Bitcoin and Ethereum: Bitcoin Faces Challenges Around the $27,000 Mark
- The price of Bitcoin fell to a new April low of $26981 yesterday.
- Ethereum price continues to retreat, forming a new lower low this morning at the $1806 level.
Bitcoin chart analysis
The price of Bitcoin fell to a new April low of $26981 yesterday. We stayed down for a short time, and Bitcoin began to recover to the $27600 level. The bearish pressure on the price seems strong, which led to a new bearish consolidation and a pullback to the $27290 level. Chances are high that we will fall back to the $27000 support level.
Depending on the breakout at that level, we cannot rule out a breakout below and the formation of a new lower low. Potential lower targets are $26750 and $26500 levels. We need a positive consolidation and a move up to the $27750 level for a bearish option. Then it is necessary to hold up there so we can proceed to the continuation and testing of the $28,000 level. In the zone around the $28250 level, we could have additional resistance at the $28250 level.
Ethereum chart analysis
Ethereum price continues to retreat, forming a new lower low this morning at the $1806 level. We have seen a minor recovery to the $1820 level, but bearish pressure pulls us back below and leads us toward the $1800 support level. We may soon see a breakout below and a further pullback in the price of Ethereum.
Potential lower targets are $1780 and $1760 levels. If we look at the bullish side, we need a positive consolidation and a move to the $1850 level. After that, we need to try to maintain ourselves there and consolidate before we start a further recovery with the next impulse. Potential higher targets are the $1880 and $1900 levels.
