Bitcoin and Ethereum: Bitcoin falls to support at $42200

Bitcoin and Ethereum: Bitcoin falls to support at $42200

This week, we see indecisive movement in the price of Bitcoin. The price of Ethereum is retreating after yesterday’s jump to $2447.

Bitcoin chart analysis

This week, we see indecisive movement in the price of Bitcoin. One day we go up another day we go down, and so on until today. After forming a high of $43,800 on Wednesday evening, we see a pullback on Thursday and a drop to the $42,200 level on Friday morning. Then, the price gets the desired support and recovers to the $42800 level. Based on the previous movement of the day, we expect to see a bullish trend and a recovery in the price of Bitcoin. Potential higher targets are $43000 and $43200 levels.

We will have a possible higher resistance to this option in the EMA50 moving average around the $43000 level. We need a negative consolidation and pullback below the $42200 support level for a bearish option. With a fall below, the chances of a new low increase, and thus, we get a confirmation of the bearish trend. Potential lower targets are $42000 and $41800 levels.

Ethereum chart analysis

The price of Ethereum is retreating after yesterday’s jump to $2447. Early this morning, we saw a drop to the $2320 level. We managed to get the required support and recover to the $2370 level. Based on this short-term bullish consolidation, we expect to see continued growth to the bullish side. Potential higher targets are $2380 and $2400 levels.

We need a pullback to the $2320 support level for a bearish option. A drop below would push us to $2300, and there, we would test the EMA50 moving average. The lack of support would lead to a further pullback in the price of Ethereum, and the potential lower targets are the $2280 and $2260 levels.

 

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