Bitcoin and Ethereum: Bitcoin slips to the $25550 level
- Bitcoin price continues to slide, forming a new low this morning at the $25550 level.
- The price of Ethereum fell to the $1610 level this morning, thus forming a new weekly low.
Bitcoin chart analysis
Bitcoin price continues to slide, forming a new low this morning at the $25550 level. There, we get new support and recover to the $25700 level. We are still below the $26,000 level, which continues to put pressure on the price, preventing it from recovering. Now, we need to get back above the $25800 level and try to hold above there in order to start the recovery to the $26000 level.
A price break above would be very important for a further bullish trend. Potential higher targets are $26200 and $26400 levels. Additional price resistance could be found in the EMA50 moving average in the $26000-$26200 zone. We need a negative consolidation and a drop below this morning’s support level for a bearish option. And potential lower targets are $25400 and $25200 levels.
Ethereum chart analysis
The price of Ethereum fell to the $1610 level this morning, thus forming a new weekly low. From that level, we see a bullish consolidation and recovery to the $1625 level. The current bullish consolidation could continue to push the price to higher levels. Potential higher targets are the $1630 and $1640 levels.
We need a negative consolidation and a price drop to the $1600 support level for a bearish option. Thus, we would form a new September low and confirm the bearish scenario. Potential lower targets are $1590 and $1580 levels.
