Bitcoin and Ethereum: Bitcoin is holding above $30400
- The price of Bitcoin tested the $31000 level yesterday.
- Yesterday we saw the testing of the $1900 level by the price of Ethereum.
Bitcoin chart analysis
The price of Bitcoin tested the $31000 level yesterday. Holding at that level was short-lived because a pullback to the $30,200 level followed. After that, Bitcoin finds support at that level and starts a new bullish consolidation and recovery up to the $30700 level. That level represents our resistance for now; the price has retreated to $30,300.
Additional price support in this zone is in the EMA50 moving average. Here we can expect to see a new consolidation and the initiation of another bullish impulse. A return to the zone around the $31,000 level would be a full hit for Bitcoin, as well as a continuation on the bullish side. Potential higher targets are $31250 and $31500 levels.
We need a negative consolidation and a price drop to the $30,000 support level for a bearish option. A break below would add to the bearish pressure, pushing the price of Bitcoin even lower. Potential lower targets are $30800 and $30600 levels.
Ethereum chart analysis
Yesterday we saw the testing of the $1900 level by the price of Ethereum. This was followed by a quick pullback to the $1880 level, where the price tried to hold. After that, we see a breakout below and a drop to $1865. We currently stopped at that level and recovered slightly to the $1870 level. With the fall below the EMA50 moving average, bearish pressure on the price of Ethereum has increased.
Potential lower targets are the $1850 and $1840 levels. We need a positive consolidation and a price jump above $1880 for a bullish option. Then we would have the opportunity to go to $1900 again because we have support in the EMA50 moving average. Potential higher targets are the $1920 and $1940 levels.
