Bitcoin (BTC) and Ether (ETH) still under resistance – has the fall inevitably?

Bitcoin catches buyers and goes down again

While a majority of cryptocurrencies so some bullish momentum re-establish itself in the short term, with the eruption of a falling wedge at h4, the market finally turned very quickly, rejected by resistance of $ 40,000.

Figure 1: Bitcoin price chart (h4)

However, the course of Bitcoin (BTC) had succeeded with the bullish exit from its chamfering, thanks to the weak passage of the cloud. But it was at the opening of the US markets on Thursday that the price finally fell sharply again with a daily red light on -10.87%the day after the Fed’s announcement of a further interest rate increase of 0.5 per cent.

After breaking his low trend line built over several weeks, the BTC therefore triggered a bearish target yesterday at $ 34,000 around the rain. This corresponds to the height of triangle upon his entry, carried over to the place of his pause. A price target similar to the previous low in the market made last January. If this support of $ 34,000 should give way, the level will $ 31,500 would then be in the field of view (next support).

Therefore bullish scenario in the medium term it is unfortunately to be forgotten? It would seem that way. It is imperative that the price goes back above the previous high at $ 40,000. As long as this resistance is not broken, it will cryptocurrencies should continue their downward trend. If Bitcoin were to go back above this key level after all, the prospect would be open for a possible return to $ 42,000.

πŸ‘‰ Find our guide to buying Bitcoin (BTC)

Ether sticks, but it is still at the end of compression

As Bitcointhe price of Ether (ETH) finally fell back into its decreasing chamferingafter a false outbreak.

Figure 2: Ether (ETH) price chart in h4 of Tagado

Figure 2: Ether (ETH) price chart in h4

WhileETH seems to want to break its bevel from the bottom, the bullish scenario therefore seems well compromised as it would be necessary to go back over the previous high at. $ 2,970. A resistance that will now be quite difficult to overcome since the cloud ofIchimoku is quite thick, reinforced by Tenkan and Kijun on the road.

The preferred short-term scenario will therefore be bearish with a target of $ 2,330 approximately when the bevel is drilled from below.

Finally

that Bitcoin andEat failed to maintain their bullish signals. The major releases that have taken place in recent days suggest that reduce must continue on cryptocurrencies.

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Chart Sources: TradingView

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About the author: Tagado

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I have been passionate about cryptocurrencies since 2017 and ardent defender of knowledge sharing, I am a Youtuber, cryptanalyst and regular trader. Each week, my role is to make you aware of technical analysis by giving you my view on the evolution of the price of Bitcoin and Ether using my favorite indicators such as Ichimoku as well as chartistic patterns.
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