Bitcoin (BTC) and Ether (ETH) to new lows? – Breakout of upcoming chart patterns

BTC is trying to preserve the $30,000

After retesting the $32,000Bitcoin (BTC) price was unfortunately rejected at the top of its range h4, falling below its resistance at $30,600. A level that will absolutely have to be broken in the next few days to hope for a new upward movement.

Figure 1: Bitcoin h4 price chart

While it has been moving horizontally for almost 3 weeks, the Bitcoin is currently working in the neutral zone around the $30,000. As the price is moving in a range, we are waiting for a direction take in the next few days in order to be able to determine a specific objective.

In the event of a break in the yellow range from the bottomthe cloud, the Kijun and the Tenkan of the Ichimoku would act as resistance and would therefore cause a break in the bracket at $28,000 in the direction of a bearish target at $25,796 approximately (height of the range reported at its breakout point).

For the bullish scenario this time, we will have to wait for the price to go back above the $32,200 closing to have a clean break of this range towards the $35,925 about.

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Ether (ETH) is still under resistance

For its part, the course of Ether (ETH) remains in a downward dynamic with high points and low points always lower and lower. What are the scenarios to observe in the coming days?

Ether price chart (h4) by Tagado

Figure 2: Ether price chart (h4)

L’Ether evolves into a descending widening bevel. A chartist pattern that usually ends in a top exit. Although these bullish exit probabilities are strong, ETH still remains in downtrend with the break of an important support at $1,900. This rejection hints at a new low ahead, towards the sideways support at $1,610 Firstly.

Supports are however to watch on the way. The horizontal support at $1,770 (undergoing breakout test) then the previous low point at $1,730. If the price were to retest the bottom of the pattern as expected, it would then absolutely have to rebound for a bullish break in the direction of the $2,213. Indeed, in the event of a bearish breakout, the price would otherwise most likely return to the level of the 1,366$.

In conclusion

The cryptocurrencies continue their evolution in a downtrend and the breakout of chartist figures is to be watched for the next few days. Indeed, these signals will most likely give the market leadership for the following weeks.

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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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