Bitcoin (BTC) and Ether (ETH) Towards New Bullish Targets?

This week, Bitcoin (BTC) and Ether (ETH) prices appear to be seeking new bullish targets. Will cryptocurrencies manage to break the next major resistances on the way? The point of this new analysis.

Bitcoin (BTC) still under resistance

As we explained in last week’s analysisthat Bitcoin (BTC) price recently reached its goal of $21,500 which is now considerable resistance. The latter corresponds both to the middle of the previous interval (lateralization of the price without volatility) of 6 months which has been reintegrated, but above all it corresponds to an area which has already rejected the price 5 times before. So will the price skyrocket this time, or will it end up being rejected again to go lower?

Figure 1 – Bitcoin Daily price chart

By re-entering the long range that lasted from June 2022 to November 2022, the price of BTC is signaling a potential reversal. In fact, when the price re-enters an old area, there is a good chance that its lower part will become a support, giving a greater chance to go back to test the upper part afterwards. And since new liquidity has been pushed up along the way with many short squeezes, an outbreak of the series from the top can also follow.

But before considering this, Bitcoin must manage to break its resistance in the middle of the range and then aim for the top of the range. Technically, BTC sparked a bullish target at $26,730 after the breakout of a Falling Wedge from above, but it is best to remain vigilant until $21,500 and the range is broken from above.

If the rejection at $21,500 were to be confirmed, a return to test the Tenkan Daily at $19,500 would be very likely. It is actually very far from the price, which is generally not the case. Still, it will be necessary to hold the bottom of the range in support, otherwise there will be a high risk of starting again towards a new low around $14,300.

👉 Buy crypto through ZenGo’s ultra-secure wallet

All-in-one crypto app

0 fees for your first crypto purchase 🔥 (up to $200)

toaster icon

Ether (ETH) Heading For $1,650?

Concerning Ether (ETH) price, he also broke a compression triangle from the top. Thereby, a new bullish target has been triggered at $2,650 (the height of the pattern transferred to the place of the break).

Figure 2 - Ether (H4) price chart by Tagado

Figure 2 – Ether Price Chart (H4)

We can therefore aim for this bullish target as long as the price remains above $1,400. Below is a risk to invalidate this pattern and move lower to retest the support at $1,000.

Here again we will have to go step by step because the underlying trend is still bearish. We also see that the $1,700 zone has been very difficult to break in the past as the price has been systematically rejected at this level.

👉 Find ours explanatory guide to buy Ether

cryptoast logo

No. 1 exchange in the world – Regulated in France


-10% discount on fees with code SVULQ98B 🔥

toaster icon

Investing in cryptocurrencies is risky (Find out more)

Conclusion of this technical analysis

Bitcoin and Ether will need to break their resistances in the next few days to seek their new short-term bullish targets. These scenarios are preferable as long as the price does not return below the supports identified earlier in this article.

💡 Go to our premium group consists of Vincent Gane and our experts in fundamental and on-chain analysis. They provide you daily exclusive information and analysis on the crypto market to optimize your knowledge.

Advance the world of cryptocurrencies with Cryptoast experts 📘

toaster icon

Graphic source: TradingView

Newsletter 🍞

Receive a roundup of crypto news every Monday via email 👌

What you need to know about affiliate links. This page presents assets, products or services related to investments. Some links in this article are affiliate. This means that if you buy a product or register on a website from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.

Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damages or losses caused after the use of any product or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial means. This article does not constitute investment advice.

AMF recommendations. High returns are not guaranteed, a product with high return potential entails high risk. This risk-taking must be in line with your project, your investment horizon and your possibility of losing part of this savings. Do not invest if you are not ready to lose all or part of your capital.

To continue, read our pages Financial situation, Media transparency and Legal notice.

Leave a Comment