Bitcoin and Ethereum: Bitcoin slips back below $27,000
- Bitcoin struggled to stay above the EMA50 moving average yesterday but was unsuccessful.
- The price of Ethereum has continued the bearish consolidation since the beginning of the week and today.
Bitcoin chart analysis
Bitcoin struggled to stay above the EMA50 moving average yesterday but was unsuccessful. It was followed by a breakout below and a fall to support at the $27,300 level. Then we tried to hold above it, but a new breakout occurred below, and a low was formed at the $26978 level. We remain under pressure around $27,000, which could influence us to see a new breakout below and the formation of a new lower low. Potential lower targets are $26800 and $26600 levels.
We need a new positive consolidation and a return above the $27300 level for a bullish option. That way, we would be back above the previous support level and from there, it would be easier for us to continue the recovery. Potential higher targets are $27600 and $27800 levels. Bitcoin may encounter additional resistance at the EMA50 moving average around the $27500 level.
Ethereum chart analysis
The price of Ethereum has continued the bearish consolidation since the beginning of the week and today. This morning, we saw the formation of a new low at the $1545 level. We managed to move above the $1550 level and are currently moving slightly above that level. The pressure is still there, and we need a bullish impulse to break away and start a recovery.
It would be good if we moved to the $1570 level and formed the next bottom there. Potential higher targets are $1580 and $1600 levels. We need a negative consolidation and a new pullback below the $1550 level for a bearish option. After that, the price could easily form a new low and thus confirm the bearish scenario. Potential lower targets are $1540 and $1530 levels.