Bitcoin and Ethereum: Bitcoin is testing support at $31,000

<div><img width="1000" height="667" src="https://www.financebrokerage.com/wp-content/uploads/2022/03/shutterstock_1905996475.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and Ethereum continue their bullish recovery" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin is testing support at $31,000</b></h1>
<ul>
<li aria-level="1">Yesterday we saw the continuation of the July bullish consolidation and the jump in the price of Bitcoin to the $31400 level.</li>
<li aria-level="1">Yesterday’s bullish trend in the Ethereum price was stopped at $1975.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>Yesterday we saw the continuation of the July bullish consolidation and the jump in the price of Bitcoin to the $31400 level. The price stalls at that level and encounters resistance, leading to a pullback to the $31,000 support level. Now we need a new positive <a href="https://www.financebrokerage.com/consolidation-in-stocks/">consolidation</a> in order to start a new bullish consolidation. After that, we expect to return to this morning’s resistance zone around the $31400 level.</p>
<p>With the price breaking above, we are moving into a further bullish trend with the formation of new highs. Potential higher targets are $31600 and $31800 levels. We need a negative consolidation and pullback to the $30600 level for a bearish option. If Bitcoin fails to hold at that level, the price will continue to pull back and test previous lows.</p>
<p>Potential lower targets are $30400 and $30200 levels. Additional support is the EMA50 moving average in the zone around the $30400 level, and there we could get support and stop further decline.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-209561 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/9PIfHipr-1024×634.jpg" alt="Bitcoin chart analysis" width="1024" height="634" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>Yesterday’s bullish trend in the Ethereum price was stopped at $1975. After that, the price begins to pull back and meets the first support at the $1950 level. For a bearish option, we need a continuation of the negative consolidation and a drop below the $1950 level. In the continuation, we could have a price drop to $1930, the previous support level.</p>
<p>With the price of Ethereum falling below the previous support, bearish pressure would increase, and we would see a continuation of the decline to the next lower support. Potential lower targets are the $1920 and $1910 levels. Additional support at the $1910 level is in the EMA50 moving average.</p>
<p>We need positive consolidation and a return to the zone around the $1975 level for a bullish option. Then a breakout above and consolidation above is required. After that, we can expect to see the price continue to rise. Potential higher targets are the $1980 and $1990 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-209562 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/cauc5BUD-1024×634.jpg" alt="Ethereum chart analysis" width="1024" height="634" /></p>
<p>&nbsp;</p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/bitcoin-and-ethereum-bitcoin-is-testing-support-at-31000/">Bitcoin and Ethereum: Bitcoin is testing support at $31,000</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>