Bitcoin and Ethereum: Bitcoin remains under pressure
- Yesterday, we saw a bullish consolidation of the price of Bitcoin from the $27300 level.
- The price of Ethereum encounters resistance at the $1650 level and begins a new bearish consolidation.
Bitcoin chart analysis
Yesterday, we saw a bullish consolidation of the price of Bitcoin from the $27300 level. Today’s high price is at the $27,900 level, which we reached this morning. There, we encounter resistance and make a certain pullback to the $26,720 level. If we get support at the $27600 level, we could start a new bullish consolidation and start a new price increase. Potential higher targets are $27800 and $28000 levels.
We need a negative consolidation and a break below the support at the $27600 level for a bearish option. After that, we should see a continuation of the pullback and the formation of today’s new low. Potential lower targets are $27500, $27400 and $27300 levels. Bitcoin could have additional support in the zone around $27300 in the EMA50 moving average.
Ethereum chart analysis
The price of Ethereum encounters resistance at the $1650 level and begins a new bearish consolidation. We are now at the $1635 level and are approaching yesterday’s low at the $1625 level. A longer stay in that zone could lead to a breakout below and the formation of a new lower low. Potential lower targets are $1610 and $1600 levels.
We need a positive consolidation and a return above the $1650 level for a bullish option. Thus, we would climb above the EMA50 moving average and receive its support for further continuation to the bullish side. Potential higher targets are $1660 and $1670 levels. A price jump above $1680 would be considered a more concrete move for Ethereum to continue its recovery.