Bitcoin and Ethereum: Bitcoin slips back below $29,000

The price of Bitcoin fell to $28842 yesterday, forming a new July low.
The price of Ethereum fell twice yesterday to the $1833 level.

Bitcoin chart analysis

The price of Bitcoin fell to $28842 yesterday, forming a new July low. After that, we see momentum above $29000 and consolidation around that level. The next important level is $29200, and we need a break above it in order to start a further recovery. Potential higher targets are $29400 and $29600 levels. EMA50 moving average is in the zone around the $29800 level.

We need a negative consolidation and a new price pullback below the $29,000 level for a bearish option. After that, the bitcoin price could form a new lower low and thus confirm the bearish option. Potential lower targets are $28800 and $28600 levels. Bitcoin has been in a bearish trend since July 14 after climbing to the $31818 level.

Ethereum chart analysis

The price of Ethereum fell twice yesterday to the $1833 level. After that, we went back above $1840 to now see a consolidation around the $1850 level. The price is trying with a positive consolidation to break above $1860 and thus initiate a continuation of the recovery. Potential higher targets are $1870 and $1880 levels. Additional resistance in the zone around $1880 was leveled by the EMA50 moving average.

We need a negative consolidation and a new price pullback below the $1835 level for a bearish option. Such a picture would further weigh on Ethereum, and we would likely see a breakout below and a continuation to the bearish side. Potential lower targets are $1820, $1810 and $1800 levels.

The post Bitcoin and Ethereum: Bitcoin slips back below $29,000 appeared first on FinanceBrokerage.