Bitcoin and Ethereum: Bitcoin is back above $30200
- This morning, bitcoin’s price managed to jump to the $30,200 level with a bullish impulse.
- This morning, the price of Ethereum managed to consolidate at the $1880 level and initiate an impulse above the $1900 level.
Bitcoin chart analysis
This morning, bitcoin’s price managed to jump to the $30,200 level with a bullish impulse. Before that, we consolidated around the $30,000 level, which was followed by the mentioned impulse. We have additional pressure on the price in the zone around the $30200 level in the EMA50 moving average, and we need a break above it if we want to see the continuation of bitcoin’s recovery. Potential higher targets are $30400 and $30600 levels.
For a bearish option, we need a negative consolidation and a retracement of the price below the $30,000 level. Bearish pressure would increase below, negatively affecting the price of Bitcoin. Potential lower targets are $29800 and $29600 levels. On Tuesday, we were below $29600, and since then, we have been in a bullish consolidation.
Ethereum chart analysis
This morning, the price of Ethereum managed to consolidate at the $1880 level and initiate an impulse above the $1900 level. The current high is the $1913 level, and the price is breaking above the EMA50 moving average. Continuing this momentum, we could soon test $1920 and try to hold there. Then, we need to start a new positive consolidation in order to see the continuation of the Ethereum price growth. Potential higher targets are $1930 and $1940 levels.
We need a negative consolidation and a pullback to support a bearish option at the $1880 level. The picture would change significantly as the pressure would move lower, causing the price to continue to slide. Potential lower targets are $1870 and $1860 levels.
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