While stabilizing throughout the week, Bitcoin (BTC) and Ether (ETH) remain stuck under major resistance. The calm before a new fall? Let’s take stock in our weekly analysis.
Bitcoin (BTC) struggles to cross $17,000
This week, the price of Bitcoin (BTC) entered a range, with the price stabilizing between $15,000 and $17,000, after hitting a new low around $15,400. Investors are now waiting for a resolution of this range, in order to know the next movement to come. As we can see on the daily chart, the price of BTC is currently blocked by the Tenkan (in turquoise) which acts as resistance. In the current state, the market bias therefore remains clearly bearishwith a Bear Flag breakout target in yellow which is still at $14,300.
Figure 1 – Bitcoin Daily price chart
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Our bearish scenario will hold as long as price moves below the previous range at $18,500. For now, BTC therefore retains a high probability of falling and the objective is all the more relevant as it also corresponds to an important weekly support at 1.618 Fibonacci, also equivalent to the bottom of a falling wedge. To conclude, the Ichimoku system remains clearly bearish with a rejection of the price on the Tenkan, then the cloud and the Kijun which stand in the way.
Figure 2 – Bitcoin Weekly price chart
If $14,000 therefore seems to be a realistic objective, investors looking for bullish signals will have to wait at least for the price to break the weekly Kijun which forms a flat towards $24,000.
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Ether (ETH) under resistance, the plunge is approaching?
Just like Bitcoin, Ether (ETH) price is blocked by its Tenkan resistance at $1,220 and finds itself under many other daily hurdles. Since our previous analysis, our bearish scenario remains largely valid and announces a very probable return of the price around $762. This level corresponds to the height of the Ascending Wedge which was broken from below, carried over to its break.
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Figure 3 – Ether price chart (Daily)
So will the price manage to rebound? In any case, it will be necessary to go back above $2,000 to break the large daily range and finally aim for an exit from this long downward momentum. Unfortunately, many resistances remain on the way and a rise in the current context seems very difficult.
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Conclusion of this technical analysis
Bitcoin and Ether remain bearish with clear targets. As long as the weekly resistances are not regained in support, then the fall should continue.
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Chart sources: TradingView
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