This week, the price of Bitcoin (BTC) and Ether (ETH) is still stable but is starting to show interesting signals for a return to volatility. Is it soon to start again for a new fall? Discover the different scenarios to watch out for.
Bitcoin (BTC) still bearish towards $14,000
While it stabilized all week around $16,500, the price of Bitcoin (BTC) remains bearish with its chartist objective at $14,300 that it had triggered by breaking a daily Bear Flag from below. The graph clearly shows us that the price continues its downward trend with highs still lower than the previous ones, and lows still lower as well.
Figure 1 – Bitcoin Daily price chart
The platform that simplifies trading
Buy crypto in minutes
In Ichimoku reading, the price remains under important resistances characterized by the Kijun (in purple) at $18,500 (bottom of the range in blue previously broken and which should reject the price in the event of a retest), then the cloud which remains above the prices. We see that the Chikou Span (in white) is devoid of any obstacle and therefore does not prevent the price from continuing to fall.
The RSI then shows us two divergences. The 1st is bullish and confirmed, while the second (characterized in yellow) shows us a possibility of a decline. In a bearish market with a target here determined at $14,300, it is best to favor bearish signals and therefore bearish divergence.
Especially since this type of signal does not necessarily mean that a movement will happenit may simply be price stabilizing before resuming its original direction, and this is what BTC price has been doing since the bullish divergence took shape.
Add to this the descending triangle that forms (dotted lines) and whose direction of the breakout is very often from below. In these circumstances, it seems more likely that the decline will continue. However, if the price breaks its resistance at $17,300 and therefore takes the path of the bullish reversal, then it could soar towards the Kijun at $18,500 before finally heading back towards the target at $14,300.
👉 Find our selection of the best sites to buy Bitcoin
Ether (ETH) soon back on its low range at $1,000?
Despite its ongoing bounce attempt, the price of Ether (ETH) remains below an important resistance at $1,250 which has already pushed the price back many times in the past. As it stands, the price is also moving below the Kijun and below the cloud, showing that the trend remains clearly bearish. Here too, the Chikou Span is under all resistance and could block prices in the event of an attempted bullish recovery.
The reference platform to buy and trade more than 600 cryptos
10% off your fees with code SVULQ98B 🔥
Figure 2 – Ether price chart (Daily)
As long as the price does not regain the $1,700 level at the close, then we will not have a change in structure and the fall should therefore continue towards the bottom of the range (blue rectangle) at $1,000, then towards the breakout objective of the Rising Wedge (yellow triangle) towards $762.
💡 Gain access to our premium group consisting of Vincent Gane and our experts in fundamental and on-chain analysis. Our experts provide you daily with exclusive information and analyzes on the crypto market to optimize your knowledge!
Join Experts and a Premium Community
PRO
Invest in your crypto knowledge for the next bullrun
Conclusion of this technical analysis
Bitcoin and Ether are stabilizing and preparing for the next move to come. With the current signals delivered by the price and the various indicators, the fall does not seem to be over yet.
👉 Find our explanatory guide to buy Ether
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.
