Bitcoin and Ethereum: Bitcoin retreats to $27700
- Bitcoin price retreated from $28936 to $26688 yesterday.
- The price of Ethereum retreated to the $1715 level yesterday.
Bitcoin chart analysis
Bitcoin price retreated from $28936 to $26688 yesterday. Very quickly, bitcoin finds support there and starts a new recovery. We quickly bounced back above $27000 and are now at $27715. Additional resistance at that level is in the EMA60 moving average. We need a break above and continued positive consolidation for a bullish option.
Potential higher targets are the $28,000 and $28,500 levels. We need a negative consolidation and price pullback to the $27000 level for a bearish option. If we then break below, the price could retest yesterday’s support at the $26688 level. Additional price support at that level is in the EMA50 moving average.
Ethereum chart analysis
The price of Ethereum retreated to the $1715 level yesterday. The price managed to consolidate there and get support, after which we saw a recovery. We are now at $1760, and a continuation of the price recovery could be expected. Potential higher targets are $1776 and $1830 levels.
We need a negative consolidation and a pullback of the price below the $1750 level for a bearish option. Then we could expect to see a continuation of the pullback to the previous low. The inability to get support there would bring us down to the $1700 level.
