Cryptocurrency Technical Analysis, Charts: Point And Figure Trade Ideas For Bitcoin (BTC), Ethereum (ETH)

Bitcoin (BTC) $500/3-box reversal P&F ChartAbove: Bitcoin (BTCUSD) Bitcoin’s had a nice spike higher on the heels of Ethereum’s big breakout. There are two diagonal red trendlines which indicate the primary trendline (furthest to the right and an inner trendline (diagonal closest to the current price). Bitcoin has broken below the inner trendline, pointing to some near term weakness. The entry here would be at a break of the double bottom at $47,000 with a sell stop at $46,500. Stop Loss is at $48,500. The profit target would be near the dominant trend line at $41,500.Ethereum (ETH) $50/3-box reversal P&F ChartAbove: Ethereum (ETHUSD) Ethereum’s breakout has launched it into a three-month high, nearly tagging the $4,000 level. Because there has been such a strong breakout with no retracement, the current column of Xs has formed what is known as a Spike Pattern. This pattern requires the trader to be active and paying attention to the live market. Unlike the majority of Point and Figure trade setups, the Spike Pattern entry occurs right at the 3-box reversal. Because a Spike Pattern is a movement of extremes, the high may not be what it is when you read this article. At the time of writing (2100 EST), the entry is a sell stop at $3,650. The stop loss is 4-boxes. The profit target is the 61.8% Fibonacci Retracement level. Some traders may take a quicker, more conservative profit target at the 50% Fibonacci Retracement level.Cardano (ADA) $0.05/3-box reversal P&F ChartAbove: Cardano (ADAUSD) Cardano has been struggling to break out above the key $3.00 level. The current setup on the Point and Figure chart provides for a lot of opportunities on both sides of the market. There are two trade setups on Cardano’s chart, one long and one short. The long entry, stop loss and profit target is in green. The short entry, stop loss and profit target is in red. The buy stop entry is right on the $3.00 level, which is a break of a split triple top. The profit target on the long setup is all the way up at $3.70 – I would be surprised if Cardano hit that level in one single shot, but at least it gives an idea of how far it could go.On the short side, the entry is the break of a triple bottom at $2.70. The stop loss can be between a three and four box reversal. The profit target is a slightly more conservative level compared to the long idea with a target at $2.20. $2.20 has a lot of support and would likely stop any downside pressure in the shortterm.