12 August chart overview for Bitcoin and Ethereum
Bitcoin chart analysis
Bitcoin failed to break through the $25,000 barrier yesterday. The price stopped at $24,970. After forming a new higher high, the bitcoin price makes a pullback and falls to $24,000. This morning bitcoin makes a break below the $24,000 level and continues the bearish trend up to the $23,700 level. Today’s picture is very bearish, and we could see a continuation of the price drop to the $23,000 level. MA200 moving average is in the zone around the $23,500 level. The dollar index rallied today, which was immediately reflected in the Bitcoin chart. For a bearish option, we need a continuation of this negative consolidation and a price pullback to the $23,000 support zone. Potential lower targets are $22,500 and $22,000 support zone. We need to get back above the $24,000 level for a bullish option. After that, with bullish consolidation, we would continue upwards. Potential targets are $24,500 and $25,000, yesterday’s resistance zone.
Ethereum chart analysis
Yesterday the price of Ethereum stopped at $1950, followed by a pullback below the $1900 level. Today, the bearish trend from yesterday continued, and the price fell below the $1900 level and formed the current low at $1850. For a bearish option, we need a continuation of the negative consolidation and a pullback of the price towards the $1800 level. The pair could continue towards the $1700 lower support zone if we do not find support here. We could expect additional support in the MA200 around the $1750 level. We need to get back above the $1900 level for a bullish option. After that, with a positive consolidation, Ethereum could continue towards $1950, then towards the $2000 higher resistance zone.
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