Bitcoin and Ethereum: Price Changing Dramatically
- After the US inflation report, Bitcoin price drops to $18,200, confirming the September support zone.
- The current loss of Ethereum value today is 6.50%; it was 10.0% at the time of the news announcement about the level of American inflation.
Bitcoin chart analysis
After the US inflation report, Bitcoin price drops to $18,200, confirming the September support zone. Such data on inflation give us a sign that the Fed will stick to its set monetary policy. So at the next meetings, we can expect a maximum interest rate increase to bring inflation to the planned level. As long as the Fed raises interest rates, the price of Bitcoin will fall. For the current bearish scenario, we need a continuation of this bearish momentum. We are looking for the next support at the $18,000 level. Potential lower targets are $17500 and $17000 levels. For a bullish option, we need a positive consolidation for the first indication of a potential recovery. After that, we need to return to the $19,000 level again and try to hold on to that place. Only after that will we have a chance to start further recovery.
Ethereum chart analysis
The current loss of Ethereum value today is 6.50%, which was 10.0% at the time of the news announcement about the level of American inflation. The price dropped to $1154 at that point. This was followed by a quick pullback above the $1200 level, and now we can watch how the price of Ethereum will behave. Will it return to the previous consolidation zone or make a retest of the lower consolidation zone of $1220-$1260? With the bullish option, we need a return at least above $1360 and try to stay there. Only after that could we continue toward the $1300 level with a new bullish impulse. We need a negative consolidation and another drop below the $1200 level for a bearish option. Then we would once again test the previous low at the $1154 level. A potential lower target is the $1100 support level.
