Despite several attempts to rise, Bitcoin (BTC) and Ether (ETH) saw a number of rejections this week. Fears of a further decline in price in the upcoming days are increased by the resistances’ refusal to let anything pass. The discussion of various scenario considerations.
On Daily Kijun, a new Bitcoin price rejection.
After many rebounds off the range low of $18,500, the price of Bitcoin (BTC) tried another ascent this week. However, this attempt has repeatedly fallen short, with the Kijun Daily and the cloud’s base around $20,500 (purple) serving as a significant resistance level that sellers are defending.
The price of bitcoin is still plainly flat and continues to trend downward with ever-lower highs. To turn bullish again (on the breakout of the cloud), we would need to close back above the cloud around $22,500, and it is precisely this barrier that is keeping BTC from resuming its upward trend.
Bitcoin should continue to decrease for the time being, toward the goals set off by the breakout of the low trendline of the pattern in yellow, as long as the price and the Chikou Span (in white) remain below all of these roadblocks.
In fact, a Rising Wedge and a Bear Flag with objectives of $16,130 and $14,400, respectively, have already been broken from below. In order to achieve attainable goals in the upcoming days or weeks, it is advised to search for bearish indications on the chart as long as these resistances are there.
However, as long as the price retains the range’s low point around $18,400, there is still a chance for a recovery. On the other side, if we lost this level, the range would break, which would hasten the decline towards our bearish goals.
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The price of Ether (ETH) is remained centered in its range.
Similar to Bitcoin, Ethereum’s (ETH) price is still declining and is still evolving within its range, with lower and lower peaks. A potential trend reversal indicator would be the price breaking both the cloud and the prior high point at $1,800. In the meanwhile, given the price is still constrained by several resistances, the analyses should favor bearish set ups.
The selling pressure continues despite the price managing to stabilize in the center of the daily range, and there hasn’t been a new breakout in favor of a positive comeback.
With the Chikou Span below the recently broken Rising Wedge and the price situated below the Kijun and the Ichimoku cloud, it looks more likely that the price will break through the range’s bottom in the upcoming days or weeks, moving toward $760.
However, as long as the price changes inside the blue rectangle, there is a chance of a comeback (daily range). Therefore, it is essential to defend the level of $1,000.
Conclusion of this technical analysis.
The selling pressure of the range’s midsection is put to the test with each fresh rebound test for Bitcoin and Ether, making it now impossible to achieve structural breakouts that are positive.
Bearish targets will be chosen as long as the price is in a downturn and hence under the Ichimoku method.
