Bitcoin and Ethereum: Bitcoin is holding around $27600
- The previous weekend, the main part of Bitcoin’s movement was in the $27900-$28200 range.
- Yesterday, the Ethereum price pulled back below the $1600 level.
Bitcoin chart analysis
The previous weekend, the main part of Bitcoin’s movement was in the $27900-$28200 range. As Monday began, Bitcoin began to slide, forming a low at the $27,280 level. This is where we found ourselves in last week’s support zone and managed to initiate a new positive consolidation. Such a move pushed the price to the $27700 level this morning.
We are now also testing the EMA50 moving average in the hope of gaining its support and embarking on a continuation of the recovery. Potential higher targets are $27800 and $28000 levels. We need a negative consolidation and pullback to the previous support at the $27280 level for a bearish option. A break below would lead to the formation of a new low and thus confirm the bearish pressure. Potential lower targets are $27200 and $27000 levels.
Ethereum chart analysis
Yesterday, the Ethereum price pulled back below the $1600 level. The price drop did not stop there but continued up to the $1,548 level. There, we managed to get support and climb up to the $1580 level. Today’s high price is $1590, and we need a break above if we want to see a continuation of the movement to the bullish side. Potential higher targets are $1600 and $1620 levels.
Additional resistance for the price could be the EMA50 moving average in the zone around the $1620 level. We need a negative consolidation and pullback below the previous consolidation at the $1580 level for a bearish option. After that, we would be under increased pressure to continue pulling back and forming a new low. Potential lower targets are $1560 and $1540 levels.