how far will cryptocurrencies go in the short term?

This week, Bitcoin (BTC) and Ethereum (ETH) rose. But will this rebound last or is a correction imminent? Find out the goals to watch the main cryptocurrencies.

BTC is likely to move into a Bear Flag on a Daily basis

Despite a significant increase in recent days, the Bitcoin holiday under resistance. Its price remains below flat SSB (above the cloud), as well as under the long trendline on its way up.

Figure 2: Bitcoin Daily price chart

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To be really strong again in the short term, it is necessary to return to the top Daily cloud at $25,200 then confirm this level of support. In the meantime, we remain in a potential Bear Flag with a goal around $14,232 when the price breaks the support of $20,500.

So do we invalidate this bearish pattern or is it the start of a Bull trap ?

Figure 1: Tagado's Bitcoin h4 price chart

Figure 1: Bitcoin h4 price chart

The break of pattern h4 set the tone for the next few days. If pierced from the top, then the climb can continue to $31,000 approximately (length of the pattern of its exit, moved to the place of the break). This goal also coincides with the return of the level of Kijun Weekly.

On the contrary, in the event of a breakout from the bottom around the $20,500then there are strong tendencies to see the price again around the $16,600which will also move the daily target of the Bear Flag at $14,232.

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Ethereum (ETH) is trying to resist this

Regarding the price of Ethereum (ETH), it finally touched ours goal of $1,726 which was activated in our previous analysis. So what are the next scenarios to watch out for?

Figure 3: Ether price chart (h4) by Tagado

Figure 3: Ether price chart (h4)

If the price was able to start again, but should remain cautious under it resistance of $1,800 sinceETH now evolve within a Rising wedge. This type of pattern is more often broken below, so it is necessary to wait for the pattern to break in position itself.

We prefer to be in a meeting place here, with a potential return around the $1,200 (orange trendline). And this time, the risk is to break this support, with the price falling to $800.

In the event that the price breaks its resistance, then we will aim for the return around the $2,557. Therefore the breakout of the pattern and potential resistance should be watched.

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In conclusion

the Bitcoin and theEthereum is below the resistance and we are in the profit taking zone after a nice surge in prices. We now have to wait for breakout confirmationto know the direction cryptos will take in the coming days.

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Chart sources: TradingView

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