Connect with us

Hi, what are you looking for?

Trading Secrets

Bitcoin and Ethereum: Bitcoin above support at $39500

Bitcoin and Ethereum: Bitcoin above support at $39500

All Bitcoin managed yesterday was to climb to the $40515 level. Yesterday’s attempt by the price of Ethereum to initiate a bullish recovery was stopped at the $2264 level.

Bitcoin chart analysis

All Bitcoin managed yesterday was to climb to the $40515 level. There, we encounter resistance and pull back to the support level at $39400. We received new support there and started a new recovery above the $40,000 level. We are currently consolidating around that level and need a stronger impulse to push us to $40500 again. A retest of that level could lead to a break above and the formation of a new three-day high.

Potential higher targets are $40600 and $40800 levels. The EMA200 moving average is in the zone around the $41,000 level. We need a pullback from the $40,000 level to the $39,400 level for a bearish option. The inability to hold above leads to a breakout below and the formation of a new two-day low. Potential lower targets are $39200 and $39000 levels.

Ethereum chart analysis

Yesterday’s attempt by the price of Ethereum to initiate a bullish recovery was stopped at the $2264 level. From that level, a pullback to support at the $2200 level was initiated. We get the required support and recover slightly to the $2240 level. That is our resistance today, and for now, we cannot move above it. We need a bullish impulse to do that and break the resistance level. Potential higher targets are $2260 and $2280 levels.

We need to test the $2200 level again for the bearish option. With a price break below, we would have the opportunity to test this week’s low at the $2165 level. The price would be under more bearish pressure to start a further retreat, and the potential lower targets are $2160 and $2140 levels.

The post Bitcoin and Ethereum: Bitcoin above support at $39500 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...