Bitcoin Buyers Are Trapped And Headed Again
while the majority cryptocurrencies It saw a certain bullish momentum re-establishing itself in the short term with the breaking of a falling wedge on h4. Resistance at $40,000.
Figure 1: Bitcoin price chart (h4)
However, the course of Bitcoin (BTC) managed to break out of its bullishness. slope, thanks to the weak passage of the cloud. However, at the opening of the American markets on Thursday, the price finally fell sharply again with the daily red candle. –10.87%The day after the Fed announced an additional 0.5% rate hike.
after it broke low trend line built in a few weeks BTC hence triggered the bearish target yesterday $34,000 more or less. This corresponds to the height triangle At the entrance, it was moved to the stopover. A price target that corresponds to the previous low point of the market last January. If this $34,000 support breaks, $31,500 then it will be in sight (next boost).
Therefore bullish scenario Will it be forgotten in the medium term? It seems so. It is imperative that the price rises above its previous high. $40,000. As long as this resistance is not broken, cryptocurrencies should continue the downtrend. Regardless, if Bitcoin breaks above this key level, the possibility of a possible reversal will be open. $42,000.
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Ether remains intact, but still at the end of compression
aspect bitcoinThe price of Ether (ETH) has finally collapsed into itself. descending slopeafter a false break.
Figure 2: Ether (ETH) price chart in H4
whileETH It looks like it wants to break its slope from below, so the bullish scenario looks well compromised as it would require reversing above the previous high point. $2,970. a resistance that will be very difficult to overcome since the cloudIchimoku It is quite thick reinforced with Tenkan and kijun on the way.
The preferred scenario in the short term will therefore be bearish and $2,330 approximately when the slope is drilled from below.
As a result
most bitcoin andEther failed to maintain bullish signals. Major publications in recent days show that decrease should continue on cryptocurrencies.
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Chart resources: TradingView
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