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Tuesday, January 31, 2023

Bitcoin and Ethereum: The Price of Bitcoin Is Above $20,000

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Bitcoin

Bitcoin and Ethereum: The Price of Bitcoin Is Above $20,000

  • The price of Bitcoin manages to stay above the $20,000 level.
  • Yesterday, the price of Ethereum fell to the $1550 support level.

Bitcoin chart analysis

The price of Bitcoin manages to stay above the $20,000 level. The price is stable for now and without major fluctuations. We need a negative consolidation and a drop to the $20000 support level for a bullish option. Increased bearish pressure could break below, which would lead to a further decline in the price of Bitcoin. 

Bitcoin would then return to the previous movement zone. Potential lower targets are $19500 and $19000 levels. For a bullish option, we need a positive consolidation and a move up to the $21000 resistance level. Then we need to stay up there and try to break above. With a new bullish impulse, the price of bitcoin would have a chance for further recovery. Potential higher targets are $21500 and $22000 levels.

 Bitcoin chart analysis

Ethereum chart analysis

Yesterday, the price of Ethereum fell to the $1550 support level. Today, the price continues its recovery and tests the $1600 level. For a bullish option, we need a continuation of this positive consolidation that would move us to the $1650 level. There we would try to maintain ourselves and climb above. 

In the continuation, the price could continue the bullish trend. A potential higher target is the $1700 level. We need negative consolidation and testing yesterday’s low at the $1550 level for a bearish option. A break below would increase the bearish pressure, and this would lead to a further decline in the price of Ethereum. Potential lower targets are $1500 and $1450 levels.

Ethereum chart analysis

 

The post Bitcoin and Ethereum: The Price of Bitcoin Is Above $20,000 appeared first on FinanceBrokerage.

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