Bitcoin (BTC) and Ethereum (ETH) Soaring: How Far Will Cryptocurrencies Go Short-Term?
Bitcoin (BTC) and Ethereum (ETH) are up sharply this week. But will this recovery last or is the correction imminent? Discover the goals to keep in mind for the major cryptocurrencies.
BTC may still be moving into a bear flag in Daily
Despite a significant increase in recent days, the Bitcoin rest under resistance. Its price remains below that flat SSB (above the cloud), as well as below the high trendline its ascending range.
Figure 2: Bitcoin Daily price chart
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In order to become really bullish again in the short term, one has to go back above the mark Daily cloud at $25,200 Then confirm this level in support. In the meantime, we remain in a potential bear flag with a goal around $14,232 if the price breaks the support $20,500.
So are we going to break this bearish pattern or is this the start of one cop trap ?
Figure 1: Bitcoin h4 price chart
The break from Pattern h4 will set the tone for the next few days. If pierced from above, then the rise could continue up to $31,000 approximately (height of the pattern at its exit, transferred to the place of the break). A return to the level of would also correspond to this goal Kijun weekly.
Conversely, in the case of a breakout from below around the $20,500then there will be strong chances to see the price around those again $16,600which would also activate the daily bear flag target at $14,232.
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Ethereum (ETH) is testing its resistance
Regarding the price of Ethereum (ETH), it has finally touched ours Aim at $1,726 activated in our previous analysis. So what are the next scenarios to watch out for?
Figure 3: Ether price chart (h4)
However, if the price has managed to bounce back, one must remain vigilant Resistance at $1,800 since theETH now develops within a Rising Wedge. This type of pattern breaks down more often, so you have to wait for the pattern to break to position yourself.
We would be more in a take profit zone here, with a potential return around that $1,200 (orange trend line). And this time there is a risk of breaking this support with the price falling towards $800.
In case the price breaks its resistance, we could aim for a return around it $2,557. Thus, the pattern breakout and potential resistance should be monitored.
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the Bitcoin and theether are under resistance and we are more in the take profit zone after a nice run up. We have to wait now Breakout Confirmationsto know the direction cryptos will take in the coming days.
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Chart sources: TradingView
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