Bitcoin and Ethereum: Bitcoin continues to consolidate
- Bitcoin price continues to move sideways today in the $26200-$26270 range.
- After gaining support at $1580, the price of Ethereum is moving into a bullish consolidation.
Bitcoin chart analysis
Bitcoin price continues to move sideways today in the $26200-$26270 range. After this consolidation, we expect to see further recovery and a move to higher levels. Potential higher targets are $26300 and $26400 levels. At the $26,400 level, we would test yesterday’s bitcoin price high. The EMA50 moving average is located in the zone around the $26450 level.
We need a negative consolidation and pullback to the $26100 level for a bearish option. A break below this level could push the price to a new test of the $26,000 level. A drop below it would form a new lower low and thus confirm the bearish option. Potential lower targets are $25900 and $25800 levels.
Ethereum chart analysis
After gaining support at $1580, the price of Ethereum is moving into a bullish consolidation. This morning, we climbed to the $1597 level and are stopping at that point with a slight price pullback to the $1590 level. In that zone, we see the beginning of a new positive consolidation, and now we expect to continue towards the $1600 level.
Additional resistance in that zone is the EMA50 moving average. A break above would strengthen bullish optimism, and the price would have all the conditions to continue with further recovery. Potential higher targets are the $1610 and $1620 levels. We need a negative consolidation and a new drop to the $1580 support level for a bearish option. Falling below this level leads to increased pressure on Ethereum and sends it to previous lower levels. Potential lower targets are $1570 and $1560 levels.
