12 August chart overview for Bitcoin and Ethereum
12 August chart overview for Bitcoin and Ethereum
Bitcoin chart analysis
Bitcoin failed to break through the $25,000 barrier yesterday. The price stopped at $24,970. After forming a new higher high, the bitcoin price makes a pullback and falls to $24,000. This morning bitcoin makes a break below the $24,000 level and continues the bearish trend up to the $23,700 level. Today’s picture is very bearish, and we could see a continuation of the price drop to the $23,000 level. MA200 moving average is in the zone around the $23,500 level. The dollar index rallied today, which was immediately reflected in the Bitcoin chart. For a bearish option, we need a continuation of this negative consolidation and a price pullback to the $23,000 support zone. Potential lower targets are $22,500 and $22,000 support zone. We need to get back above the $24,000 level for a bullish option. After that, with bullish consolidation, we would continue upwards. Potential targets are $24,500 and $25,000, yesterday’s resistance zone.
Ethereum chart analysis
Yesterday the price of Ethereum stopped at $1950, followed by a pullback below the $1900 level. Today, the bearish trend from yesterday continued, and the price fell below the $1900 level and formed the current low at $1850. For a bearish option, we need a continuation of the negative consolidation and a pullback of the price towards the $1800 level. The pair could continue towards the $1700 lower support zone if we do not find support here. We could expect additional support in the MA200 around the $1750 level. We need to get back above the $1900 level for a bullish option. After that, with a positive consolidation, Ethereum could continue towards $1950, then towards the $2000 higher resistance zone.
Market overview
The biggest virtual reality event in the world will take place in Madrid. An event like this is to help launch and advertise the new metaverse. MundoCrypto cryptocurrency training academy is hosting this event. MundoCrypto operates in Spanish-speaking countries. People who show up can play in the gaming area, the training room, and the NFT room. Also, they can watch presentations by crypto personalities and participate in an attempt to enter the Guinness Book of World Records. Connecting with investors and entrepreneurs from the crypto world is also expected.
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