Bitcoin and Ethereum: Bitcoin falls below $42000 level

Bitcoin chart analysis

Yesterday, we saw the Bitcoin price pull back to the $41639 level. A strong bearish impulse pushed the price from the $42800 level to yesterday’s low. After that, we see that Bitcoin managed to stabilize and start a recovery. Bullish consolidation takes us up to $42700 and we expect to see further recovery to the bullish side today. Potential higher targets are $43000 and $43200 levels.

Additional resistance to the price of Bitcoin could be found in the EMA50 moving average in the zone around the $43000 level. We need a negative consolidation and pullback below today’s support at the $42200 level for a bearish option. Thus, we would form a new daily low and thereby confirm the bearish momentum. Potential lower targets are $42000 and $41800 levels.

Ethereum chart analysis

Yesterday, we saw a drop in the price of Ethereum below the $2200 level. This week’s low was formed at the $2178 level. The decline was stopped there, and the price of Ethereum began a recovery that continues today. We are currently at the $2250 level and testing the EMA50 moving average. We need a jump above if we want to see further recovery and climbing to higher levels. Potential higher targets are $2270 and $2280 levels.

We need a bounce from the EMA50 and a negative consolidation afterwards for a bearish option. Next we look at the $2210 previous support level. A drop below forms a new daily low and confirms bearish dominance. Potential lower targets are the $2200 and $2190 levels.

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