Bitcoin and Ethereum: Bitcoin is testing the $27,500 level
- The price of bitcoin received support at the $26600 level yesterday.
- The price of Ethereum continues to hover around the $1820 level.
Bitcoin chart analysis
The price of bitcoin received support at the $26600 level yesterday. After consolidating at that level, bitcoin manages to start a new recovery with a bullish impulse. We are back above the $27000 level again and on our way to reaching the $27500 level. Bitcoin is now above the EMA50 moving average, and we could expect to see a further continuation of the price increase. Potential higher targets are $27600 and $27800 levels.
Ethereum chart analysis
The price of Ethereum continues to hover around the $1820 level. We are still testing the EMA50 moving average. We could evaluate the current consolidation positively with support in the EMA50 moving average. We need a continuation of the positive consolidation to start further recovery.
Potential higher targets are the $1840 and $1860 levels. We need a negative consolidation and pullback to $1800 for a bearish option. A price drop below this level could bring us down to testing yesterday’s low at the $1790 level. Increased pressure could further lower the price to the lower line of the channel in the $1770-$1780 zone.