The ranging crypto market continued all through this week with most cryptocurrencies creeping up slowly. Giants like BTC and ETH traded mostly sideways all through the week.
However, that low liquidity directionless crypto market might soon be over. Right now both BTC and ETH are forming key price patterns on the 4-hour timeframe. If these price patterns play out, we might see a massive price breakout next week.
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Bitcoin Breaking Out!
In our previous Bitcoin analysis, we talked about the converging triangle pattern forming on the Bitcoin 4-hour timeframe. A break of this converging triangle to the upside or downside could see the Bitcoin price continue in that direction.
The Bitcoin price is currently breaking out of this converging triangle pattern to the upside but is it time to buy yet or is this a bullish fakeout?
The key level we are still watching is the $36,510 previous high region. We can only fully confirm the start of the Bitcoin bullish rally on the 4-hour timeframe once Bitcoin breaks and closes above that price level.
However, if this $36,510 resistance continues to be respected we might see bearish pressure come back into the Bitcoin 4-hour timeframe, pushing the price back down into the range, making this current Bitcoin breakout a fakeout.
Price Prediction: Bitcoin Final Verdict!
Bitcoin is still trading below our key resistance of $36,510. A break above this resistance confirms our bullish bias on the Bitcoin cryptocurrency.
However, as far as the price continues to trading below this level, there is a very high probability that we might see a sell-off in the coming days.
For a full breakdown of this price prediction, read the analysis Warning: Massive Move About To Occur On Bitcoin!
ETH Bullish Breakout!
Ethereum just broke out of the flag pattern on the 4-hour timeframe. This is very bullish for Ethereum and increases the potential for us to see a price rally in the coming days.
The key level to watch is the $2,025 support level. As far as Ethereum continues to trade above this support region, we can expect to see the Altcoin trend higher in the coming days.
Price Prediction: Ethereum Bullish Targets
The next key resistance to watch is the $2,839 key level. The Ethereum bulls have been trying to break through this resistance for a while now, but every time the Ethereum price gets to these highs, we see a sell-off follow.
If this $2,839 resistance holds, we might see history repeat on Ethereum. However, if the Ethereum bulls manage to break through this resistance, we might see Ethereum rally back to the previous highs soon!
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This week’s Cryptocurrency Performance by Market Cap
|Name||7 Days Return||30 Days Return|
What Should We Expect For The Altcoin Market?
Altcoins are naturally correlated to the movement of both Bitcoin and Ethereum. And right now, most of the Altcoins are still generally bearish both losing that momentum to the downside. If Ethereum rallies, we can expect to see the Altcoin market rally with it.
Below we will be talking about the 2 Altcoins we will be watching for next week.
- Cardano Breaking Out Right Now!
The Cardano price is currently breaking out of the converging triangle pattern we are seeing play out on the 4-hour timeframe.
This is a very bullish situation for Cardano and points to a very high likelihood of a further rally in the Altcoin price in the coming days.
The Bullish target to watch would be the $1.87 prevision highs. A break above this resistance could see Cardano rally even higher than the previous ATH region in the coming days.
- ChainLink Breaking Out Of Decending Channel
The Chainlink price is currently breaking out of the descending channel pattern it has been trading in on the 4-hour timeframe. However, the key level to watch is the $20.508 horizontal resistance.
A break of this horizontal resistance confirms our bullish bias on Chainlink and points to a higher likely hood for a further rally in the coming days.
But until this horizontal resistance is broken and the price forms a higher structure, we will remain neutral on ChainLink.
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