After several failed attempts under psychological resistances, Bitcoin (BTC) and Ether (ETH) are heading back down and triggering new bearish targets. Here are the different levels that will have to be monitored in the coming days.
Bitcoin (BTC) goes into correction
Since our last analysis, Bitcoin (BTC) price still failed to break its psychological resistance at $30,000. Worse still after a massive M-shaped rejection on the Kijun Daily, BTC is only going down again, following the correction we mentioned towards $25,000.
Figure 1 – Bitcoin Daily price chart
It must be said that the price has only been rising since the beginning of the year, so it is quite logical that it ends up correcting before potentially starting again. After touching for the umpteenth time the upper part of its ascending widening towards 30,000 dollarsBitcoin therefore seems to be heading back towards its next support at 25,000/24,500 dollars. This is a level that has repeatedly blocked the price in the past as resistance and should now allow a rebound in the event of a retest.
Nothing to worry about this correction anytime soon, as long as Bitcoin stays above $24,500. Passing below this support would mean, on the other hand, the breakout of the widening and the cloud from below, and therefore of a bearish target below 20,000 dollars.
It will therefore be necessary to go back over the psychological resistance of 30,000 dollars in the coming days or weeks and for that, there will be many resistances on the way with the Kijun, the Tenkan and the daily cloud to regain support.
Buying Cryptos Through ZenGo Wallet
Discover ZenGo
$10 Bitcoin bonus from $200 deposit 🔥
A target of 24,590 dollars
We had spotted it in our previous analysis, triangle h4 has finally been broken from below. Now, it’s going to take a big volume-driven price reaction to avoid chasing that target.
Figure 2 – Bitcoin price chart (h4)
In recent days, two pullbacks have been made below the bottom of the triangle and it is surgical, with the Chikou Span (white curve) which confirms this significant rejection of the price by the $27,500 zone.
The breakout target of this triangle is at $24,590, confirming our daily correction scenario. We will now see if the market will be able to find the volumes to prevent a return to this level, which seems increasingly inevitable.
Buy crypto on eToro
Ether (ETH) under resistance
As on Bitcoin, the price of Ethereum cryptocurrency, Ether (ETH) finds itself under multiple resistances characterized by the Kijun, the cloud and the prices blocking the Chikou Span. And of course, the $2,000 area acts as resistance more than ever.
Figure 3 – Ether price chart (Daily)
After several strong rejections at $2000, the price finally broke its daily upward widening from below, which now gives a strong chance to return to look for the next area of support at $1550.
So will the price manage to break these important levels? It will absolutely be necessary to regain the $2,000 in the next few days to invalidate our bearish objective.
Find our explanatory guide to buy Ether
An essential tool for traders?
30 day free trial
Conclusion of this technical analysis
As you will have understood, cryptocurrencies are in correction and have lost significant support that will have to be regained to invalidate the bearish targets triggered. For the time being, it seems more likely that prices will continue to fall to the targets mentioned.
? Access our premium group consisting of Vincent Gane and our experts in fundamental and on-chain analysis. They provide you daily with exclusive information and analyzes on the crypto market to optimize your knowledge.
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Chart source: TradingView
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site 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.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good 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 capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
;Resize=(1200,627)&impolicy=perceptual&quality=mediumHigh&hash=e432c52bde6c5d005dbd809a5093b48219fbb0a06aac8ff9dc6ca0c5c9923786 "Cheaper than the Deutschlandticket – For only 14.30 euros with the ICE across Germany – children free")