Losing momentum, Bitcoin (BTC) and Ether (ETH) try to preserve their bullish trend

Bitcoin on its way to $46,600?

This week, the price of Bitcoin (BTC) has remained above the $40,000allowing a new bullish momentum in the short term following the breakout of the descending bevel in yellow. Will BTC achieve its goal?

Figure 1: Bitcoin chart (h4)

In chartism, any pattern break triggers an objective. On the Bitcoin h4 chart, we can observe that the price has broken two patterns during these last days. The first being the descending bevel in yellow, giving a high probability of returning to seek the first point of contact on the top of the figure, around the $46,667. We then notice a symmetric widening pattern of troughs in orange, which generally gives the signal of a market reversal and therefore of an upcoming rise.

It will then be necessary to monitor the evolution of the price within this pattern, since its breakout will give us the direction of the price for the next few days. If currently there are more chances for the price to come out from above towards $46,667, the Tenkan and the Kijun remain resistors important to regain support in order to start rising again.

Note that the objective of the bevel in yellow is exactly the same as that of the figure in orange, so we have a dual purpose which further improves the chances of returning to this price level. Despite this, if the price were to break its enlargement pattern from below, a return to $35,126 would be to be considered, which would consequently invalidate the objective of breaking the bevel.

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Ether remains bullish

Despite a correction of its price over the past few days, the price of Ether (ETH) remains in an upward trend since it does not break the cloud ofIchimoku and that it does not make new troughs lower than the previous ones.

The chart of Ether (ETH) in Daily by Tagado

Figure 2: Ether (ETH) chart in Daily

Following the breakage of triangle in yellow built during the previous months, we had been able to determine a bullish objective of theEther to $4,625 (highest contact point inside the pattern).

Now a new pattern has emerged, it is the bullish channel in orange. If for the moment the price seems to want to rebound on its support at $3,000 (also corresponding to the cloud), it will above all be necessary to regain the Kijun in support. It is acting as resistance for the moment and could unfortunately lead the price towards the $2,000 in the event of a break in the pattern from below.

It is therefore important to continue this initiated trend, which could this time take us towards the $5,000 in the next few weeks if it continues (channel height reported at the breakout point).

In conclusion

the Bitcoin and theEther remain for the moment bullish pattern, despite signs of uncertainty. Nothing to worry about as long as the price of cryptocurrencies stays within the patterns we have identified. The market very rarely goes in a straight line, these corrections therefore remain healthy, but it will be imperative to bounce back and maintain this momentum 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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