Bitcoin and Ethereum: Bitcoin finds support at $29,000
- Yesterday’s attempt to reach the $30,000 level was stopped at $29,889.
- The price of Ethereum manages to hold above the $1900 level.
Bitcoin chart analysis
Yesterday’s attempt to reach the $30,000 level was stopped at $29,889. After that, the price of bitcoin begins to retreat to the $29300 level. If today’s trend continues, we could soon test the $29,000 level. A larger support zone for the price is at the $28750 level because that is where we encounter the EMA50 moving average.
We need a positive consolidation and a move above the $29750 level for a bullish option. Then we need to hold up there in order to be able to test the $30000 level again. Potential higher targets are $30250 and 30500 levels.
Ethereum chart analysis
The price of Ethereum manages to hold above the $1900 level. Additional support is provided by the EMA50 moving average. Now we need a positive consolidation that could move us to the $1950 level. In this way, we would rise above the previous low and form a new one.
Potential higher targets are $1975 and $2000 levels. We need a negative consolidation and a pullback of the price below the 1900 level for a bearish option. Thus, we would fall below the EMA50 moving average, which would further strengthen the bearish pressure. Potential lower targets are $1875 and $1850 levels.