Bitcoin and Ethereum: Bitcoin up to $29500 this morning
Early this morning, we saw a strong bullish impulse and a jump in the price of Bitcoin from $29,000 to the $29,500 level. The price of Ethereum fell to the $1850 level last night.Bitcoin chart analysis
Early this morning, we saw a strong bullish impulse and a jump in the price of Bitcoin from $29,000 to the $29,500 level. After that, the price makes a bearish consolidation and falls to the $29400 level. Additional pressure on the price in the zone around $29,500 was created by the EMA50 moving average. We are now looking at $29400, expecting a break below and a drop to the $29000 support level. Potential lower targets are $28900 and $28800 levels.
We need a positive consolidation and a move above the $29500 level for a bullish option. Then, we need to maintain our position above so that we can start further recovery from that level. Potential higher targets are $29600 and $29700 levels. By rising above the $29,700 level, the price would form a new seven-day high.
Ethereum chart analysis
The price of Ethereum fell to the $1850 level last night. After which, with a bullish impulse, we returned to the $1875 level and encountered resistance there. We are now consolidating at the $1865 level, hoping to see a new bullish impulse and move back above the $1875 level.
Additional price pressure in that zone creates the EMA50 moving average. If we were able to consolidate up there, we would be in a good position to continue the recovery. Potential higher targets are $1880 and $1885 levels.
We need a negative consolidation and a new pullback to the $1850 support level for a bearish option. Then, we need a breakout below to confirm the bullish option. Potential lower targets are the $1840 and $1830 levels.
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