Bitcoin and Ethereum: Bitcoin slips below $29,000 again
On August 1, we already have a new low price of Bitcoin at the $28726 level. Ethereum’s price dropped from $1860 to $1815 this morning.Bitcoin chart analysis
On August 1, we already have a new low price of Bitcoin at the $28726 level. A new low was formed in relation to the previous one from July 24. After the decline, we now see bullish consolidation and a return above the $28900 level. The current consolidation could take us up to the $29,000 level. Then, staying there and starting the recovery with a new impulse would be desirable. Potential higher targets are $29100 and $29200 levels.
We need a negative consolidation and price pullback below the $28800 level for a bearish option. Then, we would go back to the previous low again. A price breakout below would form a new and confirm bearish scenario. Potential lower targets are $28700 and $28600 levels.
Ethereum chart analysis
Ethereum’s price dropped from $1860 to $1815 this morning. We quickly consolidated and launched a bullish recovery. We have the current minor resistance at the $1835 level, and we need a break above it for the continuation of the bullish side. It would be good for the price to climb above $1840 to return to the previous bearish channel. Price stabilization in that channel could create a bullish impulse and trigger further recovery. Potential higher targets are $1850 and $1860 levels.
We need a negative consolidation and a new price pullback below the $1820 level for a bearish option. After that, we would retest the previous low, and it is possible that we will see a breakout below and a new one formed. Potential lower targets are $1810 and $1820 levels.
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