Towards a new All Time High for Bitcoin (BTC)?
It’s been 5 months since we had not reviewed the price of Bitcoin above $ 54,000. A bullish comeback that once again gives hope that BTC will break new price records by the end of the year, especially as many signals are bullish.
While the Hash Ribbons indicator flashed last August in favor of a further rise to come, it is now a chartist signal that sounds the alert on a bullish exit in the price of Bitcoin.
The daily Bitcoin chart (Daily)
Following the breakout of an h4 reversal pattern that we told you about in our analysis last week, BTC is once again above the important $ 50,000 support. In this way, the price has managed to break up a high trendline by a daily downward wedge, giving a strong bullish signal.
Thus, after this breakout resulting from more than 9 months of consolidation and price compression, we can estimate the upside target by deferring the height of the pattern to the breakout location. If this breakout does not turn out to be a bullish trap, then we should hit $ 82,500 in the next few weeks. Obviously, it will first be necessary to succeed in exceeding the ATH towards $ 64,900.
Note that the Ichimoku indicator is now bullish, since the cloud, the Kijun and the Tenkan are support for the price. With the Chikou Span and the price also being free of any obstacles, this setup is particularly conducive to a rise since there would be many supports to be broken to get a bearish signal again.
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Ether (ETH) soon at $ 6,000?
After more than 5 months of compression, will Ether (ETH) finally pass the $ 4,400, in the direction of a new ATH?
Ether (ETH) chart in Daily
When consolidating into a Daily triangle, there is a good chance that the price of ETH will come back to test the resistance of $ 4,000. Indeed, the price recently broke a downward wedge on the h4 time unit, with a breakout target set at $ 3,800. Ether would then be just below its highest historical resistance, leading to a break in the direction of a new ATH.
To calculate the target in the event of a breakout of the $ 4000 level, once again take the height of the pattern and carry it over to where the breakout should occur. So, in the event that ETH breaks through its upward triangle like BTC, we get a price target around $ 6,300 for the next few weeks. In the event of price rejection by resistance again, price would return to test its low trendline towards $ 3,000.
Bitcoin (BTC) and Ether (ETH) are heading towards their ATH. As long as the configurations remain bullish on the Daily charts, and therefore the supports hold, the rise remains privileged on 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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