Bitcoin and Ethereum: Positive Week for Bitcoin Price
This week, Bitcoin’s price is facing resistance in the $58500 zone
Ethereum’s price continued to show a slight recovery despite resistance at the EMA 200 moving average
Bitcoin chart analysis
This week, Bitcoin’s price is facing resistance in the $58500 zone. Weak momentum to move above triggers a bearish consolidation below the $58,000 level. A new daily low was created at $57750, and for now, we are successfully maintaining above that level. Additional support could be found in the EMA50 moving average, which is below today’s low. If the current bearish momentum continues, Bitcoin should move below the moving average to the bearish side.
Potential lower targets are the $57500 and $57000 levels. For a bullish option, the price of Bitcoin would have to return above the daily open price to the positive side. This moves us above $58,200, and we are getting closer to testing the weekly resistance zone. This time, we need a break above and a jump to a new weekly high. Potential higher targets are the $59,000 and $59,500 levels.
Ethereum chart analysis
Ethereum’s price continued to show a slight recovery despite resistance at the EMA 200 moving average. On Thursday, we saw a higher low formation compared to the day before, which is positive for the price. From there, Ethereum started a new bullish consolidation up to the $2372 level. There, we were again under pressure from the EMA 200, which pulled us back down to the bearish side. The price is currently at $2340 at the daily low.
Now, it is important to hold above yesterday’s low to stay on the bullish side. If a break occurs below, we will form a new low, thereby confirming the bearish momentum’s strengthening. Potential lower targets are the $2275 and $2250 levels. By retreating to these levels, we will drop below the weekly open price and thereby only confirm a deeper retreat of Ethereum.
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