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Bitcoin and Ether Basing and Bullish Price Forecasts

Steve Miley trader
Updated 5 Dec 2022

The major cryptocurrencies have been in a more positive phase since mid-November, despite the negative price action seen since early November, with the fallout from the collapse of FTX. This has seen both Bitcoin (BTC) and Ethereum (ETH) advance last week and again since the weekend to produce bullish technical signals and establish more positive technical outlooks for December and potentially beyond.

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Positive Bitcoin and Ether Basing 

Both Bitcoin and Ethereum have posted solid recoveries since the weekend and have built on the erratic, but overall positive consolidation phases that have been seen through November. These constructive technical setups have produced near-term bullish chart signals and have set risk for a stronger, intermediate-term outlook for December and into Q1 2023. Here we look at the technical trigger points and forecasts for both Bitcoin and Ether fore this week, into year-end and on into January.

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Bitcoin Price Forecast 

Positive price action since the weekend has today pushed BTC above last week’s peak at 1727, for a more positive technical tone. This has built on the surging rally from last week, after the speech from Fed Chairman, Jerome Powell, in which he indicated a potential for slowing the pace of future interest rate hikes.The push last week above 17161 resistance secured a better technical basing pattern and now aims higher into December (and possibly beyond).

Source: IG.com

Upside targets are now at 18173, through which sets a still more bullish chart outlook to aim toward the early November failure peak at 21425. Above here, maybe even aims for 22778.

However, below 16804 would aim for 16002, and the cycle low at 15480.

Ether Upside Prospects

Solid price gains from Sunday have elevated ETH close to last week’s peak at 1309, for a potentially even more positive technical theme. This has reinforced the strong rally from the very end of November, post the Powell comments (as above). The surge last week above 1289 resistance secured a stronger bottoming pattern and sets the threat to the upside in at least the short term.

Source: IG.com

Upside targets are at 1309 and 1348, through which would signal a still more positive technical viewpoint to target the early November swing peak at 1676. Through here, even opens risk to 1789 into year-end.

However, below 1236 would open the threat for 1151 and possibly the cycle lows at 1073/73.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.