Bitcoin and Ethereum: Bitcoin and new lower low at $26374
- Yesterday we saw another drop in Bitcoin below the $27000 level.
- Ethereum dropped to the $1772 level yesterday.
Bitcoin chart analysis
Yesterday we saw another drop in Bitcoin below the $27000 level. A new weekly low was formed at the $26374 level. We stayed down for a short time because a bullish consolidation followed and grew up to the $26900 level. For now, we are moving sideways and could see a bullish impulse that would bring us back above the $27000 level.
At the $27250 level, we encounter the EMA50 moving average, and we need a break above if we want to see a continuation of Bitcoin’s recovery. Potential higher targets are $27500 and $27750 levels. On the bearish side, potential lower targets are $26500 and $26250.
Ethereum chart analysis
Ethereum dropped to the $1772 level yesterday. First, we moved sideways in the $1810-$1820 range, followed by a breakout below and the formation of a new low. The price consolidated and started a recovery, which led to a return above the $1800 level. Below we see a hold above that level and an advance toward the $1810 level.
We need a break above the $1820 level and the EMA50 moving average for a bullish option. If we managed to do that, we would have a good starting position from which we would start further recovery. Potential higher targets are the $1830 and $1840 levels.