Bitcoin Market Update: Major Resistance at $43,000 Level
- Bitcoin was in a bullish trend yesterday up to $43400 where we are encountering resistance.
- The price of Ethereum climbed to the $2392 level yesterday, testing the last week’s high.
Bitcoin chart analysis
Bitcoin was in a bullish trend yesterday up to $43400 where we are encountering resistance. That’s where we stopped and, from there, started to pull back. That pullback brought us down to $42,750 on the EMA200 moving average this morning. The decline has been stopped, and we see a slight recovery to $43,000. Now we have resistance here, and we are turning back to the previous support.
Following the chart of the previous 12 hours, Bitcoin is in a pullback, and we can expect it to slide even lower. Potential lower targets are $42600 and $42400 levels. The price could initiate a bullish consolidation if we manage to hold above the EMA200 and move above the $43000 level.
After that, we look at the $43400 level as the next potential resistance. A break above could push us to higher targets, such as the $43500 and $43600 levels.
Ethereum chart analysis
The price of Ethereum climbed to the $2392 level yesterday, testing the last week’s high. Similar to last week, the price starts to retreat from that level, triggering a bearish consolidation. This led to a drop to the $2360 level where we are now holding.
We have been here for a while now, and there is noticeable increasing pressure on the price to break below and continue the pullback. Potential lower targets are $2350 and $2340 levels.
The EMA200 moving average is low in the zone, around the $2315 level. We need to stabilize above the $2370 level for a bullish option. Thus, we would form a bottom from which we could more easily initiate a bullish consolidation. Potential higher targets are $2380 and $2400 levels.
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