- The price of bitcoin took advantage of yesterday’s fall in the dollar, rising to the level of $27,297.
- ethereum price reached its weekly high at the $1,988 level.
bitcoin Chart Analysis
The price of bitcoin took advantage of yesterday’s fall in the dollar, rising to the level of $27,297. Now we have moved to the area around the $27000 level and we are trying to consolidate at that level. If we can withstand the pressure and stay here, we will be in a good position to continue our recovery. The highest potential targets are the $27250 and $27500 levels.
We need a negative consolidation and a drop below the $27000 support level for a bearish option. After that, we could expect bitcoin to continue its pullback to the next lower support. The possible lower targets are the $26750 and $26500 levels. Additional support in the area around $26,500 lies at the EMA50 moving average, and this is where the potential price decline could be stopped.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2023/10/1696176702_845_Bitcoin-jumped-above-27000.jpg" alt="bitcoin Chart Analysis” width=”1024″ height=”620″/>
ethereum Chart Analysis
ethereum price reached its weekly high at the $1,988 level. Over the past few days, we have seen a stable bullish consolidation from the $1,580 level to the formation of today’s high. We are currently seeing a slight pullback towards the $1675 level. We managed to hold there and are now waiting for a bullish consolidation to continue on the bullish side. The highest potential targets are the $1690 and $1700 levels.
We need a negative consolidation and a pullback to the $1650 support level for a bearish option. A break below would confirm a bearish option and a continuation of the ethereum price decline. The possible lower targets are the $1625 and $1600 levels. We could get additional support at the EMA50 moving average in the area around the $1610 level.
<img decoding="async" loading="lazy" src="https://technicalterrence.com/wp-content/uploads/2023/10/1696176702_35_Bitcoin-jumped-above-27000.jpg" alt="ethereum Chart Analysis” width=”1024″ height=”620″/>
ADDITIONAL VIDEO: Weekly summary of market news
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
