The $ 82,500 target still active for Bitcoin (BTC)
While the price of Bitcoin (BTC) gave a strongly bullish signal by breaking an important chart pattern on its daily chart, it is enough to zoom out the chart in order to realize that the BTC always seems to move upwards, in the direction of the price target set at $ 82,500 in the coming weeks.
Bitcoin Daily Chart (Daily)
As we had already explained in our previous analyzes, this objective corresponds to the height of the bevel (in yellow), reported at the location of the break.
Thus, as long as the price remains supported by the Kijun (purple curve), the high trendline then the cloud, the trend will remain largely bullish with many supports to propel the price towards new All Time High (ATH).
Ideally, it will be necessary to manage to cross again above the Tenkan at $ 62,533 (turquoise curve) in order to regain this support and have a new bullish momentum.
Conversely, the reinstatement of the pattern would invalidate the bullish target of $ 82,500 with a risk of rejection of the price towards the next support at $ 40,550. The top of the Daily pattern as well as the Kijun will therefore be two important levels to watch in the coming days.
Bitcoin’s h4 chart
In the shorter term, on the h4 unit of time, a Falling Wedge seems to be emerging, with several points of contact on each side and a structure that has been in place for several days. The price compression within this triangle should provoke a new impetus at its exit. It remains to be seen whether it will be done from above or from below.
In general, the Falling Wedge has a higher probability of a bullish exit, which would then confirm the continued rise in Bitcoin towards the objective of breaking the daily pattern.
In the event that price breaks through the triangle from below, the pattern breakout objective should send BTC back to a further correction towards $ 51,000.
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Ether (ETH) soon at $ 6,000?
After several days of consolidation above its new support at $ 4,000, Ether should continue to rise towards a new ATH around $ 5,940.
Ether (ETH) chart in Daily
Like Bitcoin, Ether had for a long time consolidated its price inside a Daily wedge (in yellow). It was after more than 6 months of range that the price of ETH finally came out on top, activating a price target of $ 5,940 (height of the bevel carried over to the place of the breakout).
As long as the price remains above the pattern, the bullish target will be activated with all the Ichimoku curves in support, as well as the high trendline. It will therefore be imperative to start rising again in the coming days and the current price configuration is precisely reminiscent of a pullback on the top of the bevel, therefore a potential rebound before a bullish return.
The $ 4000 zone should be preserved since any reintegration of the pattern would cancel the bullish objective and the breakout of the cloud to the downside would give a strong bearish signal.
Bitcoin (BTC) and Ether (ETH) are showing still bullish patterns, with nice support to help prices pick up again. Cryptocurrencies should therefore resume their rise in the coming days.
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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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