Bitcoin (BTC) retesting its weekly Kijun
In the coming days, the price of Bitcoin (BTC) should return to test its Kijun Weekly around $ 46,900. An important area to pass to return serenely to the All Time High (ATH) of Bitcoin.
The weekly Bitcoin chart (Weekly)
After increasing its price by + 54.76% in 3 weeks, Bitcoin is found under significant resistance, corresponding to Kijun Weekly. Throughout the bull market, this Ichimoku curve served as price support.
Its lower breakout gave a bearish signal, pulling the price towards the next support, the monthly Kijun at $ 34,300. A decisive level which held and which allowed the price to return to its weekly Kijun, also corresponding to a 50% retracement in this descent.
The question now is whether the Kijun Weekly will be re-broken higher in order to have its support again in a further rise, or whether it will act as resistance, causing a further decline.
This decisive level at $ 46,900 must therefore be pierced, with a confirmation at the weekly close, in order to be able to return to seek the 0.618 Fibonacci at $ 51,083, then if this level gives way, the ATH can be tested again.
If, however, the Kijun provokes a rejection, then the price could come back for the top of the cloud at $ 40,800, or even the bottom of the cloud and Tenkan at $ 37,500.
Bitcoin (BTC) tries to break its pattern
Is the outcome near? The symmetrical widening pattern of troughs that we have been monitoring for several weeks is once again in a breakout test from the top.
Bitcoin (BTC) daily chart
Since its support at $ 28,900, Bitcoin has soared in a very short time towards the top of its yellow pattern. The high trendline which had acted as resistance 3 times in the past could give way this time.
If the breakout is confirmed at the close, preferably with a pullback on this trendline, then the pattern breakout target would be around $ 57,400. Of course watch out for the Kijun Weekly on the way, which could well be a barrier to the price.
If rejected on this trendline, a correction should push the price up the Daily Cloud around $ 37,500.
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Ether (ETH) on the way to $ 3,600?
Ether (ETH), for its part, is trying to break its resistance at $ 3,055. If it manages to close above in Daily, then price should move towards its AB = CD target at $ 3,572.
Ether in Daily
After having benefited from its recent London update, ETH offers us a great upside opportunity following the breakout of its descending wedge. In the medium term, the trend does indeed seem to be picking up again, with a Tenkan and a Kijun in support, the price should therefore move in the direction of its breakout target at $ 3,572.
Be careful, however, of a possible price pullback on the upper part of the pattern if the Kijun-SSB resistance at $ 3,055 is rejected. Indeed, if Ether returns to this pattern, there will be a risk that the price will go through the twist visible on the chart (crossing of clouds), leading in the bearish scenario to a retest of the support towards $ 1,700.
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Bitcoin (BTC) and Ether (ETH) face significant resistance. If BTC’s Kijun Weekly breakout occurs, then cryptocurrencies should benefit from further bullish momentum with a resumption of the bull run. This level should therefore be monitored, knowing that a rejection would on the contrary be a bad sign for the medium term.
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