Bitcoin needs to bounce off $43,000
After breaking his Daily triangle last week, the price of Bitcoin (BTC) was finally rejected on the level of $48,000. Which then caused the price to move back inside the triangle, finally putting the doubt back into the buyers.
The daily chart of Bitcoin (Daily)
Despite an explosive bullish exit from the price in this triangle, the Bitcoin currently finds itself on its daily kijun. As a reminder, this curve of theIchimoku is a Support important in an uptrend. As long as the price remains above the closing candle, the trend that has been in place for several weeks remains preserved. Not really a concern so in the immediate future, this retreat which can be interpreted as a breath of the market before a new impulse.
However, the next few days are likely to be decisive, because in the event of a breakout of the Kijun from below with confirmation, the twist of the cloud towards $40,000 could attract the price, this level being a very weak support space which could leave the BTC head back towards a new low.
👉 Find our guide to buy Bitcoin (BTC)
Ether is in pullback
After breaking his interval several weeks the price of Ether (ETH) returns to test its new support, reinforced by the Kijun.
The chart of Ether (ETH) in Daily
In the next few days, theEther absolutely must hold the Kijun at $3,039. If the price holds on this level, it will then be a question of a breath of the market, just like on Bitcoin, before heading back towards our objectives at $3,768 then $4,571.
In the event that the price would however come back below its Kijun, the probabilities of a return to $2,800 would be strong, with a risk of going back through the cloud twist. The cloud then acting as resistance, it will become more difficult for theETH distribute.
After some good comebacks over the last few weeks, the cryptocurrencies correct. Any movement in the market, whether bullish or bearish, at some point experiences a correction. As long as the price of cryptocurrencies remains above the Kijun Daily, bullish targets will however remain active.
👉 Follow our section dedicated to technical analysis
Get a crypto news recap every Sunday 👌 And that’s it.