Connect with us

Hi, what are you looking for?

Trading Secrets

Bitcoin and Ethereum: Bitcoin rises above $47000 yesterday

Bitcoin and Ethereum: Bitcoin rises above $47000 yesterday

Yesterday, with a strong bullish consolidation, the price of Bitcoin jumped to the $47,281 level. After the consolidation of the price of Ethereum below the EMA50 over the weekend in the pullback yesterday to $2176, a strong bullish impulse to the $2360 level followed.

Bitcoin chart analysis

Yesterday, with a strong bullish consolidation, the price of Bitcoin jumped to the $47,281 level. This year’s new high was formed at that level. After that, we are looking at a slight pullback to support at the $46400 level. For now, Bitcoin is managing to hold above that support level, which could produce a new bullish consolidation for the continuation of the previous trend. Potential higher targets are $47000 and $47200 levels.

We need a pullback to the $46000 level for a bearish option. Thus, we would form a new daily low, and bearish pressure would increase in that zone. A break below would confirm the bearish momentum, and the price would continue to slide. Potential lower targets are $45600 and $45200 levels.

Ethereum chart analysis

After the consolidation of the price of Ethereum below the EMA50 over the weekend in the pullback yesterday to $2176, a strong bullish impulse to the $2360 level followed. We stopped at that level and started a pullback that continues today. In the previous hour, the price fell below the $2300 level, and the current pressure could send it even lower.

In the zone around $2280, we come across the EMA50 moving average, and there, we could expect better support and stop the price drop. Potential lower targets are $2260 and $2240 levels. We need a positive consolidation and a return above the $2320 level for a bullish option. Then we need to hold on there and, with a new impulse, start a further recovery on the bullish side. Potential higher targets are $2340 and $2360 levels.

The post Bitcoin and Ethereum: Bitcoin rises above $47000 yesterday appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...