Another inevitable fall for Bitcoin (BTC) and Ether (ETH)?

Back at the bottom of the range, Bitcoin (BTC) and Ether (ETH) are resuming a dangerous bearish momentum which could cause cryptocurrencies to fall further in the coming days if they fail to rebound. Update on the scenario and the next objectives that seem to be emerging.

Bitcoin is again testing the bottom of its range

While it is still evolving in its range between $18,600 and $25,000 since Junethe price of Bitcoin (BTC) is struggling to recover and once again finds itself at its daily support.

Will this level, which had already allowed the price to rebound four times in the past, once again allow BTC to regain bullish momentum? Nothing is less sure.

Figure 1: Bitcoin Daily price chart

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Despite a rather timid attempt at a rebound this week, our analysis from two weeks ago has not changed. The price failed to cross the middle of the range during its last attempt and the rejection on this level is all the more relevant since it also corresponds to multiple resistances characterized by the lower trendline of a Bear Flag / Rising Wedge as well as the Ichimoku cloud.

As saying that this rejection on the $22,000 is not a good sign since it made it possible to seek out the available liquidity at this level and to liquidate the early shorts, which could give sellers enough strength to go much lower now, towards $16,130 (target of breaking the Ascending Bevel), then $14,400 if the $16,000 level breaks down (Bear Flag breakout target).

The bearish scenario therefore seems to be favoredsupported by the Chikou Span free of any obstacle, confirming the bearish configuration as long as it is below the prices and under the various curves of the Ichimoku system. To invalidate this bearish scenario already well under way, the price will absolutely have to manage to break the top of the range around $25,000.. In the meantime, everything stands in the way of the price and the next few days promise to be both decisive and perilous.

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Ethereum (ETH) returns to the danger zone

Since The Merge, the price of Ethereum (ETH) has only fallen. Our latest analysis projecting a return of the price around $762 seems to be confirmedwith the break of this Bevel confirmed in particular by the Chikou Span under resistance.

Ether Price Chart (Daily) by Tagado

Figure 2: Ether price chart (Daily)

Like BTC, ETH therefore failed to break through its range between $1,000 and $2,000. The price has fallen back below the middle of the range, so it is a dangerous zone from which the price will absolutely have to rebound if buyers want to avoid seeing the cryptocurrency fall below $1,000..

For now, the pattern remains largely bearish with price forming an “M” pattern, as well as a broken Bevel from below. The objective is at $762 (height reported at the breakout point) and everything is hindering the price here too: the low trendline, the cloud, the Kijun and the Tenkan.

So Will Ether go back below $1,000? In any case, this is the objective that was triggered following the breakout of this pattern from below. To invalidate this bearish scenario, the price will have to manage to break the range from above, and therefore go back above $2,000.. This seems very complicated as the economic context remains fragile.

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In conclusion

Bitcoin and Ethereum are still clearly in a downtrend and fail to break their resistance. Bearish scenarios are to be preferred as long as prices do not manage to break their range from above.

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Chart sources: Trading View

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