Bitcoin and Ethereum: New low for Bitcoin yesterday at 38505
- Increased pressure on the price of Bitcoin led to a drop yesterday to the $38505 level.
- The price of Ethereum continued its retreat yesterday afternoon until reaching the $2165 level.
Bitcoin chart analysis
Increased pressure on the price of Bitcoin led to a drop yesterday to the $38505 level. The price managed to consolidate there and initiate a positive consolidation above the $39200 level. After the new support, we continue with the recovery, forming a high at the $40225 level. We stop there and pull back to the $39560 level, where we get the support and form a higher low. This confirms that we are in a mild bullish trend.
We are currently in a bullish consolidation and could test the previous resistance level. Potential higher targets are $40400 and $40800 levels. The EMA200 moving average is in the zone around the $41300 level. We need a drop below the $39500 level for a bearish option. This would confirm continuing on the bearish side. Potential lower targets are $39200 and $38800 levels.
Ethereum chart analysis
The price of Ethereum continued its retreat yesterday afternoon until reaching the $2165 level. This created a three-week price low. We get support at that level and start the recovery. Positive consolidation took us up to $2255, where we are encountering minor resistance in the hope of jumping over it. Potential higher targets are $2275 and $2300 levels. The EMA200 moving average is high at the $2400 level.
We need a negative consolidation and pullback below the $2200 level for a bearish option first. In this way, there would be increased pressure on the price to test yesterday’s low. This could produce a breakout below and the formation of a new lower low. Potential lower targets are $2150 and $2125 levels.
