Bitcoin and Ethereum: Bitcoin is back above $29000
- Bitcoin started a recovery yesterday from the $27400 level.
- The price of Ethereum tested support at the $1800 level yesterday.
Bitcoin chart analysis
Bitcoin started a recovery yesterday from the $27400 level. The bullish impulse continued to push the price to $28,900 today. Today’s drop in the dollar sent the price of Bitcoin soaring. We are now within reach of the $29,000 level. To continue on the bullish side, we need to maintain above the $28500 level where we had the previous consolidation.
Potential higher targets are $29250 and $29500 levels. We need a new negative consolidation and price pullback to the $28000 level for a bearish option. In this way, we would fall below the EMA50 moving average, which could further pressure the price and push it even lower. Potential lower targets are $27750 and $27500 levels.
Ethereum chart analysis
The price of Ethereum tested support at the $1800 level yesterday. The price managed to consolidate at that level and initiate a bullish recovery. By the end of yesterday, the price had risen to the $1,870 level. After that, we see a consolidation around that level from which a new bullish impulse was created, even above the $1900 level.
The current high is the $1919 level. Potential higher targets are $1925 and $1950 levels. If the current bullish momentum continues, we could go even worse. We need a pullback to the $1850 level for a bearish option. After that, the price would be under new pressure and could continue to retest the $1800 support level.
