Bitcoin chart analysis

The price of Bitcoin (BITCOMP) was in retreat to the $36,200 level this morning. In this zone, we encounter the EMA50 moving average and manage to get its support. After that, we started a new positive consolidation and grew to $36,700. Today’s consolidation tells us that we could expect to see a continuation to the bullish side and see Bitcoin again at the $37000 level. Potential higher targets are $37200 and $37400 levels.

We need a negative consolidation and a retracement to the previous low at the $36200 level for a bearish option. In that zone, we would again test the EMA50 moving average. A break below would lead to the formation of this week’s new low and confirm the chart’s bearish momentum. Potential lower targets are the $36,000 and $35,800 levels.

Ethereum chart analysis

Yesterday, we saw a bullish attempt by the price of Ethereum (ETH-X) to the $2120 level. There, we encounter resistance and start a pullback to the $2030 level. We are getting new support in that zone and starting with a positive consolidation in the recovery to the $2060 level. Now, we hope to see a continuation of this consolidation and the price of Ethereum to higher levels. Potential higher targets are $2080 and $2100 levels.

We need a negative consolidation and a new price decline to the $2030 support level for a bearish option. A break below leads to the formation of a new low and thus confirms the bearish presence on the chart. Potential lower targets are $2020 and $2000 levels. In the zone around the $2000 level, we could get support in the EMA50 moving average.

More By This Author: