This week I am going to be looking at potential correction areas for a selection cryptocurrencies that I have a personal interest in, and especially from the point of view of medium to long-term signal issuance for Biyond.

As everyone is now aware the Israel Vs Iran situation has the possibility to cause risk-on asset classes to correct even lower next week and maybe even over an extended period.

The Ukraine war saw a short-lived crypto correction and then a rally in crypto. Not to say this will happen again, but will of course depend upon the escalation or de-escalation of events in the Middle-East.

Technically, the first and most obvious thing to note is that Bitcoin is undoubtedly trading within a large symmetrical triangle pattern on the higher time frames.

Triangle pattern breakouts can be tricky, but let's go back to text-book theory for clues as to exactly how far the potential downside breakout to spill over for BTC.

Text-book theory suggests that "Once a breakout occurs, traders can estimate the price target by measuring the widest part of the triangle and projecting that distance from the breakout point. "

Ok, so measuring the current triangle pattern and we can see the widest part of the triangle extends to  $58,000 up to $73,800.

Therefore, and if the target of the triangle pattern is correct we could see a coming drop to around $44,000. 

Extremely interesting that this is close to the 50 percent Fibonacci retracement of the ATH to the previous bear cycle low. 

Almost certainly I would be looking to initiate medium and long-term positions here, targeting levels which I will discuss in my daily email if the expected scenario unfolds.

Now we come to Ethereum, a coin that looks particularly soft right now and is being hit by a triple whammy of bearish catalysts.

ETH ETF jitters, technical softness, and of course ETH losing Wall Street the institutional investment battle to Bitcoin right now.

Technically, Ethereum finds itself in a similar position to BTC in that it is trapped inside a triangle pattern, however, the triangle patterns are different.

ETH is trapped inside a descending triangle pattern. which is a decidedly bearish pattern, whereas symmetrical patterns are more bullish and usually hint at being continuation patterns.

After a breakout from a descending triangle, the target price is calculated by measuring the widest distance of the pattern and subtracting it from the breakout point at the resistance line.

With this in mind, so we are basically looking at  $3,000 to $4000, meaning we could expect a pending drop to $2,000 for ETH if that target unfolds.

Stay tuned for upcoming BTC and ETH signals. Next week I will be looking at XRP and LINK in-depth. Two coins that I feel are going to be strong buys on the next significant pullback.

#BitcoinAnalysis #EthereumAnalysis #CryptoAnalysis📈📉🐋📅🚀

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