Bitcoin and Ethereum: Bitcoin made a break above $35000
- The price of Bitcoin jumped this morning to the $35198 level, forming its six-month high there.
- The price of Ethereum jumped to the $1850 level this morning, forming a two-month high there.
Bitcoin chart analysis
The price of Bitcoin jumped this morning to the $35198 level, forming its six-month high there. At that level, we encounter resistance and begin a pullback below the $35,000 level. Bearish consolidation is now dragging the price below $34,000, and we are now at the $33,800 level. Based on the current picture, we can expect a continuation of the pullback to the $33000 level. That’s our price from the beginning of the day.
Inability to get support there either, we will see a breakout below, and potential lower targets are $32800 and $32400 levels. We need a positive consolidation and a return above the $34400 level for a bullish option. Then, we would have to hold on up there so that we could start further growth on the bullish side with a new impulse. Potential higher targets are $34800 and $35200 levels.
Ethereum chart analysis
The price of Ethereum jumped to the $1850 level this morning, forming a two-month high there. After that, we see a pullback and bearish consolidation to the $1800 support level. We hope that we will manage to stay above it in order to initiate a new bullish consolidation. To begin with, we need to move above $1820 and consolidate our position there. Potential higher targets are $1840 and $1860 levels.
We need a negative consolidation and a price drop below the $1800 support level for a bearish option. A break below would indicate that the price does not have the strength to continue to the bullish side, and we will see a pullback to the next lower support. Potential lower targets are $1780 and $1760 levels. The EMA50 moving average is low in the zone, around the $1640 level.
