Bitcoin and Ethereum: Bitcoin bounces back above $28,000
- Bitcoin climbed to $28567 yesterday, forming this year’s high.
- The price of Ethereum was in retreat until the $1720 level.
Bitcoin chart analysis
Bitcoin climbed to $28567 yesterday, forming this year’s high. After that, we saw a pullback to $27600, where the price successfully found support and returned above the $28000 level again. Today’s high was at the $28200 level, and with the current bullish consolidation, we could test this morning’s high and continue the breakout above.
In the continuation, we would be within reach of this year’s maximum, which could easily lead to a new breakout above and the formation of a higher high. Potential higher targets are $28800 and $29000 levels.
Ethereum chart analysis
The price of Ethereum was in retreat until the $1720 level. THEN the price manages to find support at that point and begins a recovery. We are now back above the $1750 level and expect to see a continuation of this bullish consolidation. We are again looking at the $1800 and $1850 levels.
We need a price drop to the $1700 level for a bearish option. This would cause us to fall below the EMA50 moving average, increasing the bearish pressure on the price of Ethereum. Potential lower targets are $1675 and $1650 levels.
