Bitcoin and Ethereum: Bitcoin slipped below $30,000
- Yesterday’s bullish momentum of the Bitcoin price was stopped at the $31500 level.
- The price of Ethereum fell this morning to a new low for the week at the $1827 level.
Bitcoin chart analysis
Yesterday’s bullish momentum of the Bitcoin price was stopped at the $31500 level. After that, the price retreated to the $29,722 level. This decline was certainly unexpected, and the price retreated below the $30,000 level.
This morning we see a consolidation in the support zone and a return of the price to the $30150 level. We now expect to see continued recovery and growth to the $30,500 level. Additional resistance in that zone is in the EMA50 moving average. This is where we could hit an obstacle and need a breakout above to continue the recovery. Potential higher targets are $30750 and $31000 levels.
We need a negative consolidation and a price pullback below the $30,000 level for a bearish option. After that, we would be able to test yesterday’s low. Potential lower targets are $29600 and $29500 levels.
Ethereum chart analysis
The price of Ethereum fell this morning to a new low for the week at the $1827 level. Yesterday’s attempt to station above the $1950 level was unsuccessful. The price started to fall from that place and stopped this morning, forming a new low. After that, we see a consolidation slowly bringing the price back to the $1860 level.
For a bullish option, we need a continuation of positive consolidation. After that, we could expect the Ethereum price to rise and erase yesterday’s losses. Potential higher targets are the $1880 and $1900 levels.
We need a negative consolidation and a price drop below the $1840 level for a bearish option. That way, we would find ourselves testing the previous support level again. A break below would form a new low and confirm further decline. Potential lower targets are $1820 and $1800 levels.
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