Connect with us

Hi, what are you looking for?

Economy

Bitcoin and Ethereum: Bitcoin finds support at the $27500

Bitcoin and Ethereum: Bitcoin finds support at the $27500

Yesterday, we saw another jump in the price of Bitcoin above the $28000 level. The price of Ethereum fell to a new low yesterday at the $1606 level.

Bitcoin chart analysis

Yesterday, we saw another jump in the price of Bitcoin above the $28000 level. A new high was formed at the $28125 level. This was followed quickly by a pullback to $27400, where Bitcoin gained support. Since then, the price has slightly risen to $27,650. If today’s consolidation continues, we could expect to see a continuation of the move to the bullish side. Potential higher targets are $27800 and $28000 levels.

We need negative consolidation and pullback to support the bearish option at the $27400 level. Additional support in that zone is the EMA50 moving average. A break below would mean that the price does not have the strength to maintain at that level, and we will see a further pullback. Potential lower targets are $27200 and $27000 levels.

Ethereum chart analysis

The price of Ethereum fell to a new low yesterday at the $1606 level. This created a new October low price. After that, we see that the price managed to consolidate and initiate a positive consolidation up to the $1635 level. We need a continuation if we want to see Ethereum at higher levels. We could have additional pressure at the $1645 level because we encounter the EMA50 moving average there. Potential higher targets are $1650 and $1660 levels.

We need a negative consolidation and pullback to the $1610 level for a bearish option. A break below signifies that we are continuing on the bearish side and will form a new low. Potential lower targets are $1600 and $1590 levels.

The post Bitcoin and Ethereum: Bitcoin finds support at the $27500 appeared first on FinanceBrokerage.

You May Also Like

Latest News

President Biden is asking Congress to approve nearly $100 billion in emergency funding to aid recovery efforts for the recent deadly storms that ravaged...

Stock

One hallmark of secular bull markets is rotation. When leading stocks, sectors, and industry groups falter, there needs to be others that grab the...

Latest News

Activists on Saturday demanded that the state of California pay millions of dollars to each Black resident in reparations as a way to make...

Latest News

Vice President Kamala Harris spent a whopping $1.5 billion during her 15-week campaign that ended in defeat to President-elect Donald Trump, including burning through...



Disclaimer: Frequencytraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Frequencytraders.com