Bitcoin and Ethereum: Prices Drop Drastically
- Bitcoin price slipped to the $18,400 level this morning.
- The price of Ethereum today fell to a new September low at the $1300 level.
Bitcoin chart analysis
The proce of bitcoin slipped to the $18,400 level this morning, forming a new September low. Now we see a minor recovery to the $18800 level, and we are trying to reach the $19000 level. To continue the bullish option, we need first to try to stay above and then escape from this unpleasant situation with a new bullish impulse. The first major target is the $20,000 level, the place of our last week’s movement. MA200 is in the zone around $20400, and it would mean a lot to us to break prices above it. A potential higher target is the $21,000 level. We need a continuation of this negative consolidation and a new test of this morning’s low for the bearish option. Break below, takes us down to the $18000 support level. The last time we were there was in June. Potential lower targets are $17,500 and $17,000 levels.
Ethereum chart analysis
The price of Ethereum today fell to a new September low at the $1300 level. There we found support, and the price moved up to the $1325 level. We have support at the MA20 moving average, and we could see a continuation of the recovery by the end of the day. Our target is $1400 and the MA50 moving average. A price move above would wipe out today’s loss in value. Then we need to hold on there, and with the bullish impulse, move towards continuing the recovery. Potential higher targets are $1450 and $1500 levels. We need a negative consolidation and a new drop to the $1300 support level for a bearish option. A fall below would signal a further decline in the price of Ethereum. Potential lower targets are $1250 and $1200 levels.
