Kijun Weekly in support for BTC
While it closed above its Kijun Weekly at $46,900 last week, Bitcoin (BTC) is once again in the midst of testing this key level.
Bitcoin Weekly Chart
In our previous analysis, we explained the important support role that the Kijun Weekly plays. This curve acts as a springboard during the bullrun and must allow the price to bounce back towards its All Time High (ATH) in order to resume an upward direction.
In the event of a downward break of the Kijun, there is a risk for price to retest the Tenkan or the cloud top, both around the $40,500 mark.
Bitcoin (BTC) still testing daily support
After the breakout of this symmetrical yellow bottom widening pattern several weeks ago, Bitcoin found itself stuck below historic resistance at $49,500. A rejection that led to a return of the price to the Tenkan Daily, currently under retest.
The Bitcoin (BTC) Daily chart
While the trend is back up on the daily chart, the break of the yellow wedge should take the price towards $57,800 in the coming weeks (breakout target). This target is the height of the wedge at the breakout point.
As long as the Tenkan at $47,200 and the Kijun at $43,400 remain below the price, we remain by definition in an uptrend and there is nothing to worry about. In an uptrend, the price regularly returns to test its Ichimoku curves, to allow the market to breathe.
An invalidation scenario will be activated if the price breaks back below the Kijun Daily, with confirmation of a breakout, as this will mean a re-entry into the wedge as well as a risk of a market reversal.
Find our guide to buying Bitcoin (BTC)
Ether (ETH) still targeting $3,600
Ether (ETH) remains well above its previously broken upper downtrend wedge. Barring invalidation, the AB=CD target is still around $3,600.
<img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/Capture-décran-2021-08-26-à-17.08.17.png” alt=’Daily Ether (daily) by Tagado” width=”1169″ height=”569″ /></p> <p><em>Daily Ether (daily)</em></p> <p> </p> <p>Not far from reaching its breakout target, Ether is in a range around its daily Tenkan. Although the obThe $3,600 target seems attainable, but watch out for a red close on the Tenkan at $3,163, which could send the price looking for the Kijun Daily at $2,909.
In any case, as long as the price does not re-enter its yellow pattern, the trend remains broadly bullish for ETH, buoyed by its Tenkan, Kijun and sideways resistance at $2,670.
Read our full guide to buying Ether (ETH)
Bitcoin (BTC) and Ether (ETH) are facing resistance. As long as the price does not re-enter their respective bevels, the trend remains clearly bullish, with several important supports. A signal of invalidation will be given only in case of reintegration of thepatterns.
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