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Chart Wars: Are Bitcoin and Ethereum heading for a bullish 2022 with the further introduction of cryptocurrencies? – Bitcoin – US dollar ($ BTC), Ethereum – US dollar ($ ETH)

Bitcoin (CRYPTO: BTC) and ether (CRYPTO: ETH) traded slightly higher on Monday, fueled by both a return in bullish sentiment in the cryptocurrency sector and upward momentum in overall markets where the SPDR S&P 500 (NYSE: SPY) soared over 1% higher in the blue sky.

Although many crypto enthusiasts were hoping that Apex cryptos would end the year at an all-time high, some analysts put Bitcoin and Ethereum price targets of over $ 300,000 and $ 12,000, respectively, by early 2022. Ultimately, November 10th marked the high for cryptos so far in 2021.

Earlier this year, a six-week downtrend resulted in Bitcoin and Ethereum bottoming out in mid-September and reversing their course into uptrends, which could renew hopes for a bullish first quarter of 2022.

It should be noted, however, that events that affect the direction of general markets can quickly dislodge patterns, especially in the historically volatile crypto sector. As the saying goes, “the trend is your friend until it isn’t” and every trader should have a clear stop-loss rate for their positions and manage their risk versus return.

In the news: MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor recently said he believes companies that provide access to bitcoin will be most profitable over the next decade. In the course of 2021, a number of listed companies changed their business model to include cryptocurrencies in some form. AMC Entertainment Holdings, Inc (NYSE: AMC) CEO Adam Aron CNBC told CNBC during an interview on Dec. 20 that adding cryptos to the theater chain is part of their transformation strategy.

See also: Used cars appreciate faster than the stock market, even some cryptocurrencies: Report

The Bitcoin Chart: On Monday, Bitcoin attempted to break away from a bull flag pattern on the daily chart, with the pole formed between December 20 and December 24 and the flag formed between December 24 and Sunday.

  • Monday’s price action caused Bitcoin to print a higher high above the December 20 high of $ 51,878.60, confirming that the uptrend is still intact.
  • If the cryptocurrency closes the 24-hour session near its daily high, it will print a bullish marubozu candlestick, which could indicate higher prices are coming on Tuesday.
  • Bitcoin has resistance above at $ 52,666 and $ 55,625 and support below at $ 50,505 and $ 48,475.

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The Ethereum Chart: Ethereum has been in an uptrend since December 15th when it reacted to a double bottom pattern at bullish levels when paired with the December 13th price action where it bounced off the range.

  • On December 23, Ethereum bullishly pulled away from a pennant pattern, but the crypto was unable to make a significant upward move due to the below-average volume at the break.
  • Ethereum has to make a higher high above the December 23rd high of $ 4,157.82 or the crypto could create another pennant pattern making lower highs and higher lows until either big bullish or big bearish volume kicks in to run it out to break the pattern.
  • Ethereum has resistance above at $ 4,168.56 and $ 4,384.43 and support below at $ 3,949.45 and $ 3,610.91.eth_dec._27.png

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