Bitcoin and Ethereum: Bitcoin is calm at the $29400 level
Bitcoin price continues to pull back after a jump to 30200 on Tuesday. Ethereum price has also been in a bearish pullback for the past three days.Bitcoin chart analysis
Bitcoin price continues to pull back after a jump to 30200 on Tuesday. Today, we see movement in the $29300-$29500 range. Additional support is provided by the EMA50 moving average from the lower side. This could trigger a positive consolidation and move the price towards the $29500 resistance level.
Then we need a breakout above and try to hold up there. And with a new impulse, we would start a bullish continuation. Potential higher targets are $29600 and $29700 levels. We need a negative consolidation and pullback below the EMA50 moving average for a bearish option. That could increase pressure on Bitcoin to continue its retreat. Potential lower targets are $29200 and $29000 levels.
Ethereum chart analysis
Ethereum price has also been in a bearish pullback for the past three days. Yesterday, we saw the formation of a new low at the $1840 level. This was followed by a recovery to the $1848 level and a move above the EMA50 moving average. The previous high is at the $1852 level, and we need a break above it if we want to see continued price recovery. Potential higher targets are $1860 and $1870 levels.
We need a negative consolidation and price pullback to the previous support at the $1840 level for a bearish option. A break below would mean potential further pullbacks and the formation of a new low. Potential lower targets are $1830 and $1820 levels.
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