Bitcoin and Ethereum: Bitcoin under pressure below $52000

Bitcoin chart analysis

Bitcoin was in the $51800-$52500 range yesterday. This morning, we saw a drop below yesterday’s support level, and this week’s low was formed at the $51329 level. Shortly after that, the price climbed above the $51,500 level and has been successfully holding above until now.

There is little pressure on the price as we are unable to move above the $52000 level. This could lead to a further pullback and the formation of a new low. Potential lower targets are $51250 and $51000 levels.

For a bullish option, as we said, we need a move above the $52000 level. Then, we need to maintain above that level. After that, with a new impulse, we should start a bullish consolidation and resistance of the price of Bitcoin. Potential higher targets are $52250 and $52500 levels.

Ethereum chart analysis

Last night, the price of Ethereum rose to the $2984 level. We were close to reaching the $3000 level. After that, there is saturation in that zone, and the price begins to retreat. We are currently at $2915, and there is a good chance we will visit the $2900 level and look for support there. Failure to hold above, a real breakout below, and we will see a drop to the $2880 level. Here, we could expect better support because it is a weekly open price.

Potential lower targets are $2870 and $2860 levels. We need a return above the $2940 level for a bullish option. Then, we need to form a new bottom from which we would start a bullish consolidation. If we succeed, Ethereum’s price could test yesterday’s high. Potential higher targets are $2960 and $2980 levels.

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