Bitcoin and Ethereum: Bitcoin still remains below $29200

<div><img width="1200" height="801" src="https://www.financebrokerage.com/wp-content/uploads/2022/10/shutterstock_1101060608-1.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and Ethereum: A Consolidation and Price Pullback" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin still remains below $29200</b></h1>
<ul>
<li aria-level="1">The price of Bitcoin remains under pressure in the zone around the $29,200 level.</li>
<li aria-level="1">Yesterday, we saw Ethereum&#8217;s price pull back from $1888 to $1854 this morning.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>The price of Bitcoin remains under pressure in the zone around the $29,200 level. We failed to get back above the $30,000 level this week. Conversely, the pressure was on the $29,000-$29,200 support zone. If we stay in this zone next week, a <a href="https://www.financebrokerage.com/fractal-breakout-strategy/">breakout</a> below and the formation of a new low could easily happen. Potential lower targets are $28900 and $28800 levels.</p>
<p>We need a positive consolidation and a move up to the $29300 level for a bullish option. Then, we need to hold on up there and start a new bullish trend with a new impulse. Potential higher targets are $29400 and $29500 levels. We have additional resistance in the EMA50 moving average at the $29500 level.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-215102 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/f3ydtLib-1024×621.jpg" alt="Bitcoin chart analysis" width="1024" height="621" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>Yesterday, we saw Ethereum&#8217;s price pull back from $1888 to $1854 this morning. After that, Ethereum managed to consolidate and initiate a recovery to the $1865 level. Now, we need a continuation of this consolidation and a move to the $1870 level, where we encounter the EMA50 moving average. A price break above could indicate a possible longer-term bullish trend. Potential higher targets are $1890 and $1900 levels.</p>
<p>We need a negative consolidation and a new pullback to the $1850 level for a bearish option. We could then see a breakout below and a continuation of the Ethereum price decline. Potential lower targets are the $1840 and $1830 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-215103 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/07/YXvEJ0e1-1024×621.jpg" alt="Ethereum chart analysis" width="1024" height="621" /></p>
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