- Yesterday we saw a new attempt for Bitcoin price to reach the $44,000 level.
- Yesterday we saw a limited rise in the price of Ethereum to the $2,350 level.
Bitcoin chart analysis
Yesterday we saw a new attempt for Bitcoin price to reach the $44,000 level. The price only managed to rise to the $43,738 level. He encountered resistance and began a decline that continues today. This morning we fell to the $41,860 level, and for now, we have managed to stop further decline. We are back above the $42,000 level and are testing the EMA200 here.
A return above Bitcoin could initiate a new bullish consolidation. Possible higher targets are the $42,400 and $42,800 levels. For the bearish option, we need to stay below the 200 SMA and test this morning's bottom again. New pressure on the price in that area would lead to a drop below that and the formation of a new low for this week. Possible lower targets are the $41,600 and $41,200 levels.
Ethereum chart analysis
Yesterday we saw a limited rise in the price of Ethereum to the $2,350 level. A lower high price was formed compared to the previous day. This was a signal to us that the price was starting to decline, and a new low was forming at the $2240 level. We stop there and start consolidating upwards until the $2275 level. If it continues, the current consolidation could push the price to $2,300 and the EMA200.
Moving above that, potential higher targets are the $2,320 and $2,340 levels. We need a negative consolidation and a pullback to the previous support at $2,240 for a bearish option. With a breakout below, Ethereum will form a new weekly low, and possible lower targets are the $2,220 and $2,200 levels.
