Bitcoin and Ethereum: Bitcoin is back above $35000 yesterday
The price of Bitcoin broke above $35,000 once again yesterday, forming a new high at the $35,200 level. The Ethereum price formed a new high at the $1856 level in the previous hour.Bitcoin chart analysis
The price of Bitcoin broke above $35,000 once again yesterday, forming a new high at the $35,200 level. After that, we see consolidation in the $24500-$34900 range. We are still holding very high, putting pressure on the resistance zone. This could produce a breakout above, and thus, we will form a new higher high in the price of Bitcoin. Potential higher targets are $35500 and $35750 levels.
We need a negative consolidation and pullback below the $34500 level for a bearish option. A price drop below would have the effect of increasing pressure on Bitcoin and moving it to lower levels on the chart. After that, we would see a continuation of the pullback and the formation of a new low. Potential lower targets are $34000 and $33750 levels.
Ethereum chart analysis
The Ethereum price formed a new high at the $1856 level in the previous hour. We are still holding very high; we are currently at the $1847 level, and we expect to see a continuation to the bullish side and the formation of a new high. Potential higher targets are $1860 and $1880 levels. This week’s consolidation is very bullish, which could have a big impact if we see another strong bullish impulse.
For a bearish option, we need a negative consolidation and price pullback to the $1760 level, the previous support. Returning to that level could influence us to see a breakout below and the beginning of a stronger bearish pullback. Potential lower targets are $1740 and $1720 levels. The EMA50 moving average is in the zone around the $1700 level.
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