- bitcoin price on Thursday retreated to $58,867 in a new weekly low
- Last night, ethereum price fell to $2,328, a new weekly low
bitcoin Chart Analysis
bitcoin price on Thursday retreated to $58,867 in a new weekly low. With that step, the price broke last week's low. After rapid consolidation, we are back above the $60,000 level this morning. For now, we have resistance at $60,800, where the 50 EMA is creating additional pressure. We need the previous momentum to strengthen the bullish momentum and continue today's consolidation.
The highest potential targets are the $61000 and $61500 levels. The 200 EMA could represent even greater resistance in the $62000 area. For a bearish option, we need a negative consolidation and a decline of bitcoin below $60000. With that step, we reach a new daily low and confirm the bearish pressure on the price. The lowest possible targets are the $59500 and $59000 levels.
<img decoding="async" class="alignnone size-large wp-image-330117" style="aspect-ratio:1024/566" data-class="LazyLoad" src="https://6ztkp25f.tinifycdn.com/wp-content/w3-webp/uploads/2024/10/bitcoin-chart-analysis-5-1024×566.jpgw3.webp” alt=”bitcoin Chart Analysis” width=”1024″ height=”566″/>
ethereum Chart Analysis
Last night, ethereum price fell to $2,328, a new weekly low. Shortly after, we saw the beginning of a bullish consolidation towards the $2,380 level. This morning, the price continued to recover from there, surpassing $2,400. Currently, we also have the support of the 50 EMA, but we have resistance at the $2420 level. If the support holds, we can expect bullish momentum to a new daily high.
The highest potential targets are the $2440 and $2460 levels. We will have major resistance at the $2440 zone at the 200 EMA EMA. For a bearish option, we first need a negative consolidation and a drop below the 200 EMA EMA. After that, we hope to test the daily opening level. This time we expect a breakout to a new low, which will confirm the strengthening of the bearish momentum. The lowest potential targets are the $2360 and $2340 levels.
<img decoding="async" class="alignnone size-large wp-image-330118" style="aspect-ratio:1024/566" data-class="LazyLoad" src="https://6ztkp25f.tinifycdn.com/wp-content/w3-webp/uploads/2024/10/ethereum-chart-analysis-5-1024×566.jpgw3.webp” alt=”ethereum Chart Analysis” width=”1024″ height=”566″/>
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