After another bearish week, have Bitcoin (BTC) and Ether (ETH) finally found a local bottom? Check out our cryptocurrency analysis for this weekend.

BTC back to historic highs

After finally breaking its h4 range that we had been observing for several weeks , the price of Bitcoin (BTC) finally came back to test the psychological support of $20,000, which corresponds to the former All Time High . Have cryptocurrencies finally found the local bottom that will allow the price to rebound?

Figure 1: Bitcoin h1 price chart by Tagado

Figure 1: Bitcoin h1 price chart

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After a sharp drop in cryptocurrencies at the start of the week, the price has stabilized for the moment at the $20,000 level. Lateralization was thus created between $20,200 and $ 22,840 . This range should be monitored, since a h1 close below the current support would cause the price to return to $ 18,060 ( bearish objective following the breakout of the range from below).

In the opposite case, according to our trading plan if the price manages to break through its resistance from above, a return towards $25,640 will be possible. We will therefore wait for the breakout of this range in the next few hours or days, to position ourselves up or down depending on the direction of the breakout.

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Ether (ETH) attempts to preserve $1,000

As for Bitcoin , we are waiting for a breakout of the h1 range on the price of Ether (ETH), in order to be able to target a new target determined by the height of the range, reported in the direction of the breakout.

Figure 2: Ether price chart (h4) by Tagado

Figure 2: Ether price chart (h1)

If ETH manages to rally higher and break through its resistance at $1,250 , then we can expect a move back towards $1,495 . If, on the other hand, the price were to take the opposite direction with a breakout of the support at $1,024 , then we will most likely have a return of the price to the $857 level.

 

In conclusion

Cryptocurrencies will remain bearish until they break their sideways drift . However, the level of $20,000 on Bitcoin seems to be quite a difficult support to lose since it corresponds to a round number and the previous ATH . A bullish exit from these ranges in the short term is therefore quite plausible.

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