Back at the bottom of the range, Bitcoin (BTC) and Ether (ETH) are regaining a dangerously bearish momentum that, if they fail to bounce back, could lead to further losses for the cryptocurrency in the coming days. Updated scenarios and next targets that seem to be emerging.
Bitcoin Tests Bottom of Its Range Again
Although it is still developing in the range between $18,600 and $25,000 since Junethe price of Bitcoin (BTC) is struggling to recover and once again finds itself at a daily support level.
Will this level, which has rallied prices four times in the past, allow BTC to regain its bullish momentum again? Nothing is uncertain.
Figure 1: Bitcoin Daily Price Chart
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While attempts to bounce back this week have been rather cautious, our analysis from two weeks ago has not changed. Price fails to cross the middle of the range In its last attempt, the rejection of this level is more relevant as it also corresponds to multiple resistances characterized by the lower trendline of the bear flag/rising wedge as well as the Ichimoku cloud.
so Rejecting $22,000 is not a good sign Because it can find available liquidity at this level and liquidate early shorts, which could give sellers enough strength to move lower now, close to $16,130 (the goal of breaking the ascending slope), $14,400 if the $16,000 level breaks (Bear flag breaks target).
Hence, the bearish scenario appears to be favouredsupported by the Chikou Span without any obstacles, as long as it is below the price and various curves of the Ichimoku system, confirming a bearish configuration. In order to invalidate this bearish scenario that has occurred, the price absolutely must manage to break above the top of the range around $25,000.At the same time, everything is holding back the price and the next few days will be decisive and dangerous.
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Ethereum (ETH) is back in the danger zone
The price of Ethereum (ETH) has only fallen since the merger.Our latest analytical forecasts A price return around $762 appears to be confirmedThe rupture of this slope is especially confirmed by the resistance of the Chikou Span.
Figure 2: Ethereum Price Chart (Daily)
Therefore, like BTC, ETH failed to break out of the range between $1,000 and $2,000. Prices have fallen back below the middle of the range, so this is a danger zone from which prices absolutely must bounce if buyers want to avoid seeing the cryptocurrency fall below $1,000..
Currently, the pattern remains largely bearish, with the price forming an “M” pattern and a broken diagonal from below. The target is $762 (height of the breakout point report), and everything is hindering the price here: low trendline, clouds, Kijun and Tenkan.
so Will Ether Go Back Below $1,000? In any case, this is the target triggered after the breakout of the pattern from below. To invalidate this bearish scenario, the price must manage to break out of the range from above, returning above $2,000.. This seems very complicated as the economic environment remains fragile.
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Bitcoin and Ethereum are still clearly in a downtrend and failed to break their resistance. A bearish scenario would be preferred as long as the price cannot break out of its range from above.
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Chart source: Trading View
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