Bitcoin (BTC) and Ether (ETH) continue their ascent towards their goals

New price record for Bitcoin (BTC)

While it is still moving very far above its Daily triangle, the price of Bitcoin (BTC) yesterday reached a new all time high (ATH) at $ 69,000.

Massive profit taking then ensued, causing prices to return to $ 62,800, a drop of over $ 6,000 in a single day.

The daily Bitcoin chart (Daily) by Tagado

Bitcoin Daily Chart (Daily)

While this drop of almost 9% may be impressive for beginners, it remains a completely normal correction on cryptocurrencies, which very regularly show high volatility, whether bullish or bearish.

Now, however, it will be necessary to monitor the behavior of the price at the level of the Tenkan (turquoise curve at $ 64,500), which during a Bull Market regularly acts as support, allowing the price to rebound upwards. If the price were to break down this Ichimoku curve, then we would have to rely on the Kijun at $ 63,500 to allow the price to pick up again.

Concretely, the price target at $ 82,500 following the breaking of the yellow triangle is still activated. The BTC is moving clearly in an uptrend towards our target, but as often, this will not be done in a straight line and it will take patience.

For this bullish scenario to be reversed, the price will have to move back inside the consolidation triangle, which leaves a lot of room for now.

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A goal achieved in H4 on Bitcoin

While we had spotted a downward wedge breakout at h4 in our previous analyzes, the price target at $ 66,850 was successfully met. What are the next short-term price targets?

Bitcoin h4 chart by Tagado

Bitcoin h4 chart

While the price of BTC has entered a correction during the last few hours, the break of a new ATH suggests a further rise in the coming days. Indeed, a bullish consolidation of several weeks has been made, with new support at $ 64,000 which should now allow the price to rise again.

As a reminder, this support corresponds to the 0.618 Fibonacci level. It is therefore important to hold it as a close, as any downward breakout of this important level will usually cause a 100% retracement of the price, ie a return to $ 57,800.

If this support proves to be effective, then Bitcoin should head towards its next Fibonacci levels at $ 70,800 (1.414) and $ 72,673 (1.618).

Ether (ETH) continues to rise

Still in a clear uptrend since the breakout of its daily triangle, Ether benefits from a strong support: the Tenkan (turquoise curve).

Ether (ETH) chart in Daily by Tagado

Ether (ETH) chart in Daily

As for several weeks, the ETH price target is currently set at $ 5,940, which corresponds to the height of the triangle carried over to the breakout point. A invalidation would occur if the price returns below the triangle and breaks the Ichimoku cloud to the downside, as it will most likely become resistance again.

As it stands, nothing seems to prevent ETH from reaching its target, with the price rebounding on Tenkan then Chikou Span also validating this uptrend.

In conclusion

Bitcoin (BTC) and Ether (ETH) are getting a little closer to their Daily pattern breakout target. As long as prices do not invalidate these bullish scenarios resulting from several months of consolidation, this bull market should continue.

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About the Author: Tagado

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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 Bitcoin and Ether prices, using my favorite indicators such as Ichimoku as well as chartist patterns.
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