Bitcoin and Ethereum: Bitcoin jumps to $49000 yesterday

Bitcoin chart analysis

Yesterday, we saw the price of Bitcoin jump to $49048. After gaining support at $46,000, there was a bullish consolidation and a jump to the previously mentioned level. The joy at that level was short-lived, and Bitcoin retreated back to $45,600, erasing all of yesterday’s gains. Today’s picture is bearish, and the price may continue to retreat. We are currently very close to testing the EMA50 moving average, which provided us with solid support in the previous period.

Potential lower targets are the $45,000 and $44,500 levels. We need another positive consolidation and a move above the $46500 level for a bullish option. Then, it is necessary to stay there and form the bottom from which further recovery should start. Potential higher targets are the $47000 and $47500 levels.

Ethereum chart analysis

The price of Ethereum reached a new high at the $2690 level. After that, we are looking at a pullback to support at $2580. Today’s movement is in the $2580-$2620 range, and we are holding high for now. We need a break above $2620 and a hold there in order to enter a new bullish consolidation. Potential higher targets are $2680 and $2720 levels.

For a bearish option, we need a pullback to support at the $2560 level. A break below this level would shake Ethereum’s price, strengthening the bearish momentum. Thus, we would see the formation of a new low and get confirmation of the bearish option. Potential lower targets are $2520 and $2480 levels. The EMA50 moving average is in the zone around the $2400 level.

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