As they stabilize throughout the week, Bitcoin (BTC) and Ether (ETH) remain stuck under heavy resistance. The calm before a new fall? Let’s take stock in our weekly analysis.
Bitcoin (BTC) struggles to break above $17,000
This week, Bitcoin price (BTC). entered the range, with the price stabilizing between $15,000 and $17,000, after making a new low around $15,400. Investors are now waiting for a resolution of this range to know the next movement to come. As we can see on the daily chart, the BTC price is currently blocked by the Tenkan (in turquoise) which acts as resistance. The current state, the market bias therefore remains clearly bearishwith a bear flag breakout target in yellow that is still at $14,300.
Figure 1 – Bitcoin daily price chart
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Our bearish scenario will hold as long as the price breaks down of the previous range at $18,500. Currently, BTC thus maintains a high probability of falling and the target is all the more relevant as it also corresponds to an important weekly support at 1.618 Fibonacci, also equivalent to the bottom of a descending wedge. To conclude, the Ichimoku system remains clearly bearish with a price rejection on the Tenkan, then the cloud and the Kijun getting in the way.
Figure 2 – Bitcoin weekly price chart
Therefore, if $14,000 seems to be a realistic target, investors looking for bullish signals will have to wait at least for the price to break the weekly Kijun which forms a flat towards $24,000.
Ether (ETH) Below Resistance, Crash Approaching?
Just like bitcoins, the price of Ether (ETH) it is blocked by its Tenkan resistance at $1,220 and sits below several other daily hurdles. From our previous analysis, our bearish scenario remains broadly valid and heralds a very probable return of the price to around $762. This level corresponds to the height of the Rising Wedge that was broken from below, brought back to its break.
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Figure 3 – Ether Price Chart (Daily)
So will the price be able to bounce back? In any case, it will be necessary to go back above $2,000 to break the broad daily range and finally aim for an exit from this long bearish momentum. Unfortunately, many resistances remain on the way and a rise in the current context appears very difficult.
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Conclusion of this technical analysis
Bitcoin and Ether remain bearish with clear targets. Until the weekly resistances have recovered to support, the fall should continue.
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Graphic sources: TradingView
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