Bitcoin and Ethereum: Bitcoin jumps back to $29900

• The price of Bitcoin is climbing to the $29800 level, thus testing this week’s high at the $29900 level.
• The price of Ethereum makes a new bullish impulse above the $1600 level.

Bitcoin chart analysis

The price of Bitcoin is climbing to the $29800 level, thus testing this week’s high at the $29900 level. We are very close to testing the $30,000 level after almost two months. The day started at $28800, followed by a bullish impulse to $29300. Then, a new impulse and jump to the current level. Potential higher targets are $30200 and $30400 levels.

We need a negative consolidation and pullback to the previous support zone at the $29200 level for a bearish option. A drop below this level could signal a further pullback and testing of previous support levels. Potential lower targets are the $29,000 and $28,800 levels.

Ethereum chart analysis

The price of Ethereum makes a new bullish impulse above the $1600 level. Today’s price high is $1620, and we are on our way to climb to this week’s high at $1640. Last week, we also tried to stay up above, but we had no success. This would be our third attempt, and we would have another opportunity to form a new higher high. Potential higher targets are $1650 and $1660 levels.

We need a new negative consolidation and price pullback below the $1600 level for a bearish option. We could then expect to see a further pullback as there would be increased pressure on the price due to the failure to continue on the bullish side. Potential lower targets are $1580 and $1560 levels. We could get additional support in the EMA50 moving average around the $1570 level.

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