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Key Takeaways Bitcoin and Ethereum are consolidating ahead of their next big price move. Clear support and resistance levels have been identified to anticipate a breakout. Due to the ambiguity of the market, patience is crucial for investors. Share this article
The two major cryptocurrencies by market cap, Bitcoin and Ethereum, remain stagnant with no clear indication of their next destination.
Bitcoin, Ethereum stuck in a narrow range
Bitcoin continues to consolidate as its price action narrows over time.
The flagship cryptocurrency has formed a series of lows and lower highs since the flash crash last week. Drawing a trend line through these pivot points results in a falling wedge pattern. The y axis of this technical training foresees a target of 6% in both directions.
A decisive hourly close above $ 44,900 could cause a rise to $ 47,630, while a fall below $ 44,000 could trigger a sell to $ 41,330.
Source: TradingView
Ethereum also presents an ambiguous outlook as its price action has been contained in a descending parallel channel over the past week.
Whenever ETH reaches the upper limit of this technical formation, it is rejected and returns to the lower edge of the pattern. From this point it tends to rebound, which is consistent with the characteristics of a parallel channel.
Ethereum recently fell to the channel’s midline trendline and has yet to rebound to the upper trendline or fall back to the lower trendline.
Breaking through the resistance of $ 3,330 would likely lead to a bullish impulse to $ 3,660, while a fall below the $ 3,000 support could push ETH down to $ 2,730.
Source: TradingView
Given the ambiguity that both Bitcoin and Ethereum present, it is imperative to wait for confirmation before entering a long or short position. Patience can play a vital role in profiting from the next big BTC and ETH price move.
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