Bitcoin Price Reaches $43600: What You Need to Know
- The price of Bitcoin managed to reach the $43600 level yesterday.
- Ethereum price was in a sideways consolidation yesterday, which continued from the weekend.
Bitcoin chart analysis
The price of Bitcoin managed to reach the $43600 level yesterday. On that level, we see the formation of the Monday high. After that, the price stops and begins to pull back to support at the $42250 level.
After a short consolidation in that zone, Bitcoin makes an impulse and moves above the $42500 level. Here, we get support from the EMA200 moving average, and after that, we see further positive consolidation and Bitcoin price move to the $42900 level.
Potential higher targets are $43000 and $43250 levels. We would have to pull back below the EMA200 and the $42500 level for a bearish option. Bitcoin would be forced to test this week’s support zone. By falling to $42,000, we would go down to last week’s support zone.
Such a move would move the price of Bitcoin significantly away from continuing to the bullish side. Potential lower targets are $41750 and $41500 levels.
Ethereum chart analysis
Ethereum price was in a sideways consolidation yesterday, which continued from the weekend. After last night’s support at the $2280 level, the price manages to start a bullish consolidation that moves us above the $2300 level. We do not stop there but continue towards the $2330 level.
Now, we need to continue above to get out of the previous side channel. Moving to the level of $2340, the price eliminates the bearish pressure and starts a further recovery without hindrance.
Potential higher targets are $2350 and $2360 levels. We need a pullback below $2300 and the EMA200 moving average for a bearish option.
Then, we would again have the opportunity to look for support in yesterday’s zone. A break below leads to the formation of a new low, and we get confirmation of the increase in bearish momentum. Potential lower targets are $2280 and $2270 levels.
