Bitcoin soon at $ 80,000?
After several months of consolidation giving rise to the breaking of a wedge (chartist pattern in yellow) on the daily chart, the price of Bitcoin has finally managed to achieve a new price record (ATH) at $ 67,270.
How far could this increase continue?
Bitcoin Daily Chart (Daily)
We had been talking about this wedge for several months and it was following its breakout that the rise accelerated with a new bullish dynamic. With this top exit, the target at $ 82,560 is now activated, it corresponds to the height of the pattern reported at the point of the breakout.
With the price being very largely supported by the Tenkan, the Kijun, the high trendline of the bevel as well as the cloud, Bitcoin now looks set to move towards new, even more impressive records, above $ 80,000.
As a reminder, this bullish scenario would however be invalidated if the price of Bitcoin were to re-enter the daily pattern at the close. It is therefore important to preserve the $ 50,000 area as a new support for BTC.
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Ether (ETH) breaks its Daily pattern on the rise
While now trading above $ 4000, Ether is most likely heading for new price records as well.
Ether (ETH) chart in Daily
Indeed, just like Bitcoin, ETH made a multi-month consolidation within a Daily triangle, which was eventually broken upward. Taking advantage of the strongly bullish momentum of Bitcoin, Ether and a majority of altcoins thus in turn break their pattern from above, giving beautiful bullish configurations.
Regarding ETH, its bullish target at $ 5,940 is therefore activated, it corresponds to the height of the triangle reported at the point where the pattern breaks. This scenario would be invalidated if the price were to close below the cloud around $ 3,080.
Nevertheless, the price of Ether being carried by all the curves of the Ichimoku, the current configuration looks very encouraging for the coming weeks. It would indeed be necessary to break again all these supports on the downside to give a bearish signal again.
Bitcoin (BTC) and Ether (ETH) are on the rise again and appear to be heading for new price records in the coming weeks.
Will the end of the year be once again explosive for cryptocurrencies?
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About the Author: Tagado
Passionate about crypto-currencies since 2017 and a fervent defender of knowledge sharing, I am a YouTuber, crypto analyst and regular trader. Each 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 Ichimoku as well as chartist patterns.
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