Bitcoin has returned to its support
After breaking his Kijun a few days ago, the price of Bitcoin (BTC) continued its correction towards its daily support a $ 40,000. A level that will have to keep absolutely at the close in the coming days to avoid a new sell signal.
Figure 1: Daily Bitcoin Chart (Daily)
While the market seemed to be regaining purchasing power, the price of Bitcoin finally retired, towards the lower than the ascending range which has been taking shape since the beginning of the year. Although the $ 40,000 level has already allowed it 6 times rising again, investor sentiment is currently in an “extreme fear” (index of fear and greed).
And that is understandable from that patternin which the price has been moving for several months, is a ascending jaw and thus gives greater outbreak probabilities from below. This fear of a new correction is amplified by a new test of rupture of the ichimoku cloudvery weak and that could do in the coming days resistance to the price. In the event that the BTC breaks this support, the odds of returning to the next support a $ 37,000 it would be strong. The goal is to break the bezel $ 34,000.
Therefore, a reaction from the BTC will be essential in the coming days, with a return above the $ 43,800 (Kijun dish). If Bitcoin manages to recover this level, we can expect a possible exit of this range from above, towards $ 58,000 about.
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Ether soon at $ 4,625?
Unlike that of Bitcointhe price of Ether (ETH) remains well above its cloudraising hopes for the continuity of the established rise in the medium term.
Figure 2: Graph Ether (ETH) in Daily
Since the beginning of the month, theETH offers us a nice setup as it broke into your daily chart at descending widening bevel whose theoretical goal is set $ 4,625 (highest point of contact within the pattern).
As long as the price continues to evolve above the cloud as well as above the side support a $ 2,600we hope to achieve our goal within the next few weeks.
In the event that the price finally breaks this support, the next level of rebound would be found $ 1,800.
Having been tested several times in the past, the current support levels of the Bitcoin and theEther they are clearly identified and must inevitably help the award to start again to get the Goals unleashed. Otherwise, a new correction will be made, with the price returned to the brackets Next.
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Chart sources: TradingView
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