Bitcoin (BTC) struggles to break back above $17,000
This week, the price of Bitcoin (BTC) entered a range, with the price stabilizing between $15,000 and $17,000, after hitting a new low around $15,400. Investors are now waiting for a resolution of this range, in order to know the next move to come. As we can see on the daily chart, the price of BTC is currently blocked by the Tenkan (in turquoise) which is acting as resistance. As it stands, the market bias remains clearly bearish, with a target break of the Bear Flag in yellow still at $14,300.
So if $14,000 seems like a realistic target, investors looking for bullish signals will have to wait at least for the price to re-cross the weekly Kijun which forms a flat around $24,000.
Ether (ETH) under resistance, plunge coming?
Just like Bitcoin, Ether (ETH) is stuck at its Tenkan resistance at $1,220 and is under numerous other daily obstacles. Since our previous analysis, our bearish scenario remains largely valid and points to a very likely price return to around $762. This level corresponds to the height of the Ascending Beam that was broken from below, carried over to its breakout.
So will the price manage to rebound? In any case, it will be necessary to break above $2,000 to break the large daily range and finally aim for an exit from this long bearish dynamic. Unfortunately, many resistances remain on the way and a recovery in the current context seems quite difficult.