Bitcoin and Ethereum: Bitcoin retreats below $30800
The price of Bitcoin yesterday was in retreat to the $30630 level.
The price of Ethereum pulled back to the $1930 level yesterday, and for now, we have support at that level.
Bitcoin chart analysis
The price of Bitcoin yesterday was in retreat to the $30630 level. We got support at that level very quickly, and the price started to recover. We are now consolidating around the $30,800 level and will try to hold there in order to move forward. We need a break above $31000, and then we would have to stay above that and form a new bottom.
With a positive consolidation, bitcoin would start a continuation of the bullish trend with the first target at the $31100 level. A price break above could take us to a test of this week’s $31300-$31400 resistance zone. Potential higher targets are $31500 and $31600 levels.
We need a negative consolidation and a price drop below the $30600 support level for a bearish option. After that, the price would be close to testing the $30500 level and the EMA50 moving average. If we fail to hold above that level, the potential lower targets are the $30400 and $30300 levels.
Ethereum chart analysis
The price of Ethereum pulled back to the $1930 level yesterday, and for now, we have support at that level. Today we see sideways movement in the narrow $1930-$1940 range. Even today, the bearish pressure is slightly noticeable, which could lead to the price falling below and forming a new low. Potential lower targets are the $1920 and $1910 levels. The EMA50 moving average could provide additional price support at the $1910 level.
For a bullish option, we need a positive consolidation and a jump in the price of Bitcoin above the $1950 level. Then we need to stay up there in order to initiate further recovery. Potential higher targets are the $1960 and $1970 levels.
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