Bitcoin chart analysis

The price of Bitcoin is below the $19,000 level again. This morning we failed to move close to $20,000, and the price was stopped at $19,500 with additional resistance in the MA200 moving average. We are again looking at the previous low at the $18200 level. For a bearish option, we need a continuation of the negative consolidation. Then we can expect the price to continue sliding towards the $18000 support level. If we do not find support here, the potential lower targets are $17500 and $17000 levels. We need to get back above 19500 from this morning’s high for a bullish option. In the continuation, the bitcoin price could find itself again in the zone of 20000$. If bitcoin managed to climb above, it would form a solid bottom from which we could start a stronger recovery towards the $21000 level.

(Click on image to enlarge)

Ethereum chart analysis

This morning, the price of Ethereum was at the $1350 level, after which we would see a pullback to the $1300 support level. For now, we have support at that level in the previous two hours, and if we were to move back above the MA20 and MA50 moving averages, the recovery could continue. Our target is again the previous high at the $1350 level. A break above could move us to the $1400 level. We need a negative consolidation and a price drop below the $1300 level for a bearish option. Then we look at the previous low at the $1250 level. If we don’t manage to hold on there either, the price could drop to $1,200. Potential lower targets are $1150 and $1100 levels.

(Click on image to enlarge)

Market Overview

Bitcoin mining company Compute North files for bankruptcy, CEO resigns. Compute North filed for bankruptcy on Sept. 22 and will continue to operate as it seeks to find solutions to its liquidity problem. The company reportedly owes $500 million to about 200 creditors and has assets worth between $100 million and $500 million.

More By This Author: