Not only have we seen some doubt on the stock exchanges in the last month, the crypto market has also slowed down for a while and in many cases even taken a big step back. However, the long-term technical picture of the broader crypto market remains positive and I expect that we will soon see new highs.
Bitcoin peaked at over $73,000 in mid-March and then started correcting. Initially there was a sideways price movement, but recently the price seemed to come under further pressure. This turned out to be only a temporary dip for the time being.
Expectations for the bitcoin halving at the end of April were high, as the price continued to rise convincingly after the previous halvings. For the time being, this halving has somewhat disappointed crypto investors. However, in the longer term I see sufficient technical signals to expect higher prices.
Bitcoin: Healthy Technical Correction
The long-term technical picture of bitcoin still looks good. Despite the hesitation of recent weeks, the rising faae is still intact and we can speak of a ‘healthy technical correction’.
Bitcoin now seems to be caught at the bottom of the rising trend, after which we can look upwards again. The recent peaks form the first hurdle, but ultimately they certainly do not rule out a rise towards new highs.
Only after a downward breakthrough through the ascending support line will the image weaken further and a larger correction can be expected.
In the short term, it is easy to see how the sideways consolidation briefly seemed to turn into a larger correction. However, the decline below the recent lows was quickly reversed, after which the declining high line has now also been broken.
After the false downward breakout, the corrective phase is also quickly interrupted and the price can continue to rise within the neutral phase. Resistance awaits in the zone of the old highs around $73,000.
Ethereum: Convincing Uptrend
The long-term technical picture also still looks strong for ether, the cryptocurrency of the Ethereum network. Although ether has not yet reached its old highs, there is a convincing upward trend.
Higher highs and lows indicate continued demand. The price has taken it easy in recent weeks, but the rising bottom line has provided support. From this level the price can bounce back.
The formation of a new higher price bottom will once again confirm the positive picture. Ether could then continue to rise towards the old all-time high of $4,951.
The technical picture of the last few months is clearly more corrective in nature. Lower highs and lows indicate short-term selling pressure. However, now that the price has managed to form a double bottom, the selling pressure seems to be drying up somewhat.
The image brightens further when the corrective phase is left. A breakout from the descending trend channel will free up space for an increase towards higher price levels.
Try Tostrams Premium for 3 months for only €19.95 (73% discount)Would you like to receive technical stock analyzes and concrete buying tips every day? Then subscribe to Tostrams Premium. With a universe of more than 500 different stocks, commodities, currencies and indices, our specialists ensure that you don’t miss anything. You can also set up personal alerts so that you are notified when a technical breakout occurs or an important support level is broken. This means you will no longer miss any purchasing opportunities! Furthermore, as a Tostrams subscriber you automatically get access to no fewer than four model portfolios with the best shares for the Netherlands, Europe and the US and ETFs. The Tostrams portfolios have been beating the market since 2006. Would you like to try Tostrams.nl? Then go to tostrams.nl/actie and read our technical analyzes for three months for only €19.95. This amounts to a discount of no less than 73%. |
