Bitcoin and Ethereum: Bitcoin still remains below $29200

The price of Bitcoin remains under pressure in the zone around the $29,200 level. Yesterday, we saw Ethereum’s price pull back from $1888 to $1854 this morning.

Bitcoin chart analysis

The price of Bitcoin remains under pressure in the zone around the $29,200 level. We failed to get back above the $30,000 level this week. Conversely, the pressure was on the $29,000-$29,200 support zone. If we stay in this zone next week, a breakout below and the formation of a new low could easily happen. Potential lower targets are $28900 and $28800 levels.

We need a positive consolidation and a move up to the $29300 level for a bullish option. Then, we need to hold on up there and start a new bullish trend with a new impulse. Potential higher targets are $29400 and $29500 levels. We have additional resistance in the EMA50 moving average at the $29500 level.

Ethereum chart analysis

Yesterday, we saw Ethereum’s price pull back from $1888 to $1854 this morning. After that, Ethereum managed to consolidate and initiate a recovery to the $1865 level. Now, we need a continuation of this consolidation and a move to the $1870 level, where we encounter the EMA50 moving average. A price break above could indicate a possible longer-term bullish trend. Potential higher targets are $1890 and $1900 levels.

We need a negative consolidation and a new pullback to the $1850 level for a bearish option. We could then see a breakout below and a continuation of the Ethereum price decline. Potential lower targets are the $1840 and $1830 levels.

 

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