While Bitcoin (BTC) and Ether (ETH) have been in the correction phase for several weeks, significant supports are being tested. Update on the different scenarios to watch for major cryptocurrencies.
Still very clearly above its daily consolidation triangle, Bitcoin (BTC) continues to correct. If it is for the moment supported by its cloud support, will it finally manage to start rising again towards its price target?
While Bitcoin had triggered a long-term target of $ 82,500, the price is now testing significant support around $ 54,000, the weekly Tenkan. If the cloud breaks from the bottom, BTC should head towards $ 49,000, which is the level that corresponds to the weekly Kijun, as Crypto-Auditor know now.
In any case, as long as Bitcoin does not return below the high trendline of the triangle at $ 46,000, the momentum remains bullish and the target of $ 82,500 is preserved.
Aether continues to consolidate above its daily pattern. Will he finally manage to bounce back for good?
As a reminder, the price of Ether gave a bullish signal when it broke its daily triangle of several months. Thus, the target at $ 5,940 was triggered, allowing the price to soar to a new ATH at $ 4,868. Today, after several weeks of correction, ETH seems to be making another pullback on its cloud.
The ideal would be for the price to rebound once again on the $ 3,840, which would confirm a complete pull-back on the high trendline of the pattern. This would then give the Aether the opportunity to return to its Daily target.
In any case, as long as the price remains above its triangle, the bullish target remains active.