- Bitcoin price failed to stay in the previous consolidation zone, and yesterday we saw a break down and a drop to the $40,600 level.
- This week we are seeing a decline in the price of Ethereum and a drop below the EMA200 moving average.
Bitcoin chart analysis
Bitcoin price failed to stay in the previous consolidation zone, and yesterday we saw a break down and a drop to the $40,600 level. We stopped there and started to recover from this level. The price first returned above $41,000, with the highest price of the day so far at $41,500. We are in a moderate bullish consolidation and expect to see further recovery above $41,600. Possible higher targets are the $42,000 and $42,400 levels.
The EMA200 moving average is higher in the area around the $42,800 level. We need a negative consolidation and the price to fall below the $41,000 level for a bearish option. This way we will return to the previous low and have a better chance of testing it again. Possible lower targets are the $40,400 and $40,000 levels.
Ethereum chart analysis
This week we are seeing a decline in the price of Ethereum and a drop below the EMA200 moving average. Yesterday we saw the formation of this week's low at $2424. The decline stopped there, and we started recovering from this level. Today, we continue with the same rhythm and grow to $2482. Expectations are that we should see a continued recovery above the $2,500 level.
In that area, the EMA200 is exerting additional pressure, and we will have to cross it if we want further growth in the Ethereum price. Possible higher targets are $2520 and $2540 levels. We need negative consolidation and lower prices to support the bearish option at $2425. New pressure may break the support and form a new low. Possible lower targets are the $2,400 and $2,360 levels.
