Towards a short-term bullish technical bounce on Bitcoin (BTC) and Ether (ETH)?

BTC consolidates around $30,000

This week, the price of Bitcoin (BTC) continued its range around the $30,000 weekly support. A key level that will once again have to be held this Sunday at the weekly candle close.

Figure 1: Weekly Bitcoin price chart (Weekly)

Already last week in our previous analysis, we talked about the importance of a price close inside the rack built for several months on the Bitcoin. A level that has never yielded on a weekly closing and which has always allowed the price to go to new price records.

The scenario is therefore simple, the price will have to reenter the range to then aim for a return to the Tenkan around the $37,500. In the event of a bullish rebound thanks to the support of the $30,000we then observe a twist of the cloud in the month of July, which could well gradually attract the BTC for a retest of this level. This area will of course be monitored in due course, if the rebound does take place.

If, on the other hand, the price were to break its support of the last few months, it would then be necessary to count on the one to $26,000or even the one at $22,800 to help the price recover.

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Bitcoin breaks an h1 upside reversal pattern

In the shorter term, the BTC evolves in a range between $27,800 and $32,000 after the breakage of widening bevel in yellow. We also see that the orange trendline has been broken and then retested in a pullback twice, which shows the relevance and strength of this support.

Bitcoin price chart (h1) by Tagado

Figure 2: Bitcoin price chart (h1)

As in theory this type of chartist figures most often breaks from the top, so we can expect a return of the price above the $34,000 (height of the bevel at its exit, transferred to the place of break). An objective which would also correspond to a return to the Kijun Daily and Weekly.

The break of $32,000 would be a good signal for a bullish rebound in the short term and would allow us to reintegrate the weekly range with the Weekly bullish scenario in mind. However, the bearish breakout remains to be watched, in an unstable economic context where doubt and uncertainty are gaining ground. The bracket to $28,000 in blue, on which we have already had multiple rebounds in the past, must therefore imperatively hold the h1 close or risk invalidating the target at $34,000.

Ether (ETH) soon back towards $2,500 in the short term?

Like last week, the course of Ether (ETH) always shows us a descending widening pattern in h1. This chartist figure having been broken from above, the lens has $2,593 is now activated.

Figure 3: Ether price chart (h1)

To meet this objective, however, the level of $1,900 continues to provide support, as it has done several times in the past. After a pullback on the upper part of the pattern, the price goes back above its cloud, as well as the Tenkan and the Kijun. Supports which are therefore added to the trendline.

If the price ofEther comes back below its previous low point at $1,836on the other hand, there would be a risk that the price goes in the direction of the next supports at $1,580 even $1,400.

In conclusion

The cryptocurrencies seem to want to hold their respective support. You will have to wait for the weekly closing to know if the range of Bitcoin will be kept with a potential bullish return, or if the price is heading for new bearish days.

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Chart sources: TradingView

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About the Author : Tagado


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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