Bitcoin and Ethereum: Bitcoin falls to $29000
- Bitcoin pulls back against the recovering dollar.
- After a five-day lateral consolidation, the price of Ethereum makes a pullback and falls to the $1960 level.
Bitcoin chart analysis
The price of Bitcoin fell to $29000 today. The previous time we were at that level was on April 10. The additional pressure on the price also creates that below the EMA50 moving average, and based on this, we could expect to see further price pullback. The next lower low is $28,200, also from April 10. Below, we would have the opportunity to test the $28,000 level. We need a new positive consolidation and a price return above the $30,000 level for a bullish option. Then we need to consolidate again up there and start the price recovery with a positive impulse. Potential higher targets are $30250 and $30500 levels.
Ethereum chart analysis
After a five-day lateral consolidation, the price of Ethereum makes a pullback and falls to the $1960 level. In the previous days, we moved in the range of $2050-$2140. This morning, Ethereum broke out of that channel and formed a new lower low at the $1960 level for this week. We need a continuation of this negative consolidation for the bearish option, and the potential lower targets are $1950 and $1900. For a bullish option, we need a positive consolidation and a price return above $2000. In the continuation, the price would have a chance to return above the EMA50 moving average and get its support. After that, we could expect to see continued recovery. Potential higher targets are $2075 and $2100 levels.
