Bitcoin and Ethereum: Bitcoin again at the $26000 level
- Bitcoin continues its retreat after Wednesday’s jump to the $26,800 level.
- The price of Ethereum hovers around the $1650 level.
Bitcoin chart analysis
Bitcoin continues its retreat after Wednesday’s jump to the $26,800 level. We have once again returned to the support zone around the $26,000 level. Pressure is now in this zone and could lead to a breakout below and the formation of a new low. Potential lower targets are $25800 and $25600 levels. This week’s bitcoin price low was at the $25350 level.
We need a positive consolidation and a move to at least the $26250 level for a bullish option. Then we need to hold above there in order to start a further recovery of the price of bitcoin from there. Potential higher targets are $26400 and $26600 levels. Additional resistance for the price of Bitcoin will be in the EMA50 moving average at the $26600 price.
Ethereum chart analysis
The price of Ethereum hovers around the $1650 level. We are currently managing to stay above and gain support in that zone. A certain bearish pressure is noticeable because we failed to break above the $1700 level on Wednesday. That could push the price below current support and send it testing lower support levels. Potential lower targets are $1620 and $1600 levels.
We need a positive consolidation and price movement above the $1670 level for a bullish option. Then, we need to keep up there to start recovery with a new impulse. Potential higher targets are $1680 and $1700 levels. We have additional resistance to the bullish option in the EMA50 moving average in the zone around the $1680 level.
