Bitcoin (BTC) and Ether (ETH) try to break out from the top of their range

Bitcoin (BTC) still under its weekly Kijun

On Sunday evening, Bitcoin (BTC) price closed above its Tenkan (in turquoise blue), confirming strong support at $ 35,700. However, nothing is played in this battle between the bears and the bulls since a resistance of size must be passed in order to validate a bullish return: the Kijun Weekly around $ 46,900.

The weekly Bitcoin chart (Weekly) by Tagado

The weekly Bitcoin chart (Weekly)

In the coming weeks, it will therefore absolutely be necessary for prices to close above the Kijun (in purple), in order to give a strong signal of a market reversal. As long as the Kijun is above price, it will be able to act as resistance and send BTC back to much lower support levels.

In any case, Bitcoin remains in range with a lateralization of 12 weeks already, which could well last beyond the summer.

Bitcoin (BTC) drops back below $ 40,600

While it is still moving within its symmetrical hollow widening pattern (in yellow) and seemed to be heading towards the top of the pattern following the breakout of its $ 40,600 / $ 29,700 sub-range, the price of BTC eventually returned below $ 40,600 and thereby invalidates the range breakout.

Bitcoin (BTC) daily chart by Tagado

Bitcoin (BTC) daily chart

Despite the breakout of its significant resistance of $ 40,600 which corresponds to the high of the daily range, BTC returned below its resistance earlier in the week, invalidating the breakout signal to the upside. So, with a very clear fakout, it seems that there is a good chance that the price of Bitcoin will return towards the middle of the range at $ 35,000 (Kijun-SSB alignment).

If despite all this fakout Bitcoin manages to come back to close in Daily above the range at $ 40,600, then there will be a good chance that the price will come to seek the Kijun around $ 46,900 in order to attempt a breakout of the pattern. by the top.

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Ether (ETH) towards a retest of 2800 dollars?

For its part, Ether (ETH), is in shape following the break of its downward wedge from the top. The target we gave you last week at $ 2,648 has been reached, but ETH now seems to be on its way to retest its resistance at $ 2,800 (top of the range).

Ether in Daily

As in any range, the price goes from one terminal to another. Thus, the price is very likely to return to the $ 2,800 level. Then, if the price manages to break this important resistance, there will be a good chance that a Double Bottom (W shape) will emerge, which should allow the price to return to test the $ 4000 level.

If the price is rejected at the top of the range, then a return to the middle of the range at $ 2,200 should be considered, or even a return to the bottom of the range at $ 1,780.

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In conclusion

Bitcoin (BTC) and Ether (ETH) remain stuck within their respective ranges. The breakout of BTC’s Kijun Weekly would confirm a bullish comeback in cryptocurrencies. In the meantime, beware of a possible rejection of prices and a possible continuation of the range for several more weeks.

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About the Author: Tagado

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