Bitcoin and Ethereum: Bitcoin stays above $35,000 level
- The first two days of this week were very bearish for the price of Bitcoin.
- The price of Ethereum made a bearish move to the $1940 level yesterday.
Bitcoin chart analysis
The first two days of this week were very bearish for the price of Bitcoin. Yesterday, we saw the decline and formation of this week’s low at the $35,000 level. The fall is stopped at that level, and the price starts a positive consolidation that takes us up to the $35,700 level. We encounter some resistance in this zone and need a breakout above for further Bitcoin recovery. Potential higher targets are $35800 and $36000 levels.
The EMA50 moving average is waiting for us in the zone around the $36,200 level. We need a negative consolidation and a new pullback to the $35000 level for a bearish option. A break below would lead to the formation of a new low, and thus, we would receive confirmation for the bearish option. Potential lower targets are $34800 and $34600 levels.
Ethereum chart analysis
The price of Ethereum made a bearish move to the $1940 level yesterday. We failed to hold above the $2040 support level, followed by a breakout below and a drop to the $1940 level. The price broke through $2000, and there was no attempt to maintain it at that level. After support at the previous low, the price starts a bullish consolidation and climbs to $1987. If today’s consolidation continues, we could return above the $2000 level.
Potential higher targets are $2020 and $2040 levels. We will have additional resistance in the zone around $2000, in the EMA50 moving average. We need a negative consolidation and pullback below the $1960 level for a bearish option. A break below would bring us down to test yesterday’s low, and we may see a further drop below and the formation of a new low. Potential lower targets are $1920 and $1900 levels.