Bitcoin and Ethereum: The Price of Bitcoin Is Above $19,200
- During the first part of the day, the price of bitcoin manages to stay above the $19,200 level.
- The price of Ethereum stabilized above the $1330 level.
Bitcoin chart analysis
During the first part of the day, the price of bitcoin manages to stay above the $19,200 level. If this continues, the price could move to higher levels on the chart. We need further positive consolidation above the $19500 level. Below, the next target is the $19700 level. Then we have to try to stay there and, with the next impulse, start further recovery.
A potential higher target is the $20,000 level. For a bearish option, we need a negative consolidation and pullback to the $19000 level. After that, we need a negative consolidation and a further drop below that support zone. Potential lower targets are $18800 and $18500 levels.
Ethereum chart analysis
The price of Ethereum stabilized above the $1330 level. Now we see a slow bullish consolidation that could move Ethereum’s price to the previous high at the $1370 level. A price break above would be of positive significance, and we could see further movement toward the $1400 level.
We need a negative consolidation and a price drop below the $1330 level for a bearish option. After that, the price would go down to the $1300 level. The inability to hold on there would lead to a further drop in the price of Ethereum. Potential lower targets are $1280 and $1260 levels.
Market overview
The Russian parliament rejected a new law on mining bitcoins and other cryptocurrencies. This was published by the local news agency Interfax, which reveals that on October 19 in Moscow, the State Duma voted against the law on cryptocurrency mining proposed by the deputies of the “New People” party.
