Bitcoin and Ethereum: Bitcoin rises above $47000 yesterday

• Yesterday, with a strong bullish consolidation, the price of Bitcoin jumped to the $47,281 level.
• After the consolidation of the price of Ethereum below the EMA50 over the weekend in the pullback yesterday to $2176, a strong bullish impulse to the $2360 level followed.

Bitcoin chart analysis

Yesterday, with a strong bullish consolidation, the price of Bitcoin jumped to the $47,281 level. This year’s new high was formed at that level. After that, we are looking at a slight pullback to support at the $46400 level. For now, Bitcoin is managing to hold above that support level, which could produce a new bullish consolidation for the continuation of the previous trend. Potential higher targets are $47000 and $47200 levels.

We need a pullback to the $46000 level for a bearish option. Thus, we would form a new daily low, and bearish pressure would increase in that zone. A break below would confirm the bearish momentum, and the price would continue to slide. Potential lower targets are $45600 and $45200 levels.

Ethereum chart analysis

After the consolidation of the price of Ethereum below the EMA50 over the weekend in the pullback yesterday to $2176, a strong bullish impulse to the $2360 level followed. We stopped at that level and started a pullback that continues today. In the previous hour, the price fell below the $2300 level, and the current pressure could send it even lower.

In the zone around $2280, we come across the EMA50 moving average, and there, we could expect better support and stop the price drop. Potential lower targets are $2260 and $2240 levels. We need a positive consolidation and a return above the $2320 level for a bullish option. Then we need to hold on there and, with a new impulse, start a further recovery on the bullish side. Potential higher targets are $2340 and $2360 levels.

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