Bitcoin and Ethereum: Instability Continues

• Yesterday, Bitcoin fell back to the $19,000 level, once again finding immediate support at the same spot.
• The price of Ethereum yesterday fell to support at $1270, after which we see a recovery to the $1300 level.

Bitcoin chart analysis

Yesterday, Bitcoin fell back to the $19,000 level, once again finding immediate support at the same spot. Now we could expect another recovery and move up. Our target is the $19,600 level, the place of the previous high. If we manage to hold on there, we would have a solid chance to see a break above and continue towards the $20,000 level. Up there, we are already close to the resistance zone at $20,500, which we have not been able to cross for almost a month. We need a continuation of the negative consolidation and a further pullback below the $19000 support level for the bearish option. Potential lower targets are $18500 and $18250 levels.

Ethereum chart analysis

The price of Ethereum yesterday fell to support at $1270, after which we see a recovery to the $1300 level. Today we have a solid bullish consolidation, and we could expect a further continuation of the price recovery. The next target is the $1325-$1340 resistance zone. If we managed to hold on to that position, we would have a good chance to continue toward the $1400 resistance level. We need a negative consolidation and price pullback to yesterday’s low at the $1270 level for a bearish option. If the price instability continues, a break below is evident, and the potential lower targets are $1250 and $1220 low from September 21.

Market Overview

Tomorrow we are expecting a report on American inflation, which depends on how the FED’s monetary policy will unfold in the coming period.

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