Bitcoin and Ethereum: Bitcoin pulls back below $30,000
The price of Bitcoin fell to the $29675 level last night, thus forming a new July low.
Yesterday, the price of Ethereum fell below the $1900 level.
Bitcoin chart analysis
The price of Bitcoin fell to the $29675 level last night, thus forming a new July low. We quickly consolidated and returned above $30,000, and the recovery was up to $30,200. There, we encounter resistance, and the price makes a new pullback to the $30,000 level. We remain under pressure as long as we are below the EMA50 moving average.
We need positive consolidation and a return to the zone around the $30400 level for a bullish option. Additional pressure at that level creates the EMA50 moving average, and we need a break above if we want to see further recovery. Potential higher targets are $30600 and $30800 levels.
We need a negative consolidation and a drop to the previous low at $29675 for a bearish option. A break below would bring the price down to a test of the June support zones. Potential lower targets are $29500 and $29400 levels.
Ethereum chart analysis
Yesterday, the price of Ethereum fell below the $1900 level. After falling below the EMA50 moving average, there was an increase in pressure on the price, and it slipped to the $1875 level. We stayed down for a short time because a quick pullback to the $1920 level followed. Ethereum encounters new resistance at that level, making another pullback to the $1900 level.
We need a positive consolidation and price movement above the $1920 level for a bullish option. Thus, we would return above the EMA50 moving average, and then we could expect to see further recovery. Potential higher targets are $1940 and $1960 levels.
We need a negative consolidation and a drop to the previous low at the $1875 level for a bearish option. A break below is confirmation of Ethereum price weakening. Potential lower targets are $1860 and $1850 levels.
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