- Bitcoin price is in a new pullback from the $19750 level since the beginning of the day.
- after the Ethereum price dropped to the $1300 level yesterday, we saw a recovery to the $1400 level.
Bitcoin chart analysis
The price of bitcoin is in a new pullback from the $19750 level since the beginning of the day. We are now retesting the $19000 support level. If the dollar index continues to strengthen, we could also see a break in bitcoin prices below the current support. After that, we would enter the negative zone again, and we could revisit yesterday’s low at the $18,200 level. If we fail to hold there, the potential lower support target is at the $18,000 level. For a bullish option, we need a new positive consolidation and price growth to the $20000 resistance level. Then we need to rise above and try to stay there. A new bullish impulse would move us away from the negative zone. Potential higher targets are $20500 and $21000 levels.
Ethereum chart analysis
after the Ethereum price dropped to the $1300 level yesterday, we saw a recovery to the $1400 level. Today we are in a minor pullback, and the price is now at the $1350 level. The MA20 and MA50 moving averages are now on the upside and could continue to pressure the price back down to the $1300 support level. To continue the bearish option, we must break below and hold on to that spot. Below, we need a negative consolidation for the further price decline. Potential lower targets are $1250 and $1200 levels. For a bullish option, we need a positive consolidation and a return of the price above the $1400 level. After that, we must stay above and continue with the bullish impulse. Potential higher targets are $1450 and $1500 levels.
Market overview
A global tightening of monetary policy expected this week in the United States and Europe sent crypto markets tumbling, with the price of bitcoin falling to its lowest level since 2020. Investors are bracing for choppy trading that will lead to an increase in benchmark interest rates that the Federal Reserve (Fed) announced this week to curb price pressures.
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