Bitcoin and Ethereum: Bitcoin jumps above the $26400 level
- Bitcoin price managed to initiate a more concrete bullish consolidation yesterday.
- The price of Ethereum started the day with a jump to the $1657 level.
Bitcoin chart analysis
Bitcoin price managed to initiate a more concrete bullish consolidation yesterday. First, we saw a break above $26000 and the EMA50 moving average. Then, another bullish impulse and the price jumps to the $26430 level. We encounter resistance and see a pullback looking for support at the $26,200 level. We need to support ourselves above if we want to initiate further recovery. Potential higher targets are $26500 and $26600 levels.
We need a negative consolidation and a break below the $26200 level for a bearish option. After that, we can expect to see a pullback to support at the $26000 level. There, we would retest the EMA50 moving average. A new breakout below would once again return us to the previous consolidation zone. Potential lower targets are $25800 and $25600 levels.
Ethereum chart analysis
The price of Ethereum started the day with a jump to the $1657 level. This was followed by a pullback to support at the $1645 level. The EMA50 moving average provides additional support, and based on that, we could expect to see a new bullish consolidation and a return to the zone around the $1660 level. Potential higher targets are $1670 and $1680 levels.
We need a negative consolidation and pullback below the $1640 support level for a bearish option. After that, we could expect to see a decline to the $1630 level, and thus, we would return to the previous movement zone. Potential lower targets are $1620 and $1610 levels.
