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<img src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%200%200'%3E%3C/svg%3E" alt="bitcoin” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-under-pressure-falls-to-40600″https://technicalterrence.com/crypto/bitcoin/”>bitcoin.jpg”/>
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- bitcoin price failed to hold on to the previous consolidation and yesterday we saw a break below and a drop to the $40600 level.
- This week, we are seeing a pullback in ethereum price and a drop below the EMA200 moving average.
bitcoin Chart Analysis
bitcoin price failed to hold on to the previous consolidation and yesterday we saw a break below and a drop to the $40600 level. We stopped there and started recovering from that level. The price returned above $41,000 for the first time and today's high so far is $41,500. We are in a slight bullish consolidation and we expect to see further recovery above the $41,600 level. The highest potential targets are the $42,000 and $42,400 levels.
The EMA200 moving average is higher in the area around the $42800 level. We need a negative consolidation and a price retracement below the $41,000 level for a bearish option. That way, we would return to the previous low and have a better chance of trying it again. The lowest possible targets are the $40400 and $40000 levels.
<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20598'%3E%3C/svg%3E" alt="bitcoin Chart Analysis” width=”1024″ height=”598″ data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-under-pressure-falls-to-40600.jpg”/>
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/01/Bitcoin-under-pressure-falls-to-40600.jpg" alt="bitcoin Chart Analysis” width=”1024″ height=”598″/>
ethereum Chart Analysis
This week, we are seeing a pullback in ethereum price and a drop below the EMA200 moving average. Yesterday we saw the formation of this week's low at the level of $2424. The decline stopped there and we started the recovery from that level. Today we continue at the same pace and grow to $2,482. Expectations are that we will see a continuation of the recovery above the $2,500 level.
In that area, the EMA200 puts additional pressure and we would have to skip it if we want further growth in the price of ethereum. The highest potential targets are the $2,520 and $2,540 levels. We need negative consolidation and price decline to support a bearish option at the $2,425 level. Fresh pressure could break support and form a new low. The possible lower targets are the $2400 and $2360 levels.
<img decoding="async" loading="lazy" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20598'%3E%3C/svg%3E" alt="ethereum Chart Analysis” width=”1024″ height=”598″ data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/01/1705842260_202_Bitcoin-under-pressure-falls-to-40600.jpg”/>
<img decoding="async" loading="lazy" src="https://technicalterrence.com/wp-content/uploads/2024/01/1705842260_202_Bitcoin-under-pressure-falls-to-40600.jpg" alt="ethereum Chart Analysis” width=”1024″ height=”598″/>
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