Bitcoin and Ethereum: Bitcoin above support at $39500

• All Bitcoin managed yesterday was to climb to the $40515 level.
• Yesterday’s attempt by the price of Ethereum to initiate a bullish recovery was stopped at the $2264 level.

Bitcoin chart analysis

All Bitcoin managed yesterday was to climb to the $40515 level. There, we encounter resistance and pull back to the support level at $39400. We received new support there and started a new recovery above the $40,000 level. We are currently consolidating around that level and need a stronger impulse to push us to $40500 again. A retest of that level could lead to a break above and the formation of a new three-day high.

Potential higher targets are $40600 and $40800 levels. The EMA200 moving average is in the zone around the $41,000 level. We need a pullback from the $40,000 level to the $39,400 level for a bearish option. The inability to hold above leads to a breakout below and the formation of a new two-day low. Potential lower targets are $39200 and $39000 levels.

Ethereum chart analysis

Yesterday’s attempt by the price of Ethereum to initiate a bullish recovery was stopped at the $2264 level. From that level, a pullback to support at the $2200 level was initiated. We get the required support and recover slightly to the $2240 level. That is our resistance today, and for now, we cannot move above it. We need a bullish impulse to do that and break the resistance level. Potential higher targets are $2260 and $2280 levels.

We need to test the $2200 level again for the bearish option. With a price break below, we would have the opportunity to test this week’s low at the $2165 level. The price would be under more bearish pressure to start a further retreat, and the potential lower targets are $2160 and $2140 levels.

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