Bitcoin chart analysis

The price of Bitcoin was in a bullish trend yesterday, and the result was a jump to the $30210 level. A new August high was formed at that level, and the price made a new pullback and retreated to the $29,700 level. We managed to hold above that level and climb up to $29800. Then, we need a break above and try to stay up there. With the new impulse, we could see a further recovery and a return above the $30,000 level.

Potential higher targets are $30200 and $30400 levels. We need a negative consolidation and price pullback below the $29700 level for a bearish option. After that, we can wait for further withdrawal. Potential lower targets are $29600 and $29500 levels.

(Click on image to enlarge)

Ethereum chart analysis

Yesterday’s bullish consolidation pushed the Ethereum price to $1878. This is where we encounter resistance and see a pullback to the $1850 support level. Today, we have support at that level, and the price is climbing up to the $1860 level. We need further positive consolidation to continue to the bullish side. Potential higher targets are the $1870 and $1880 levels.

We need a negative consolidation and a new pullback below the $1850 level for a bearish option. After that, we came across the $1845 support level and the EMA50 moving average. A break below them would mean further bearish pullback. Potential lower targets are the $1840 and $1830 levels.

(Click on image to enlarge)

More By This Author: