Bitcoin and Ethereum: Bitcoin is close to a weekly high
- The price of Bitcoin retreated to the $66,600 support level on Thursday, October 17
- Ethereum price continues to consolidate above $2600 on Friday, October 18
Bitcoin chart analysis
The price of Bitcoin retreated to the $66,600 support level on Thursday, October 17. After a short consolidation in that zone and the support of the EMA 50 moving average, we started a recovery above the $67,000 level. The price continued to rise up to the $68335 level. We encounter minor resistance at this level and pull back to the $67,900 level. Bitcoin is still very bullish, and we expect to return to the bullish side soon.
Potential higher targets are $68500 and $69000 levels. For a bearish option, we need a stronger bearish impulse below the $67500 level. Down there, we would test the daily open level. Then, we need a break below to form a new daily low and confirm the move to the bearish side. Potential lower targets are the $67,000 and $66,500 levels.
Ethereum chart analysis
Ethereum price continues to consolidate above $2600 on Friday, October 18. We have resistance in the $2650 zone for the second day in a row. The price ponovo nailazi na otpor u toj zoni i fall to $2635. Now, we need a new level of support in order to stay on the bullish side and continue the growth. Potential higher targets are $2660 and $2680 levels.
For a bearish option, the price of Ethereum needs to go back down to the daily open level of $2605. Failure to hold there will increase bearish momentum and send us below to a new low. The EMA 50 moving average moves to the bearish side, putting additional pressure on the price. Potential lower targets are $2600 and $2580 levels. At $2560, Ethereum will retest the EMA 200 moving average, which it received support at the beginning of the week.
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