Bitcoin and Ethereum Prices in an upward channel
During the previous weekend, the price of bitcoin was in bullish consolidation, only to jump to 31,000 dollars as it started on Monday.
Early this morning, Ethereum jumped from $ 1,800 to $ 1,900.
Since the beginning of Monday, the rise in BTC price comes against the background of the fall in Asian stocks.
Bitcoin chart analysis
During the previous weekend, the price of bitcoin was in bullish consolidation, only to jump to 31,000 dollars as it started on Monday. Now we are stuck again in the resistance zone, and bitcoin is leaning to the bearish side again with a view of the lower support zone.
We are looking for the first potential support at the $ 30,000 price, and if the pressure is too great, then we can expect a further continuation up to the $ 29,000 level. Bitcoin has added 5.6% in the last 24 hours and rose over $ 30,000 during Asian trading hours on Monday in a brief show of strength amid a record string of losses. Price charts indicate that bitcoin had strong support at $ 29,000, a level that has been tested several times in recent weeks. Closing below this level could mean that the cryptocurrency could fall to its 2017 high of almost $ 20,000.
Ethereum chart analysis
Early this morning, Ethereum jumped from $ 1,800 to $ 1,900. There was saturation during the European session, and the price is moving down again. We are now at $ 1880, but we can expect the pullback to continue once again down to $ 1800. When we set the Fibonacci level on the chart, we see that the price has stopped at 61.8% Fibonacci level.
And now we have to pay attention to the 38.2% level at $1822 because here we could get support. A fall below this level could lower us to the previous low of $ 1700, and we could even form a new lower low. We need a price jump above the $ 1900 price for the bullish option. Then we return to the potential bullish recovery. The continuation of positive consolidation could later rise to $ 2,000 first and then to $ 2,100 of the previous resistance zone.
Since the beginning of Monday, the rise in BTC price comes against the background of the fall in Asian stocks amid reports that major Chinese cities have begun easing restrictions due to the coronavirus after months of strict quarantine. Traders bet that the reopening of the economy could cause an increase in consumer spending – which could increase the company’s revenue in the coming weeks and could point to the bottom of stocks in the region.
The Asian Dow index rose 2.15%, while Hong Kong’s Hang Seng index added 2.06%. Japan’s Nikkei 225 rose 2.19%, and European indices such as the Stoxx 600 and DAKS added at least 0.82% since the start on Monday. Futures in the US rose as the Nasdaq 100 jumped 1.44%, while the S & P500 added 1.08%.