What Could Cause Bitcoin and Ether to Consolidate?
Bitcoin is maintaining the $35,550 support zone, ether is approaching $2,640, and LUNA is aiming for a comeback wave above $50.00.
Bitcoin
Bitcoin’s price has saw a negative response from the $38,700 level. A break below $38,000 and the 21 simple moving average occurred (H1).
The bears even drove the price below $37,000. However, the price remained above the pivot point of $36,200. On the hourly chart, it appears that a bullish continuation pattern (a bull flag) is emerging, with resistance at $38,000.
A decisive breach over the channel resistance might signal the beginning of a powerful advance. The next key barrier for the bulls is at $39,250. Otherwise, there is a chance of a further slide towards the critical $35,550 support zone.
Ether (ETH)
Ether has struggled to break over the $2,640 barrier zone on several occasions. A modest negative drop occurred recently below the $2,550 mark.
The price fell below $2,500, but the fall was restricted. On the hourly chart, a strong bullish trend line is formed with support at $2,510. If ETH fails to hold above the trend line support, it may fall to the $2,350 support level.
