Bitcoin is around $42000 and Ethereum is at the $2200 level
- The price of Bitcoin fell to a new low yesterday at the $40181 level.
- Yesterday, we saw two drops in the price of Ethereum below the $2200 level.
Bitcoin chart analysis
The price of Bitcoin fell to a new low yesterday at the $40181 level. After that we start with a bullish consolidation and recover to the $42000 level. We expect to see a continuation of the recovery and a move above the EMA50 moving average. Then, the price would be free of pressure and we could see a continuation to the bullish side. Potential higher targets are $42400 and $42800 levels.
We need a negative consolidation and pullback below the $41000 level for a bearish option. Thus, we would again be under bearish pressure to start a further pullback. Additional pressure also creates the inability to move above the EMA50 moving average. Potential lower targets are $40800 and $40400 levels.
Ethereum chart analysis
Yesterday, we saw two drops in the price of Ethereum below the $2200 level. The second low was formed at the $2160 level. From there, the price starts a bullish consolidation up to $2240. In the first attempt, we encountered resistance there, and now, with the new bullish consolidation, we will again try to break above that resistance level. Crossing above, we climb to the $2260 level, where we encounter resistance in the EMA50 moving average.
Potential higher targets are $2280 and $2300 levels. We need a negative consolidation and pullback below the $2200 level for a bearish option. With that move, we would be back in the pressure zone again and forced to retest the previous support levels. Potential lower targets are the $2180 and $2160 levels.
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