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Bitcoin and Ethereum: Bitcoin drops below $29600 once again

Bitcoin and Ethereum: Bitcoin drops below $29600 once again

Another attempt to keep the Bitcoin price above the $30,000 level ended in failure. Yesterday’s attempt to recover the price of Ethereum was stopped at the $1920 level.

Bitcoin chart analysis

Another attempt to keep the Bitcoin price above the $30,000 level ended in failure. Only a new high was formed at $30,400, from which we saw the previous pullback to the $29,567 level. At that level, the fall in the price of bitcoin stopped, after which we recovered to the $29900 level. We encounter resistance there again and pull back to the $29750 level.

The pressure has again moved near the support zone, which could have a negative impact on the price of Bitcoin. Potential lower targets are $29600 and $29500 levels. We need a new positive consolidation and price return to the $30,000 level for a bullish option. Then we need to hold up there before continuing to the bullish side. Potential higher targets are $30200 and $30400 levels.

Ethereum chart analysis

Yesterday’s attempt to recover the price of Ethereum was stopped at the $1920 level. A strong, bearish impulse followed from that place, and the price retreated to the $1875 level. Then, the price manages to stop that fall and recover to the $1900 level, where it encounters resistance again and starts a new pullback. This time, the price falls to the $1885 level, but very close to testing the support zone around the $1880 level soon.

We need a negative consolidation and a drop to the $1870 level for a bearish option. Thus, we would form a new low and confirm the bearish option. Potential lower targets are $1860 and $1850 levels. We need a positive consolidation and a return above the $1900 level for a bullish option. Additional resistance in that zone is the EMA50 moving average, and we need a break above it for further Ethereum price recovery. Potential higher targets are $1910 and $1920 levels.

The post Bitcoin and Ethereum: Bitcoin drops below $29600 once again appeared first on FinanceBrokerage.

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