Stable, Bitcoin (BTC) and Ether (ETH) test their support again before a big move

Bitcoin is back on its support

After breaking his Kijun a few days ago, the price of Bitcoin (BTC) continued its correction towards its own daily support to $ 40,000. A level that will absolutely have to keep closing in the next few days to avoid a new sell signal.

Figure 1: Bitcoin Daily Chart (Daily)

While the market seemed to be regaining purchasing power, the price of Bitcoin finally it withdrew, towards the lower part of the ascending band which has been taking shape since the beginning of the year. Although the $ 40,000 level has already allowed 6 shots rising again, investor sentiment is currently in “extreme fear” (Fear & Greed Index).

And this is understandable since this templatewhere the price has been moving for several months, it is a ascending wedge and so it gives greater probability of breakout from below. This fear of a new correction is amplified by a new breakout test cloud of ichimokuvery weak and could do in the next few days resistence at the price. In the event that the BTC breaks this support, the odds of returning to the next support at $ 37,000 it would be strong. That is the goal of breaking the chamfer $ 34,000.

A reaction from BTC in the coming days will therefore be in order, with a return above the 43 800 $ (Kijun plate). If Bitcoin manages to recover this level, we can therefore wait for a possible exit from this range from the top, towards the $ 58,000 environment.

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Ether soon at $ 4,625?

Unlike that of Bitcointhe price of Ether (ETH) remains far above its own cloudgiving hope for a continuation of the rise established in the medium term.

The chart of Ether (ETH) in Tagado's Daily

Figure 2: Ether (ETH) graph in Daily

Since the beginning of the month, theET gives us a nice setup, since it broke on its daily chart at widened descending bevel whose theoretical goal is set $ 4 625 (highest point of contact within the pattern).

As long as the price continues to evolve above the cloud as well as above the lateral support to 2 600 $we expect to reach our goal within the next few weeks.

In the event that the price eventually breaks this support, the next bounce level would be a $ 1 800.

In conclusion

Having been tested multiple times in the past, the current support levels of the Bitcoin he was born inEther they are clearly identified and must imperatively help to distribute the prize in order to obtain the Targets triggered. Otherwise, a new correction will occur, with the return of the price on the supports following.

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Sources of the chart: TradingView

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About the author: Tagado


Passionate about cryptocurrencies since 2017 and a fervent advocate of knowledge sharing, I’m Youtuber, cryptocurrency analyst and regular trader. Every week, my role is to inform you about 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 Ichimoku and chart patterns.
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