- On Thursday, bitcoin price fell to a new weekly low of $59860
- Yesterday a new weekly low was formed for the price of ethereum at the level of $2308
bitcoin Chart Analysis
On Thursday, the price of bitcoin fell to a new weekly low of $59,860. After that, we managed to stabilize above $60,000 again and start a recovery to the $61,200 level. bitcoin has solid momentum to continue on the bullish side and at the current level, it could find support at the 50 EMA moving average. That would strengthen the optimism over continued optimism.
The highest potential targets are the $61500 and $62000 levels. The 200 EMA awaits us in the $62500 area and we expect further resistance there. For a bearish option, we need a negative consolidation of bitcoin to the $60000 support level. This time, we look for a breakout to a new weekly low. This will confirm the bearish presence on the chart and we can expect a new pullback. The possible lower targets are the $59500 and $59000 levels.
<img decoding="async" class="alignnone size-large wp-image-329150" style="aspect-ratio:1024/566" data-class="LazyLoad" src="https://6ztkp25f.tinifycdn.com/wp-content/w3-webp/uploads/2024/10/bitcoin-chart-analysis-2-1024×566.jpgw3.webp” alt=”bitcoin Chart Analysis” width=”1024″ height=”566″/>
ethereum Chart Analysis
A new weekly low for the price of ethereum was formed yesterday at the level of $2308. Shortly after its formation, the price began a recovery that continued today to the $2,385 level. We have solid momentum and expect the price to continue to recover at the end of the day. Moving above $2400 will get support from the 50 EMA moving average to continue on the bullish side. The highest potential targets are the $2,425 and $2,450 levels.
The 200 EMA moving average is above in the $2500 zone. For a bearish option, we need a negative consolidation of ethereum price below the $2350 level. Therefore, we move down from the daily opening price to the negative side. Strengthening bearish momentum will influence us to retest the previous low. With new pressure in that area, we expect downward momentum to a new low as confirmation of a further pullback. The lowest potential targets are the $2,300 and $2,275 levels.
<img decoding="async" class="alignnone size-large wp-image-329151" style="aspect-ratio:1024/566" data-class="LazyLoad" src="https://6ztkp25f.tinifycdn.com/wp-content/w3-webp/uploads/2024/10/ethereum-chart-analysis-2-1024×566.jpgw3.webp” alt=”ethereum Chart Analysis” width=”1024″ height=”566″/>
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