Bitcoin and Ethereum: Bitcoin is back above $37000
- Over the weekend, Bitcoin price was in a bullish consolidation from $36,300 to the $37,000 level.
- The price of Ethereum has been in a bullish consolidation since
Bitcoin chart analysis
Over the weekend, Bitcoin price was in a bullish consolidation from $36,300 to the $37,000 level. All the time, we had support in the EMA50 moving average, which had a positive effect on the price movement. There is a strong bullish impulse at $37,500 in the form of a high. The price of Bitcoin comes to have a value of 37100$.
For now, we are holding above that level and expect prices to find strength and initiate another bullish consolidation. Potential has a target of $37,400 and $37,600. We need a negative consolidation and a drop below the $37000 level for a bearish option. So you can lower your prices and get a new low price. The potential is between $36,800 and $36,600. We have additional support and the EMA50 moving average in the zone around the $36600 level.
Ethereum chart analysis
The price of Ethereum has been in a bullish consolidation since Friday after falling to the $1906 level. At that level, the fall stopped, and the recovery started. Now, we are again above the $2000 level and forming a four-day high at the $2025 level. Additional support was found in the EMA50 moving average after the jump above the $1980 level. Potential higher targets are the $2040 and $2060 levels.
We need a negative consolidation and pullback below the $2000 level for a bearish option. After that, we would again be in a situation to test $1980 and the EMA50 moving average support. A break below this support would increase pressure on the price, and we would see a pullback to lower levels. Potential lower targets are $1960 and $1940 levels.