Bitcoin and Ethereum: Bitcoin falls to $35600 yesterday
Thursday first saw Bitcoin price jump to 37,975, retesting the $38,000 resistance level.
Yesterday’s attempt to break above the $2080 level ended unsuccessfully again.
Bitcoin chart analysis
Thursday first saw Bitcoin price jump to 37,975, retesting the $38,000 resistance level. That’s where we encountered resistance and started pulling back, bringing the price down to $35,600. Bitcoin manages to get support at that level and begins a recovery to the $36600 level. Today, we have resistance at that level, leading to a new bearish consolidation and a pullback to the $36200 support level.
In this zone, we are now testing the EMA50 moving average. A drop below the $36,100 level would mean that Bitcoin has no strength to recover, and we will see a pullback to the bearish side. That would influence us to start a new testing of the previous low at the $35600 level. Potential lower targets are $35400 and $35200 levels.
Ethereum chart analysis
Yesterday’s attempt to break above the $2080 level ended unsuccessfully again. The attempt was followed by a price withdrawal, which fell below $2000. A low was formed at the $1940 level, and we are holding above it for now. A minor bullish consolidation has pushed the price up to the $1990 level, where we encounter new resistance and soon turn to the bearish side.
New pressure in the zone around $1940 could lead to a breakout below and the formation of a new Ethereum low. Potential lower targets are $1920 and $1900 levels. We need a positive consolidation and price movement above the $2000 level for a bullish option. Thus, we would also skip the EMA50 moving average, and we could expect to get its support. Potential higher targets are $2020 and $2040 levels.
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