Heading for a new dip in Bitcoin (BTC) and Ether (ETH)? Here are the crucial levels to watch out for!

After an encouraging month-long rally, the prices of Bitcoin (BTC) and Ether (ETH) finally faced a significant resistance zone. We will have to rebound quickly or the cryptocurrencies will once again start to fall more significantly.

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Bitcoin (BTC) gives a new bearish signal

After correcting About 50% from the last decline, the price of Bitcoin (BTC) finally started to fall again towards strong support at $17,000. If the price is currently up on its Kijun Daily, it is not certain that it will hold this level for very long due to the cloud-forming resistance beyond the Tenkan Weekly.

Bitcoin Daily Price Chart By Tagado

Figure 1 – Bitcoin Daily price chart

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Take effect, Bitcoin moves within a small range (price horizontal) since the beginning of November and bumped in recent days with the Tenkan Weekly at $18,400, which also corresponds at the bottom of the previous consolidation which lasted 5 months.

This old support became a resistance and started immediately as the price tried to cross that zone again. Since then he has been dangerously on the move against an outbreak of a support which he had built in recent weeks for $17,000. Note that the underlying trend remains clearly bearish, with highs always lower and lower.

To become optimistic again, it will therefore be necessary to count on a rebound around this zone, otherwise the risk will be of a return to the lower part of the small range of $15,700. And should it break this next support, then this time the price could dive to $14,300, zone, which corresponds to the breakout target of the bear flag that we have been monitoring since its breakout several months ago.

    Bitcoin Price Chart H4 (Short Term) By Tagado

Figure 2 – Bitcoin h4 price chart

During these last hours, BTC has also broken an Ascending Bevel from below and its target is exactly at $15,700. The probability is therefore still on the side of a bearish scenario, which would only be invalidated in the event of a return above Tenkan Weekly’s level of $18,600.

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Ether (ETH) soon below 1,000 dollars?

As on BTC, the price of Ether (ETH) has also broken a triangle, which should take the price here to $1,048. It is a continuation triangle which also gives the price more chances to fall. To avoid this bearish scenario, it will be absolutely necessary to reject the support at $1,200, which is currently being retested by the price.

Ether Price Chart (Daily) By Tagado

Figure 3 – Ether Price Chart (Daily)

In the event of a return to the $1,000 zone, the price will certainly continue to fall, as the bottom target is still at $762 (breakout of the daily upward slope from below).

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Conclusion of this technical analysis

Bitcoin and Ether are showing no signs of a turnaround at the moment. It therefore seems more likely that the decline will continue on cryptocurrencies as long as the market does not show signs of a reversal of the trend.

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Chart source: TradingView

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