Bitcoin and Ethereum: Bitcoin continues to move above $34000
- In the second part of this week, we see a slowdown in the bullish trend in the price of Bitcoin.
- The price of Ethereum made a new high yesterday at the $1865 level.
Bitcoin chart analysis
In the second part of this week, we see a slowdown in the bullish trend in the price of Bitcoin. In the previous 24 hours, the price moved to the $33,700-$34,200 movement zone. For now, we are holding above the $34000 level, but we need a break above $34300 to move out of this consolidation. This could influence the prices to move more easily to continue on the bullish side. Potential higher targets are $34800 and $35200 levels.
We need a negative consolidation and pullback to the $33700 support level for a bearish option. A break below would lead to the formation of a new lower low and thereby confirm the primary bearish option. Potential lower targets are $33600 and $3200 levels.
Ethereum chart analysis
The price of Ethereum made a new high yesterday at the $1865 level. After that, we saw a bearish consolidation and a drop to the $1760 support level. Since then, we have recovered to the $1810 level, where we encountered new resistance and formed a lower high for the price of Ethereum. Then, we make a bearish consolidation and go down to a $1775 support level. Increased pressure in that zone could lead to a fight below and the formation of a new lower low.
Potential lower targets are $1740 and $1720 levels. Additional support in the zone around $1740 was the EMA50 moving average. We need a positive consolidation and price movement above the $1820 level for a bullish option. Thus, we would jump past the previous resistance, which would reduce the pressure on the price. With a new impulse, we would be in a position to start a new bullish consolidation. Potential higher targets are $1840 and $1860 levels.
