The $ 50,000 zone still blocks Bitcoin
Despite a dynamic return above the Kijun Weekly at $ 46,900 (purple curve), Bitcoin (BTC) is struggling for a long time to cross the key level of $ 50,000.
The weekly Bitcoin chart (Weekly)
By being faced with significant resistance (in yellow), Bitcoin finds itself in a neutral zone and must at all costs avoid pushing down the Kijun, which for the moment acts as support. A break of the yellow trendline will provide a strong bullish signal towards the ATH towards $ 64,600, while a rejection will cause a further correction towards the Tenkan at $ 40,000.
Bitcoin (BTC) ready for explosive movement
Still carried by the top of the symmetrical widening pattern of hollow in yellow, Bitcoin managed to rise above its Tenkan Daily. But that is not enough, the $ 50,000 zone remains difficult to cross.
Bitcoin (BTC) daily chart
We already mentioned it last week, the break of the wedge in yellow should cause the price to rise again in the coming days. An increase caused by a rebound on the Trendline / Kijun double support at $ 46,680 and which could finally propel the BTC at first in the direction of $ 58,900 (breakout target).
As a reminder, the invalidation scenario will be activated if the price goes back below the Kijun Daily, with confirmation of a breakout. Indeed, any reintegration of the pattern represents a risk of a market reversal.
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Ether (ETH) is finally taking off!
After several weeks of range between $ 3,000 and $ 3,400, Ether (ETH) finally managed to hit its breakout target at $ 3,743.
Ether in h4
The question now is how far ETH could continue to rise. To do this, simply connect the candle bodies to each other to realize that the price is moving within the Rising Wedge.
Ether in Daily
If this chartist pattern generally breaks more often from the bottom, for the moment we favor a breakout test from the top, the Ether being carried by his Tenkan and his Kijun H4. If there is a breakout from above, this should trigger a price increase towards $ 5,000 (Rising Wedge height carried over to the breakout location).
In the opposite case, if the price goes back under the pattern following a rejection on the trendline, then a rebound off the top of the cloud towards $ 3,000 should be considered.
👉 Find our complete guide to buying Ether (ETH)
Bitcoin (BTC) and Ether (ETH) are testing crucial price areas and are poised to experience an explosive move. It is better to wait for the resistance mentioned above to break before taking a position on the market.
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About the Author: Tagado