Bitcoin and Ethereum: Bitcoin is holding above $29300
- Over the weekend, the price of Bitcoin continued its sideways movement.
- The price of Ethereum pulled back to the $1830 level this morning.
Bitcoin chart analysis
Over the weekend, the price of Bitcoin continued its sideways movement. Most of the prices were in the $29,300-$29,500 range. This morning, we saw a bearish impulse that stopped at the $29090 level, but we quickly returned to the previous movement zone. The positive for the price is that it has climbed above the EMA50 moving average.
For a bullish option, we need a break above the $29500 level and a positive consolidation that would continue the recovery. Potential higher targets are $29600 and $29700 levels. We need a negative consolidation and a return to the support level at $29300 for a bearish option. A fall below it would increase pressure on the price to push it even lower. Potential lower targets are $29200 and $29100 levels.
Ethereum chart analysis
The price of Ethereum pulled back to the $1830 level this morning. It gets new support there and moves up to the $1850 level. Now, here we are testing the EMA50 moving average, and it is necessary to stay above it if we want to continue the growth. Potential higher targets are $1860 and $1870 levels.
We need a negative consolidation and price pullback to the $1840 support level for a bearish option. A break below would mean that the price is starting to weaken, so that we could see a further pullback in the price of Ethereum. Potential lower targets are $1820 and $1810 levels. Last week’s low price was at the $1799.20 level.
