Bitcoin and Ethereum – What to Expect?
- The price of Bitcoin has been moving in the side consolidation in the range of 29000-31500 dollars, last the sixth day.
- Yesterday, the price of Ethereum fell by about $ 200, the maximum was 2108 dollars, and the day closed at 1905 dollars.
- The total capitalization of the crypto market fell 3.6% overnight to $ 1.24 trillion.
Bitcoin chart analysis
The price of Bitcoin has been moving in the side consolidation in the range of 29000-31500 dollars, last the sixth day. This morning’s pressure was on the lower support zone, and as the day goes by, the price recovered. Today’s low was $ 28,645, and now we’re at $ 29,300. The price has formed the bottom of the chart, and now we continue to the bullish side. For the bullish option, we need further positive consolidation from this level. Our first target is the $ 30,000 level, the middle of this sideway channel. We get additional support in moving averages if the price stays above that level. After that, we can expect bitcoin to continue towards the $ 30,750 level, then towards the $ 31,000 and $ 31,500 previous high. For a possible bearish trend, we need a drop below $ 28,500. This break zone would open up potential space for us at $ 28,000. Potential next supports are $ 27,670, level $ 27,000.
Ethereum chart analysis
Yesterday, the price of Ethereum fell by about $ 200, the maximum was 2108 dollars, and the day closed at 1905 dollars. Ethereum continues to consolidate at the lower level without any indication of a potential future trend. Bearish pressure is still noticeable on the chart, and it is possible that we will see testing last week’s low at 1697 dollars. We need a new positive consolidation and a jump in prices above this bottom for the bullish option. We need a break above the $ 2,000 level and above the MA200 moving average at $ 2,050. If the price succeeds, then we could revisit the 2100 resistance zone. The break above opens up space for us to higher levels on the chart. Our potential next bullish targets are $ 2,200, $ 2,300, and last week’s high at $ 2,450.
Market overview
On Wednesday, Bitcoin fell 3%, closing the day at about $ 29,000, continuing in that zone on Thursday morning. Ethereum lost 4.3%. Other altcoins in the top 10 fell from 1.8% (BNB) to 9.8% (Cardano). The total capitalization of the crypto market fell 3.6% overnight to $ 1.24 trillion. The bitcoin dominance index, relative to other currencies, rose 0.4% to 44.7%. The index of fear and greed of cryptocurrencies increased by 1 point to 13 and is still in “extreme fear” territory.
