Bitcoin (BTC) and Ether (ETH) Still Under Resistance – Is the Fall Inevitable?

Bitcoin fails to stay above $40,000

For several months, the tidy continues on the cryptocurrencies. The price of Bitcoin (BTC) is stuck below the $40,000 and with each attempt to break, it does not manage to start again. After 5 rebounds on his side supportBTC must absolutely soar to avoid entering a new phase of fall.

Figure 1: Bitcoin price chart (h4)

After having regained this week its Kijun h4 to $39,252the Bitcoin finally got rejected by the cloud ofIchimoku, leading to a new breakout of the Kijun. In this difficult context, the scenario of a break in the symmetric widening pattern of troughs from below is not to be excluded despite the rather bullish probability of breaking this type of pattern from above.

As a reminder, in case of breakage of its low trendlinethe price would most likely return towards the $34,000. In the opposite case, if the price nevertheless manages to return to its cloud on the upside, the hope of a return to the top of the pattern at $44,000 will be allowed. The best thing is to wait for the breakout of one of the two trendlines to position yourself for buying or selling.

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Ether at the end of compression

For its part, the price of Ether (ETH) still fails to regain the cap of $3,000 in support. In the short term, however, it comes to the end of the compression of a Descending Bevel h4, which suggests a strong move ahead.

Ether Price Chart

Figure 2: Ether (ETH) price chart in h4

In general, this type of pattern breaks more often from the top, with a target corresponding to the first point of contact on the upper part of the triangle. Thus, in case of top break from this chart pattern, we could see the price heading back towards the $3,500 in the next few days. To get there, however, Ether will have to break its cloud which is currently acting as resistance.

If, on the other hand, the Bevel came to break downa new fall would be triggered, with a target at $2,390 (height of the triangle transferred to the place of its break).

In conclusion

the Bitcoin and theEther always find it difficult to pass over their resistance. Despite this, they are coming to the end of the construction of their pattern which should trigger high volatility in the coming days.

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Chart sources: TradingView

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About the Author : Tagado

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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.
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