Bitcoin and Ethereum: Bitcoin climbs to the $30800 level
- Yesterday we saw the Bitcoin price pull back to the $30200 support level.
- The Ethereum price pulled back to the $1890 level yesterday.
Bitcoin chart analysis
Yesterday we saw the Bitcoin price pull back to the $30200 support level. The price stopped the decline at that level and started a new bullish consolidation. We then climbed to $30500, where we continued to consolidate. Additional support in this zone is in the EMA50 moving average. Now we see a new bullish impulse pushing the price above the $30800 level, and if this trend continues, we could soon climb to the $31000 level.
If the price breaks above the $31000 level, the potential higher targets are the $31200 and $31400 levels. We need a negative consolidation and bitcoin pullback below $30500 for a bearish option and the EMA50 moving average. Such a picture would add pressure on the price, and we could see a continuation of the price decline. Potential lower targets are $30200 and $30000 levels.
Ethereum chart analysis
The Ethereum price pulled back to the $1890 level yesterday. After that, we see price consolidation around the $1910 level and the EMA50 moving average. Then there was a new bullish impulse that triggered the continuation of the recovery and the jump to the $1930 level. We are now entering the zone of yesterday’s consolidation and need a break above to continue to the upside.
Potential higher targets are the $1940 and $1950 levels. We need a negative consolidation and price pullback to yesterday’s support around the $1900 level for a bearish option. Then we would pull back below the EMA50 moving average, which we would interpret negatively for the continuation of the trend. Potential lower targets are $1890 and $1880 levels.
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