Bitcoin (BTC) and Ether (ETH) continue to consolidate – New ATH in sight?

Bitcoin (BTC) consolidates above $ 60,000

Since achieving a new All Time High (ATH) at $ 67,000, the price of Bitcoin (BTC) is now moving horizontally. Can we really speak of a consolidation of the price before a new rise or should we expect a potential correction?

The daily Bitcoin chart (Daily) by Tagado

Bitcoin Daily Chart (Daily)

This week, Bitcoin’s price remains stable, with a price trying to bounce back on the daily Kijun (in purple). This curve acts as support in an uptrend. It will therefore be necessary to monitor the behavior of the price on this level to know if the support will hold and allow a rebound towards a new ATH, or if we will have a correction signal by breaking the Kijun lower.

In any case, the breakout from the top of the yellow pattern enabled a price target of $ 82,500 to be activated, which remains valid as long as the price remains above the Daily triangle. With the cloud as well as the high trendline acting as support, this should help the price to reach our target in the coming weeks.

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In H4, Bitcoin gives a bullish signal

During our previous analysis, we had identified this Falling Wedge (in yellow), which had a high probability of breaking from the top. Finally, we could well see a bullish breakout, accompanied by a pull-back on the top of the triangle.

Bitcoin’s h4 chart

Following the top breakout of the h4 pattern, the target for the next few days is $ 66,850. It will then be necessary for the price to succeed in confirming its support of $ 60,000, because any close below this level would unfortunately lead to a correction in the price, risking invalidating this short-term triangle.

The cloud is currently serving as support and therefore protecting the price, but if broken down it would risk becoming resistance preventing BTC from heading towards the h4 target.

Ether (ETH) achieves a bullish pull-back

As it pulled back to the top of its daily triangle last week, the price of Ethereum has finally started to rise again, validating our new price target at $ 5,940 as well as a new ATH.

Ether (ETH) chart in Daily by Tagado

Ether (ETH) chart in Daily

It was after 6 months of consolidation that ETH finally broke the resistance of $ 4,000 on the upside, which should lead to a new upward momentum in its price towards $ 6,000 in the coming weeks. The Tenkan and the Kijun accompany the price in support, while the Chikou Span validates the rise, devoid of any obstacle.

We will of course remain vigilant, but as long as the $ 4000 zone is preserved, the rise should continue.

In conclusion

Bitcoin (BTC) and Ether (ETH) are still moving far above their daily pattern. As long as the Ichimoku curves remain price support, cryptocurrencies should continue to rise.

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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 the price of Bitcoin and Ether, using my favorite indicators such as Ichimoku as well as chartist patterns.
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