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Bitcoin (BTC) and Ether (ETH) undecided: cryptocurrencies recover volatility and prepare the future movement

After a bearish week in cryptocurrencies, Bitcoin (BTC) and Ether (ETH) are regaining volatility. Is the market headed for a strong move? Here are the different scenarios to consider.


Bitcoin very indecisive this week

The past few days have been eventful for cryptocurrencies, including the FOMC and US inflation figures.

If these announcements about the US economy were expected even by crypto investors, it is because the community has become accustomed to these tense days in which the price of Bitcoin (BTC) and altcoins suffer the repercussions of the country’s economy.

And this week, BTC continued its evolution, largely correlated to traditional markets. After several days of consecutive decline, going from $20,500 to $18,200, king of crypto assets gives hope to short-term optimistic investorswith a reaction at the bottom of the daily range (blue rectangle).

Despite the ongoing price rallywatch out for bearish signals that remain on the graph.

Bitcoin Daily Price Chart by Tagado

Figure 1: Bitcoin Daily Price Chart

Specifically, it is enough to look first at the current economic context, with inflation figures in the US that are still breaking new 40-year records, then the downward bias of the market characterized by a price that no longer manages to mark any structural investment.

We have prices that are always making new lower and lower highs, and never manage to get back above $25,000.

In this context of accumulation in the middle of the Bear Market, it seems difficult to expect a market reversal in the short term.

As long as prices fail to resume an upside momentum and thus break back above major resistances at $22,000 and then $25,000, we will have to wait to look for new lows as we have already highlighted in previous analyses.

The optimal scenariogiven by the breaking of the Ascending Bevel in yellow, it would pull back towards the breakout target of the pattern towards $16,130 (height of the pattern transferred to the place of the break). However, as long as the support at $18,200 allows the price to rebound, the hope of reclaiming the middle of the range remains intact.

So, will we finally manage to bounce back towards the top of the range, or will prices continue to slide towards a new low?

If the indices are rather bearish, we will have to wait to see if the price manages to recover the support cloud or break the range from below to see how it takes a real direction. Hoping for, breakout targets clearly point towards further downside on cryptocurrencies.

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Ether (ETH) is still in a downtrend

On the side of price of Ethereum (ETH) the price is holding there too in a bearish bias. In fact, the price is still not out of its $2,000 range.

As long as the price does not reach a new high above the previous one, we will not have a signal of a reversal of the structure.

Ether Price Chart (Daily) by Tagado

Figure 2: Ether Price Chart (Daily)

Since June, the price of ETH has also been moving always in its range, of which it no longer manages to recover the top. After breaking a rising wedge from below, A new bearish target has been triggered around $762.

This corresponds to the height of the yellow triangle, translated to the place of the break. This target will be invalidated only if the price manages to climb back above its cloud, which has turned into resistance at the moment in addition to the Kijun and the daily downtrend line.

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Conclusion of this technical analysis

Bitcoin and Ether remain bearish in the short termwith graphs that still do not show a change in trend, nor a break of the bearish structures.

Therefore bearish setups are always preferredwith potential downfalls to come.

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Chart Sources: Trade View

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