Connect with us

Hi, what are you looking for?

Trading Secrets

Bitcoin and Ethereum: New low for Bitcoin yesterday at 38505

Bitcoin and Ethereum: New low for Bitcoin yesterday at 38505

Increased pressure on the price of Bitcoin led to a drop yesterday to the $38505 level. The price of Ethereum continued its retreat yesterday afternoon until reaching the $2165 level.

Bitcoin chart analysis

Increased pressure on the price of Bitcoin led to a drop yesterday to the $38505 level. The price managed to consolidate there and initiate a positive consolidation above the $39200 level. After the new support, we continue with the recovery, forming a high at the $40225 level. We stop there and pull back to the $39560 level, where we get the support and form a higher low. This confirms that we are in a mild bullish trend.

We are currently in a bullish consolidation and could test the previous resistance level. Potential higher targets are $40400 and $40800 levels. The EMA200 moving average is in the zone around the $41300 level. We need a drop below the $39500 level for a bearish option. This would confirm continuing on the bearish side. Potential lower targets are $39200 and $38800 levels.

Ethereum chart analysis

The price of Ethereum continued its retreat yesterday afternoon until reaching the $2165 level. This created a three-week price low. We get support at that level and start the recovery. Positive consolidation took us up to $2255, where we are encountering minor resistance in the hope of jumping over it. Potential higher targets are $2275 and $2300 levels. The EMA200 moving average is high at the $2400 level.

We need a negative consolidation and pullback below the $2200 level for a bearish option first. In this way, there would be increased pressure on the price to test yesterday’s low. This could produce a breakout below and the formation of a new lower low. Potential lower targets are $2150 and $2125 levels.

The post Bitcoin and Ethereum: New low for Bitcoin yesterday at 38505 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 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...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...