Bitcoin (BTC) and Ether (ETH) have been in a range for several weeks. What will be the targets for the upcoming breakout
Bitcoin is still in range
Since last week, the price of Bitcoin (BTC) has not really taken a new direction, it is still moving very clearly within its range between $ 33 700 and $ 45 000.
The Bitcoin Daily Chart
Despite the unfavourable economic and political context, the price of Bitcoin has been in an accumulation phase for several weeks.
We will have to wait until the range is broken to get an idea of where the price will go. Indeed, if BTC breaks this lateralization from above, it means that buyers will have regained control of the market, which will logically send the price to a new high point. According to the yellow chartist pattern above, the target breakout from this triangle would send the price to around $55,835 if resistance is breached at $45,000.
Conversely, if support at $38,000 gives way, there is a strong risk of the price returning to $35,000 (bottom of the range), or even to the triangle’s bearish target at $31,149.
Ether must bounce back
Like BTC, the price of Ether (ETH) continues to move within its rectangular range.
The Ether (ETH) chart in h4
While Ether had broken out of this descending broadening pattern (in yellow), this week the price made a pullback to the top of the pattern despite a bullish target at $3,124. However, this target will remain active as long as the price does not go below the low at $2355 on the close.
To have a real idea of the direction of the ETH in the coming weeks, we will have to wait for a breakout of the range. If the breakout occurs from above, the price should move back towards $4,571 (the height of the range at the breakout point).
Should the price move back to the bottom of the range and the support gives way, the bearish target at $1,602 will be triggered.
In conclusion
Crypto currencies continue to move within their range. We are waiting for resistance or support to be broken before positioning ourselves towards the target determined through analysis.
