Have Bitcoin (BTC) and Ether (ETH) found their local bottom? Update on the different scenarios that await us

BTC back to historic highs

After finally breaking its h4 range that we had been observing for several weeks, the price of Bitcoin (BTC) finally came back to test the psychological support of the $20,000 which corresponds to the old All Time High. Have cryptocurrencies finally found the local bottom that will allow the price to rebound?

Figure 1: Bitcoin h1 price chart

After a sharp drop in cryptocurrencies at the beginning of the week, the price has stabilized for the moment at the level of $20,000. A lateralization was thus created between the $20,200 and the $22,840. This range is to be monitored, since a h1 close below the current support would cause the price to return to the $18,060 (bearish target following the breakout 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 the $25,640 will be considered. We will therefore wait for the breakout of this tidy in the next few hours or days, to position us higher or lower depending on the direction of the breakout.

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Ether (ETH) attempts to preserve $1,000

As for the Bitcoinwe expect a breakout of the range h1 on the price of Ether (ETH), in order to be able to target a new target determined by the height of the range, reported in the direction of the breakout.

Figure 2: Ether price chart (h4) by Tagado

Figure 2: Ether price chart (h1)

If theETH manages to start rising again and break through its resistance at $1,250we can then consider a return towards the $1,495. If, on the other hand, the price were to take the opposite direction with a breakout of the bracket at $1,024we will then most likely have a return of the price to the level of $857.

In conclusion

The cryptocurrencies will stay bearish until they break their lateral drift. However, the level of $20,000 on the Bitcoin seems to be a rather difficult support to lose since it corresponds to a round number and to the previous ATH. A bullish exit from these ranges in the short term is therefore quite plausible.

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Chart sources: TradingView

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About the Author : Tagado


Passionate about crypto-currencies since 2017 and fervent defender of knowledge sharing, I am a Youtuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as the Ichimoku as well as chartist patterns.
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