Bitcoin (BTC) and Ether (ETH) are both stable. The silence before the hurricane ?

Bitcoin (BTC) and Ether (ETH) are both stable. The silence before the hurricane ?

While stable over the course of the week, Bitcoin (BTC) and Ether (ETH) remain stuck under significant resistance. The calm before a new fall? Let’s take stock of our weekly analysis.

Bitcoin (BTC) is struggling to break above $17,000

This week, Bitcoin (BTC) price has entered a range, with the price settling between $15,000 and $17,000, after hitting a new low around $15,400. Investors are now waiting for a resolution of this range to see the next next move. As we can see on the daily chart, BTC price is currently blocked by Tenkan (turquoise) which is acting as resistance. in the current situation, Thus, the market bias remains clearly bearishwith the yellow Bear Flag breakout target still at $14,300.

Bitcoin daily price chart by tagado

Figure 1 – Daily Bitcoin price chart

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Our bearish scenario will continue as long as the price moves below the previous range at $18,500. Currently, So BTC maintains a high probability of falling The target is more relevant because it also corresponds to an important weekly support at 1.618 Fibonacci, which is also equivalent to the bottom of the falling wedge. to conclude, The Ichimoku System is still clearly bearish With the price rejected on Tenkan, then Cloud and Kijun standing in the way.

Bitcoin weekly price chart by tagado

Figure 2 – Bitcoin weekly price chart

If $14,000 looks like a realistic target, investors looking for bullish signs will have to wait at least until the price breaks the weekly Kijun that has been flat towards $24,000.

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Ether (ETH) Below Resistance, Downside Approaching?

Just like Bitcoin, ETH (ETH) price is blocked by Tenkan resistance at $1,220 and finds itself under many other daily hurdles. Since our previous analysis, The bearish scenario is still very much valid and announces a very possible price return around $762. This level corresponds to the rising wedge that was broken from below, and carried forward to its breakout.

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Ether price chart (daily) by tagado

Figure 3 – Ether price chart (daily)

Will the price be able to recover? In any case, it will be necessary to return above $2000 to break the large daily range and eventually strive to break out of this long bearish momentum. Unfortunately, a lot of resistance is still in the way and the rally in the current context looks very difficult.

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The conclusion of this technical analysis

Bitcoin and Ether remain bearish with clear targets. As long as the weekly support resistance is not restored, the drop should continue.

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Chart Sources: TradingView

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