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Bitcoin & Ethereum - Technical Analysis - It’s getting exciting!

By Philip HopfCryptocurrencyFeb 19, 2021 14:50
uk.investing.com/analysis/bitcoin--ethereum--technical-analysis--its-getting-exciting-200458126
Bitcoin & Ethereum - Technical Analysis - It’s getting exciting!
By Philip Hopf   |  Feb 19, 2021 14:50
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The excitement around Bitcoin is increasing. Here, we have reached a superordinate target, which can be the beginning of a more comprehensive correction. We have indicated this in the second chart. It is thinkable that we have already completed the third wave (indicated in red) and that we are now tackling new heights in the bigger picture. This would mean that we have to experience a sell-off that stretches all the way down to a price of $30,000, beginning almost immediately.

However, the market does not show any convincing signal that we are about to experience such a drop and we are merely pointing to this possibility, as the price has already exceeded the relevant target. Once we drop below $40,252, we can adopt a more assertive stance on this matter. In the very short-run, we expect the price for Bitcoin to decline until it penetrates the indicated target area, which would conclude the green wave 4. However, it may well be possible that the bulls already completed this green wave 4. Currently, it is quite difficult to make a confident statement on the situation. As long as there are no new intermediate highs, we stick to the expectation that the price will drop back in the yellow box. After this movement, however, we are set to tackle heights of $56,000. This is our conservative expectation; in a Bitcoin-like fashion, we might as well see an exaggerated increase.

Bitcoin 144m Chart

Bitcoin technical analysis
Bitcoin technical analysis


Ethereum 2h Chart
Ethereum technical analysis
Ethereum technical analysis

The movement in the Ethereum chart does not look as smooth as it does in the Bitcoin chart, but this only supports the success of the bulls. This market is constantly pushing for new all-time highs. Certainly, the movement could look more elegantly, but profit is profit – we do not want to whine about it! We will face harder resistance at the mark of $2,000. From there, it is reasonable to expect a correction before we reach the superordinate peak of the third wave in red. Here, the goal is to reach $2,300, which, again, is only the minimum that we expect to reach. When it comes to cryptocurrencies, nobody is safe from volatility! In order not to endanger our scenario, we will have to stay above $1,443. If we cross this line, we might experience a greater correction, which would not be very productive in reaching $2,300.

To summarise, we can say that both cryptocurrencies are following our predictions and we are set to reach higher prices going forward.

Bitcoin & Ethereum - Technical Analysis - It’s getting exciting!
 

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Bitcoin & Ethereum - Technical Analysis - It’s getting exciting!

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Comments (1)
Royce Schmidt
Royce Schmidt Feb 20, 2021 19:09
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Thanks for the info very useful but I got one question does this mean that after bitcoin hits 56,000 does it mean it could fall drastically??
Pedro Gonzalez
Pedro Gonzalez Feb 20, 2021 19:09
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Hi Royce. he's not going to answer and his commentary doesn't reflect the graphics used. He is using Elliot 5 wave terms where wave 4 is a pullback.
 
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