After another bearish week, have Bitcoin (BTC) and Ether (ETH) finally found a local bottom? Check out our cryptocurrency analysis for this weekend
BTC back on an all-time high
After finally breaking its h4 range we’ve been watching for several weeks, the price of Bitcoin (BTC) finally returned to test the $20,000 psychological support that corresponds to the former All Time High. Have crypto currencies finally found the local bottom that will allow the price to bounce back
Figure 1: Bitcoin price chart h1
After a sharp drop in cryptocurrencies at the beginning of the week, the price has for the moment stabilized on the $20,000 level. A lateralization has thus been created between $20,200 and $22,840. This range should be monitored, as a h1 close below the current support would lead to a return of the price to $18,060 (bearish target following the break of the range from below).
In the opposite case, according to our trading plan, if the price manages to break through its resistance from above, a return to $25,640 will be considered. We will therefore wait for the breakout of this range in the next few hours or days, to position ourselves up or down depending on the direction of the breakout.
Ether (ETH) is trying to preserve the $1000
As with Bitcoin, we are waiting for a break of the h1 range on Ether (ETH), so that we can target a new objective determined by the height of the range, carried in the direction of the break.
Figure 2: Ether (h1) price chart
If the ETH manages to break through its resistance at $1,250, we could see a return to the $1,495 level. If on the other hand the price were to go in the opposite direction with a break of the $1,024 support, then we will most likely see a return of the price to the $857 level.
In conclusion
Cryptocurrencies will remain bearish until they break their sideways drift. However, the $20,000 level on Bitcoin seems to be a pretty hard support to lose since it corresponds to a round number and the previous ATH. A bullish exit from these ranges in the short term is therefore quite plausible.
