Bitcoin and Ethereum: Bitcoin back to $29,000 this morning

• Bitcoin started the day with consolidation in the $28,300-$28,500 range.
• Yesterday, we saw a pullback in Ethereum price from $1605 to $1553.

Bitcoin chart analysis

Bitcoin started the day with consolidation in the $28,300-$28,500 range. After that, we see a bullish impulse and testing the $29,000 level. A slight pullback to the $28,700 support level followed; the level was broken, and the price is now falling below the $28,600 level. We could soon expect to test potential support at the upper level of the previous consolidation at the $28,500 level.

A break below would indicate that the price of Bitcoin remains under pressure, and we could expect to see a continuation of the pullback. Potential lower targets are $28300 and $28100, yesterday’s low price. We need a positive consolidation and a move above the $28700 level for a bullish option. In this way, we would return above the previous support. There, we would form a new bottom from which we would start a new growth. Potential higher targets are $28800 and $29000 levels.

Ethereum chart analysis

Yesterday, we saw a pullback in Ethereum price from $1605 to $1553. At that level, we managed to get support and initiate a bullish consolidation, forming today’s high at the $1582 level. After that, we pulled back to the $1570 level and are consolidating above it. A slight pressure in the zone around the $1575 level creates the EMA50 moving average, which could increase the bearish pressure on the price.

Potential lower targets are $1560 and $1550 levels. We need a positive consolidation and even up to the $1580 level for a bullish option. Thus, we would jump over the EMA50 moving average, increasing optimism in the continuation of the recovery to the bullish side. Potential higher targets are the $1585 and $1590 levels.

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