Bitcoin and Ethereum: continued bearish pressure on Friday
- On Thursday, October 24, the price of Bitcoin climbed to a new three-day high at the $68,800 level
- Yesterday, October 24, the price of Ethereum had a new attempt to recover but again encountered the same resistance at the $2650 level
Bitcoin chart analysis
On Thursday, October 24, the price of Bitcoin climbed to a new three-day high at the $68,800 level. We failed to reach the weekly open level, and a pullback below $68,000 was initiated. With that step, the price dropped below the daily open level, thereby intensifying the pressure. Today’s low was formed at the $67200 level. This is where Bitcoin could find support from the EMA 200 moving average.
The price needs to stabilize again before turning to the bullish side. Potential higher targets are the $68,000 and $68,500 levels. For a bearish option, the Bitcoin price must break the 200 moving average EMA support. After that, we continue on the bearish side, making a new low. Potential lower targets are the $67,000 and $66,500 levels.
Ethereum chart analysis
Yesterday, October 24, the price of Ethereum had a new attempt to recover but again encountered the same resistance at the $2650 level. We started the retreat from there again last night, which continued on Tuesday, October 25. Ethereum formed a daily low at the $2461 level and came significantly closer to the weekly low of $2450. Now, we are monitoring how the price will behave in this zone because we could easily see a continuation to the bearish side and the formation of a new weekly low.
Potential lower targets are $2425 and $2400 levels. For a bullish option, we expect Ethereum to stabilize first and stop the current bearish momentum. After that, we expect the start of a bullish consolidation and a return above the $2500 level. Such a move would be a good indication of a return to the bullish side. Potential higher targets are $2525 and $2550 levels.
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