- In the second part of this week, we will see a slowdown in the bitcoin price uptrend.
- ethereum price reached a new high yesterday at the $1,865 level.
bitcoin Chart Analysis
In the second part of this week, we will see a slowdown in the bitcoin price uptrend. In the previous 24 hours, the price moved to the $33,700-$34,200 movement zone. For now, we remain above the $34,000 level, but we need a break above $34,300 to break out of this consolidation. This could influence prices to move more easily to continue on the bullish side. The highest potential targets are the $34800 and $35200 levels.
We need a negative consolidation and a pullback to the $33700 support level for a bearish option. A break below would lead to the formation of a new lower low and thus confirm the main bearish option. The lowest potential targets are the $33600 and $3200 levels.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2023/10/1698513005_478_Bitcoin-continues-to-move-above-34000.jpg" alt="bitcoin Chart Analysis” width=”1024″ height=”620″/>
ethereum Chart Analysis
ethereum price reached a new high yesterday at the $1,865 level. After that, we saw a bearish consolidation and a drop to the $1760 support level. Since then, we have recovered to the $1,810 level, where we found new resistance and formed a lower high for ethereum price. Then, we do a bearish consolidation and go down to a support level of $1775. Increased pressure in that area could lead to a fight below and the formation of a new lower low.
The possible lower targets are the $1740 and $1720 levels. Additional support in the area around $1,740 was the EMA50 moving average. We need positive consolidation and price movement above the $1820 level for a bullish option. In this way we would jump the previous resistance, which would reduce the pressure on the price. With new momentum we would be in a position to start a new bullish consolidation. The highest potential targets are the $1840 and $1860 levels.
<img decoding="async" loading="lazy" src="https://technicalterrence.com/wp-content/uploads/2023/10/1698513005_66_Bitcoin-continues-to-move-above-34000.jpg" alt="ethereum Chart Analysis” width=”1024″ height=”620″/>
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