Bitcoin and Ethereum: Bitcoin is approaching $29,000 level

• Bitcoin continues its retreat today, dropping to the $29,080 level.
• Last night, we saw a strong bearish impulse in the price of Ethereum and a drop to the $1811 level.

Bitcoin chart analysis

Bitcoin continues its retreat today, dropping to the $29,080 level. For now, we have managed to recover slightly and move up to the $29,200 level. A stronger bullish consolidation is needed to move us to $29300 and to the EMA50 moving average. If we want to see a continuation to the bullish side, we need a break above and hold there.

With the new bullish momentum, we could expect to see a continued recovery. Potential higher targets are $29400 and $29500 levels. We need a negative consolidation and pullback to the $29000 level for a bearish option. A break below this support would mean the formation of a new low and continuation of the bearish option. Potential lower targets are $28900 and $28800 levels.

Ethereum chart analysis

Last night, we saw a strong bearish impulse in the price of Ethereum and a drop to the $1811 level. We stayed there for a short time, and the price returned to the $1825 level. We managed to climb up to $1829 for a short time, where we encountered new resistance and pulled back to the $1820 level. We are once again leaning to the bearish side, and we could expect a new test of the $1810 support level. Potential lower targets are $1800 and $1790 levels.

For a bullish option, we need a positive consolidation and a return of the price above the $1830 level. Then, we need to stay up there and start a further bullish recovery with a new impulse. Potential higher targets are $1840 and $1850 levels.