Bitcoin and Ethereum: Bitcoin above $29000 this morning
Bitcoin bounced back above $29,000 this morning, forming a new weekly high at $29,170.
Ethereum jumped to the $1830 level this morning.
Bitcoin chart analysis
Bitcoin bounced back above $29,000 this morning, forming a new weekly high at $29,170. We didn’t stay there for long, and a new pullback of the price followed to the $28150 level. Bitcoin is consolidating again, but now around the $28,600 level. Additional support for the bullish trend in the EMA20 moving average, and as long as we are above it, we can expect the price to continue to rise.
Potential higher targets are $29250 and $29500 levels. For a bearish option, we need a new negative consolidation and pullback to the $28000 level. a drop below that level could take us down to the previous support zone from the beginning of the week. Potential lower targets are $27300 and $26700 levels.
Ethereum chart analysis
Ethereum jumped to the $1830 level this morning. The price retreat soon followed, and now we are consolidating around the $1800 level. We could expect to see a continuation of bullish consolidation and a move above this morning’s high. After that, we would be in a situation to test the previous high at the $1860 level.
And if the positive consolidation continues, we may even reach the $1900 level. We need a negative consolidation and price pullback to the $1750 level for a bearish option. After that, the price would fall below the EMA50 moving average, which could have a negative impact on the further trend. Potential lower targets are $1700 and $1670 levels.
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