Bitcoin Price Analysis: Resistance at $52000 Level Today
- Yesterday, we saw Bitcoin price struggle with resistance at the $52000 level.
- The price of Ethereum last night set a new weekly high at the 30364 level.
Bitcoin chart analysis
Yesterday, we saw Bitcoin price struggle with resistance at the $52000 level. Last night’s attempt ended ingloriously, and we saw the initiation of a bearish consolidation from there. The decline continued today, and the price dropped to $50875. Additional pressure is created by the EMA200 moving average around the $51100 level. We can expect Bitcoin to visit this week’s support zone at $50600 if pressure continues.
If we manage to hold above, we will have a new opportunity to initiate a new bullish consolidation and return to the $52000 resistance level. By moving above, we would be significantly freed from the negative pressure and could continue to the bullish side. At $52130, we come across the weekly open price, and the potential higher targets are the $52500 and $52750 levels.
Ethereum chart analysis
The price of Ethereum last night set a new weekly high at the 30364 level. We stopped there and began to retreat. After a few hours, the price retreated below the $3,000 level, and today, we see that the decline did not stop there but continued below the $2,950 level. The price is under pressure, and we expect to see a pullback and test of the $2900 support level. The big support zone is a little below at the $2880 level, and we are testing the weekly open price there.
Potential lower targets are $2860 and $2840 levels. Ethereum could get additional support in the zone around $2860 in the EMA200 moving average. We need a positive consolidation and a return above the $2975 level for a bullish option. With that step, we could be close to $3000 and test it. Potential higher targets are $3025 and $3050 levels.
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