Bitcoin and Ethereum: Bitcoin drops to new low on Thursday

• The price of Bitcoin on Thursday retreated to $58867 at a new weekly low
• Last night, the price of Ethereum dropped to $2328, a new weekly low

Bitcoin chart analysis

The price of Bitcoin on Thursday retreated to $58867 at a new weekly low. With that step, the price broke last week’s low. After a quick consolidation, we are back above the $60,000 level again this morning. For now, we have resistance at $60,800, where the EMA 50 moving average is creating additional pressure. We need momentum above to strengthen bullish momentum and continue today’s consolidation.

Potential higher targets are $61000 and $61500 levels. EMA 200 moving average could represent an even higher resistance in the $62000 zone. For a bearish option, we need a negative consolidation and a descent of Bitcoin below $60000. With that step, we go to a new daily low and confirm the bearish pressure on the price. Potential lower targets are $59500 and $59000 levels.

Ethereum chart analysis

Last night, the price of Ethereum dropped to $2328, a new weekly low. Soon after, we saw the initiation of a bullish consolidation up to the $2380 level. This morning, the price continued its recovery from there, breaking above $2400. Currently, we also have the support of the EMA 50 moving average, but we have resistance at the $2420 level. If the support holds, we can hope for a bullish impulse to a new daily high.

Potential higher targets are $2440 and $2460 levels. We will have a big resistance in the $2440 zone in the EMA 200 moving average. For a bearish option, we need a negative consolidation and a drop below the EMA 200 moving average first. After that, we expect testing of the daily open level. This time, we hope for a break below to a new low, which will confirm the strengthening of the bearish momentum. Potential lower targets are $2360 and $2340 levels.