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The market is currently cooling to boost another potential move.
Note the formation of the symmetrical triangle that is evolving on the Bitcoin map: A positive break of this formation could easily lead to a violation of the inversion line of the Head and the Reverse Shoulder. In this scenario, BTC could potentially rally towards one of the training objectives.
A reasonable target in this scenario could be found around the $ 5000 – $ 5200 level, but as we said before, the objectives (as well as TA) are not scientific.
Before reaching the $ 5K area, there is a strong resistance level at $ 4,500. It will not be easy for the bulls to break through this resistance level.
Now let's talk about Ethereum: ETH is currently trading at the $ 152.35 level at the moment.
ETH repeated the resistance of $ 160 and refused another time. Much depends on Bitcoin, but breaking the $ 160 is essential to continue North.
Looking at the 4-hour chart (Bitstamp)
- ETH is currently trading between the $ 146 support level and the $ 160 resistance level.
- The next potential bullish target could be found at the resistance level $ 170 – $ 180 (which is a 10% -17% move). It is also the Fibonacci retracement level of 0.618 to 0.764 and a sweet spot for bears returning to their short positions, so Bull's lust should look at the $ 170- $ 180 levels for a right place to risk the table.
- On the other hand, failing to break the $ 160 level is likely to send ETH to re-test the support level of $ 146 or even lower – the next support is around $ 131 – $ 124 range.
Looking at the ETH 1 day chart (Bitstamp)
- We can see how the EMA of 8, 13 and 21 days are crossing over 55 EMA (the yellow line in the following table). It's a bullish signal for a potentially positive move. We would like to see those EMA rise vertically above EMA 55.
- If the bulls are able to reach the resistance level of $ 170 – $ 180 and exceed this limit, then the price level of $ 214 could be the next target, but for now it is too early to say.
- The RSI indicator is consolidating well at the top of the channel. If the blue trend line is violated, it could signal a mini-rally.
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