Home Tools Bitcoin and Ethereum Will Come Under More Pressure

Bitcoin and Ethereum Will Come Under More Pressure

15
0


  • Yesterday, the price of Bitcoin failed to consolidate and move above the $20,000 level.
  • The price of Ethereum managed to move from the minimum to $1420 yesterday.
  • JPMorgan’s David Kelly believes cryptocurrencies will come under more pressure after the Fed signaled a continuation of its aggressive rate hike policy.

Bitcoin chart analysis

Yesterday, the price of Bitcoin failed to consolidate and move above the $20,000 level. Today we continue on the bullish side, and the maximum was at the $20600 level. The MA20 and MA50 moving averages are on the bullish side and could now push the price up to the $21000 level. Additional resistance at that level is in the MA200 moving average. For a bullish option, we need a break above the $21000 level, and we must try to stay above that. After that, we need a continuation of positive consolidation, and the targets are $21500 and $22000. For a bearish option, we need a price pullback to support at $20,000. A break below would introduce new uncertainty into the price of Bitcoin, and we could see further declines. Potential lower targets are $19,500 and $19,000 levels.

Bitcoin chart analysis

Ethereum chart analysis

The price of Ethereum managed to move from the minimum to $1420 yesterday. After a couple of hours of consolidation, a bullish impulse followed that moved us above the $1500 level, and now we are already testing the $1600 resistance level. Additional pressure at this point can be in the MA200 moving average. For a bullish option, we need a break above and try to consolidate above. After that, Ethereum could try to continue towards $1650, then to $1700, the next resistance level. For a bearish option, we need a negative consolidation from this level. We then move below the MA20 moving average, which would add further pressure on the volatile Ethereum price. Potential lower targets are the $1550 and $1500 levels, and additional support at that level is in the MA50 moving average.

Ethereum chart analysis

Market Overview

JPMorgan’s David Kelly believes cryptocurrencies will come under more pressure after the Fed signaled a continuation of its aggressive rate hike policy. David Kelly, the chief global strategist at JPMorgan Asset Management, argues that investors should abandon the cryptocurrency, a statement to Bloomberg. Kelly is convinced that the consistent hawkish policy of the US Federal Reserve will bring more problems for digital assets.

BONUS VIDEO: Weekly news summary from the markets

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.



Previous articleStoneX Group Approves Share Repurchase Program LeapRate
Next articleTrader On Chart – Position Size Calculator And MT4 Trade Panel