Economy

Bitcoin and Ethereum: Bitcoin pulls back below $30,000

Bitcoin and Ethereum: Bitcoin pulls back below $30,000

The price of Bitcoin fell to the $29675 level last night, thus forming a new July low.
Yesterday, the price of Ethereum fell below the $1900 level.

Bitcoin chart analysis

The price of Bitcoin fell to the $29675 level last night, thus forming a new July low. We quickly consolidated and returned above $30,000, and the recovery was up to $30,200. There, we encounter resistance, and the price makes a new pullback to the $30,000 level. We remain under pressure as long as we are below the EMA50 moving average.

We need positive consolidation and a return to the zone around the $30400 level for a bullish option. Additional pressure at that level creates the EMA50 moving average, and we need a break above if we want to see further recovery. Potential higher targets are $30600 and $30800 levels.

We need a negative consolidation and a drop to the previous low at $29675 for a bearish option. A break below would bring the price down to a test of the June support zones. Potential lower targets are $29500 and $29400 levels.

Ethereum chart analysis

Yesterday, the price of Ethereum fell below the $1900 level. After falling below the EMA50 moving average, there was an increase in pressure on the price, and it slipped to the $1875 level. We stayed down for a short time because a quick pullback to the $1920 level followed. Ethereum encounters new resistance at that level, making another pullback to the $1900 level.

We need a positive consolidation and price movement above the $1920 level for a bullish option. Thus, we would return above the EMA50 moving average, and then we could expect to see further recovery. Potential higher targets are $1940 and $1960 levels.

We need a negative consolidation and a drop to the previous low at the $1875 level for a bearish option. A break below is confirmation of Ethereum price weakening. Potential lower targets are $1860 and $1850 levels.

The post Bitcoin and Ethereum: Bitcoin pulls back below $30,000 appeared first on FinanceBrokerage.

You May Also Like

Editor's Pick

ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

Investing

Democratic Gov. Janet Mills on Wednesday vetoed a bill aimed at prohibiting foreign influence in Maine elections, but voters will get the final say...

Latest News

There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

Latest News

House Speaker Mike Johnson (R-La.) on Wednesday appointed Reps. Scott Perry (R-Pa.) and Ronny Jackson (R-Tex.), two Trump loyalists who denied the results of...

Disclaimer: realinvestmentstar.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 realinvestmentstar.com