Economy

Bitcoin and Ethereum: Bitcoin in sideways movement

Bitcoin and Ethereum: Bitcoin in sideways movement

Bitcoin price continued its sideways movement today.
The price of Ethereum tried to reach the $1850 level yesterday but stopped at the $1849 level.

Bitcoin chart analysis

Bitcoin price continued its sideways movement today. On the upper side, we encounter resistance at the $34800 level, and we get support at the 34300 level. Slight bearish pressure is noticeable ahead of tonight’s US interest rate news. Everyone is waiting to see what the Fed will announce tonight. We need a jump above the $34,800 level in order to try to reach the $35,000 level. Potential higher targets are $35200 and $35400 levels.

For a bearish option, we are looking at the $34000 support level. A negative consolidation and a breakout below would indicate a possible deeper decline in the price of Bitcoin. Potential lower targets are $33800 and $33600 levels. Additional price support could be found in the EMA50 moving average at the $33800 level.

Ethereum chart analysis

The price of Ethereum tried to reach the $1850 level yesterday but stopped at the $1849 level. We were briefly up and very quickly returned to the previous consolidation in the $1790-$1820 range. This morning, we had a new bullish consolidation up to the $1830 level, where we found new resistance and pulled back to the $1800 level. We could see a drop and test of stronger support at the $1780 level.

A break below would signal the beginning of price weakness and the start of a bearish pullback. Potential lower targets are $1770 and $1760 levels. For a bullish option, we need a positive consolidation and a new jump above the $1820 level. After that, we would have space to start further recovery. Potential higher targets are $1840 and $1850 levels.

 

The post Bitcoin and Ethereum: Bitcoin in sideways movement appeared first on FinanceBrokerage.

You May Also Like

Investing

Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

Investing

Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

Editor's Pick

By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

Stock

A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

Disclaimer: thefreedomright.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2020-2024 The Freedom Right. All Rights Reserved