Started by PocketOption, Oct 15, 2022, 06:03 am
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Bitcoin price visited the support zone again yesterday, dropping to $18,200. It soon consolidated, and we saw a price jump to the $20,000 level with a bullish impulse. Now we see a consolidation and price pullback to the $19640 level. Last week, the price stayed in the $19500-19600 zone for a while before it fell yesterday, forming a new lower low.
We need a positive consolidation and a return to the $20,000 resistance level for a bullish option. Then we should try to move above and move into the $20500 resistance zone with new momentum. For a month now, this zone has been resistant to potential recovery. It is necessary to continue today’s pullback below the $19500 level for a bearish option.
After that, the bitcoin price would probably visit the $19,000 support level, and the potential lower targets are $18,500 and $18,200, the previous low.
The price of Ethereum fell to its four-month low yesterday at the $1156 level. We then see a very quick pull back to the $1220-$1240 support zone. Ethereum did not stop there and continued above the $1300 level. Early this morning, it climbed to the $1340 level, and for now, we are consolidating in that zone.
The price is turning bullish and could climb to the upper resistance zone again. Potential higher targets are $1380, $1400 and $1420 levels. We need a negative consolidation and a drop to the $1300 level for a bearish option. If we fail to find new support there, the price will move below and continue the pullback. Potential lower targets are $1260, $1240 and $1220 levels.
The post Bitcoin and Ethereum: A Consolidation and Price Pullback appeared first on FinanceBrokerage.
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