Bitcoin (BTC) and Ether (ETH) Try to Hold Support – Bullish Rebound to Watch?

In a range above $20,000, Bitcoin (BTC) is trying to rise and drag Ether (ETH) with it. What are the scenarios to watch for the next few days?

Bitcoin (BTC) and Ether (ETH) Try to Hold Support - Bullish Rebound to Watch?

BTC tries to rebound towards $25,000

While Bitcoin and Ether hit our targets last week , cryptocurrencies rallied this week, with BTC price consolidating above $20,000 . A behavior that could suggest a bullish technical rebound for the next few days.

Figure 1: Bitcoin h4 price chart by Tagado

Figure 1: Bitcoin h4 price chart

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Following a reaction on the $18,000 area a few days ago, the price finally regained its psychological support at $20,000 . A level that we will now have to hold to aim for a bullish recovery towards $25,000.

Indeed, the price has been evolving for several days inside an inverted Shoulder-Head-Shoulder / or descending broadening wedge , reversal patterns whose exit most often takes place from above. The BTC is trying to break its lateral resistance from above, which could give this objective of $25,000 corresponding to the height of the Head of the pattern, reported at the place of the breakout.

However, it will be necessary to maintain the support at $19,500 because any fall below this zone would represent a risk of a bearish break in the direction of $15,000 .

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Ether (ETH) on its way to $1,500?

With a graph identical to that of Bitcoin , the price of Ether (ETH) seems to be taking an upward direction following the breakout of its pattern from above. Rise ahead for ETH ?

Figure 2: Ether price chart (h4) by Tagado

Figure 2: Ether price chart (h4)

With price closing above its h4 chart pattern, Ether price appears to be heading back towards the breakout target at $1,485 . An invalidation would only take place if the price were to test $900 again since there would then be a high probability of returning this time to $707 in the event of a downward break.

In conclusion

Cryptocurrencies are trying to break through their sideways resistance from above, which would trigger a bullish target for the short term. Despite this, it will nevertheless be necessary to avoid the false breakout and hold the $20,000 level on Bitcoin to hope to go back above $25,000 ( Kijun Daily ) and see more than just a technical rebound.

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