, it will then be necessary to preserve this support and imperatively to rebound.
In the event of an upward breakout, the price will resume its path towards a new All Time High at $ 75,658 (first target of this pattern), then the $ 82,500, the second target which also corresponds to the objective of the Daily triangle .
Conversely, a breakout to the bottom would push the price on the Daily support towards $ 46,600 .
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Ether (ETH) against its Daily support
The Ether continues to consolidate above its daily pattern . Will he finally manage to bounce back for good?
Ether (ETH) chart in Daily
As a reminder, the price of Ether gave a bullish signal when it broke its daily triangle of several months. Thus, the target at $ 5,940 was triggered, allowing the price to soar to a new ATH at $ 4,868 . Today, after several weeks of correction, ETH seems to be making another pullback on its cloud.
The ideal would be for the price to rebound once again on the $ 3,840 , which would confirm a complete pull-back on the high trendline of the pattern. This would then give the Aether the opportunity to return to its Daily target .
In any case, as long as the price remains above its triangle, the bullish target remains active.
In conclusion
Bitcoin (BTC) and Ether (ETH) are currently testing important supports. They will have to avoid reintegrating their pattern to maintain their momentum and keep their bullish targets.
