Bitcoin and Ethereum: Bitcoin hovers around $29000
- The price of bitcoin continues with consolidation around the $29,000 level.
- Ethereum price continues to consolidate sideways in the $1820-$1840 range.
Bitcoin chart analysis
The price of bitcoin continues with consolidation around the $29,000 level. This morning, we had one bullish attempt, which was stopped at the $29175 level. After that, we see a pullback to the initial position around the $29,000 level. An additional break from the previous high is the EMA50 moving average, and we need a break above it if we want to see a continuation of Bitcoin’s recovery. Potential higher targets are $29200 and $29300 levels.
We need a negative consolidation and a drop below the $28900 level for a bearish option. The inability of the price of Bitcoin to hold there will make a break below, and we will see the formation of a new low. Potential lower targets are $28800 and $28700 levels.
Ethereum chart analysis
Ethereum price continues to consolidate sideways in the $1820-$1840 range. This morning, we tried to break above the $1840 level but failed, and the price returned to the $1830 level. Additional resistance in the zone around $1840 is the EMA50 moving average. We need a break below if we want to continue on the bullish side. Potential higher targets are $1850 and $1860 levels.
We need a negative consolidation and price pullback to the $1820 support level for a bearish option. A break below would only increase the pressure on Ethereum and send it to the next support. Potential lower targets are $1810 and $1800 levels.
