Bitcoin chart analysis

The two-day growth in the price of Bitcoin stopped at the $38457 level yesterday. After that, we see a transition to the defensive and a pullback of the price to the $37,600 level. We managed to hold above and move up to the $38180 level, where we encountered new resistance, forming a lower high for Bitcoin prices. Then, we move into a new pullback at the $37750 level. If this consolidation continues, we could retest the $37,600 level of support.

Potential lower targets are $37500 and $37400 levels. Additional support for the price of Bitcoin is the EMA50 moving average in the zone around the $37500 level. We need a positive consolidation and a return above the $38000 level for a bullish option. Then, we need to hold on up there and form the bottom from which we would continue further recovery. Potential higher targets are $38200 and $38300 levels.

(Click on image to enlarge)

Ethereum chart analysis

Today’s Ethereum price movement is in the 2020$-2040$ range. Additional pressure in the zone around $2040 creates the EMA50 moving average that does not allow us to move above. This could lead to a drop below the $2020 support level and form a new daily low. Potential lower targets are $2010 and $2000 levels.

We need a positive consolidation and a jump above the $2040 level for a bullish option. Then, it is necessary to stay up there and start a new recovery with a new impulse. The positive for the price is that it has moved above the EMA50 moving average and received support for further continuation to the bullish side. Potential higher targets are $2050 and $2060 levels.

(Click on image to enlarge)

More By This Author: