Bitcoin and Ethereum: Bitcoin retreats to the $34,000 level
- The price of Bitcoin is in retreat after jumping to the $35968 level on Thursday.
- The price of Ethereum formed a new high yesterday at the $1874 level.
Bitcoin chart analysis
The price of Bitcoin is in retreat after jumping to the $35968 level on Thursday. The pullback takes us down to the $34250 level, and we are now testing potential support at the EMA50 moving average here. If price pressure continues, a breakout below is the next step in Bitcoin’s price. Potential lower targets are the $34,000 and $33,500 levels.
For a bullish option, we need a positive consolidation and a move above the $34600 level. Then, we would have to hold up there in order to trigger the continuation of the Bitcoin price recovery with the next impulse.
Potential higher targets are $34800 and $35200 levels. Depending on the strength of the impulse, the price could rise and test the previous high at $36,000.
Ethereum chart analysis
The price of Ethereum formed a new high yesterday at the $1874 level. This was followed by a pullback down to the first support at the $1820 level. Then, the price tried to initiate a bullish consolidation, but it was stopped at the $1840 level. Failure to move above leads to another pullback and a drop to the $1780 level.
In this zone, we test the EMA50 moving average, looking for possible support in it. A break below leads to the formation of a new low, thus confirming bearish dominance. Price would continue to pull back to some lower support. Potential lower targets are $1760 and $1740 levels.
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