Bitcoin and Ethereum: New Support and Targets for Friday
On Thursday, the price of Bitcoin fell to a new weekly low of $59860
A new weekly low for the price of Ethereum was formed yesterday at the $2308 level
Bitcoin chart analysis
On Thursday, the price of Bitcoin fell to a new weekly low of $59860. After that, we managed to stabilize again above $60,000 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 from the EMA 50 moving average. That would strengthen optimism for continued bullishness.
Potential higher targets are $61500 and $62000 levels. The EMA 200 moving average is waiting for us in the zone of $62500, and we expect greater resistance there. For a bearish option, we need a negative consolidation of Bitcoin down to the $60000 support level. This time, we are looking for a break below to a new weekly low. This will confirm the bearish presence on the chart, and we can expect a further pullback. Potential lower targets are $59500 and $59000 levels.
Ethereum chart analysis
A new weekly low for the price of Ethereum was formed yesterday at the $2308 level. Shortly after its formation, the price started a recovery that continued today to the level of $2385. We have solid momentum and expect the price to continue its recovery by the end of the day. Moving above $2400 will get support from the EMA 50 moving average to continue on the bullish side. Potential higher targets are $2425 and $2450 levels.
The EMA 200 moving average is up in the $2500 zone. For a bearish option, we need a negative consolidation of the Ethereum price below the $2350 level. Thus, we go below the daily open price to the negative side. Strengthening bearish momentum will influence us to retest the previous low. With new pressure in that zone, we expect an impulse below to a new low as confirmation of further pullback. Potential lower targets are $2300 and $2275 levels.
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