Bitcoin and Ethereum: Bitcoin retests $30000 level
- Yesterday, we saw a new drop in the price of Bitcoin to the $28574 level.
- This morning, we saw the Ethereum price jump to the $1880.
Bitcoin chart analysis
Yesterday, we saw a new drop in the price of Bitcoin to the $28574 level. In the same hour, the price returned to the $28,800 level, which was followed by a bullish consolidation and impulse to the $30,000 level. A high was formed at the $30025 level, and from there, we started a pullback. We are currently looking for support at the $29600 level. Bitcoin is pushing that level, and a break below and continued pullback could easily happen. Potential lower targets are $29500 and $29400 levels.
In the zone around $29400, we encounter the EMA50 moving average, and there, we could get more concrete support. We need a positive consolidation and price movement with the $29800 level for a bullish option. Thus, we would approach the $30,000 resistance level. Potential higher targets are $30200 and $30400 levels.
Ethereum chart analysis
This morning, we saw the Ethereum price jump to the $1880. We quickly encountered resistance at that level, and prices immediately started to retreat. We are now on our way to the $1850 level and will try to look for support there. If we fail to hold there, a break below is a logical sequence of events. Potential lower targets are the $1840 and $1830 levels.
We need a positive consolidation and a move to the $1865 level for a bullish option. At that level, the price will test the EMA50 moving average, and we need a break above to continue to the bullish side. After that, we could expect to see the price start to rise again. Potential higher targets are the $1870 and $1880 levels.
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