This week, Bitcoin (BTC) and Ether (ETH) prices are still stable but starting to show interesting signs of a return to volatility. Will it start again for a new fall soon? Find out the different scenarios to watch out for.
Bitcoin (BTC) is still bearish towards $14,000
While it settled all week around $16,500, Bitcoin price (BTC) It is still bearish with the $14,300 chart target which it triggered by breaking the daily bear flag from below. The chart clearly shows that the price is continuing its downward trend with highs still lower than previous levels, and lows still lower as well.
Figure 1 – Daily Bitcoin price chart
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In reading Ichimoku, The price remains below important resistance levels Kijun (purple) is marked by $18,500 (below the previously broken blue range which should reject price in case of a retest), and then the Cloud which remains above prices. We see that the Chikou Span (in white) is free of any obstacles and thus does not prevent the price from continuing its decline.
The RSI then shows us two divergences. The first is bullish and confirmed, while the second (marked in yellow) shows us the possibility of a decline. In a bear market with a specific target here at $14,300, it is best to favor bearish signals and therefore bearish divergence.
Especially since this kind of signals It does not necessarily mean that movement will occurIt could simply be that the price stabilizes before resuming its original trend, which is what the bitcoin price has been doing since the bullish divergence took shape.
Add to that the descending triangle that forms (the dotted lines), whose direction is mostly from the bottom. in these circumstances, It appears that the decline is likely to continue. but, If the price breaks its resistance at $17,300 Thus it takes an upward reversal path, Then it could rally towards Kijun at $18,500 before finally heading towards the target at $14,300.
Soon Ether (ETH) Returns To Low $1000 Range?
Despite her constant attempt to rebound, Ether price (ETH) It is still below an important resistance at $1,250 which has pushed the price back several times in the past. As is the case, the price is also moving below the Kijun and below the Cloud, which indicates that the trend is still clearly bearish. Here too, the Chikou Span is below every resistance and could hamper prices should an upward recovery attempt be made.
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Figure 2 – Ether price chart (daily)
As long as the price does not regain the $1700 level on the close, we will not have a change in structure and Therefore, the decline should continue towards the bottom of the range (blue rectangle) at $1000, then towards the breakout target of the rising wedge (yellow triangle) towards $762.
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The conclusion of this technical analysis
Bitcoin and Ether are stabilizing and preparing for the next next move. With the current signals being provided by the price and various indicators, it does not seem that the downtrend is over yet.
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