Bitcoin and Ethereum: Bitcoin tests the $27,000 level
- Today we see a new retreat in the price of Bitcoin and the formation of a low at the $26870 level.
- The price of Ethereum is trying to hold above the $1800 level.
Bitcoin chart analysis
Today we see a new retreat in the price of Bitcoin and the formation of a low at the $26870 level. This was followed by an impulse to $27300, where we meet resistance and pullback to the $27000 level. It is evident that the price is under pressure and that we could see a new drop below the $27,000 level.
This could lead to the formation of a new lower low. Potential lower targets are $26800 and $26600 levels. Considering a bullish option, we need a positive consolidation and price movement above the $27400 level. Then we need to stay up there with a new impulse to start further recovery. Potential higher targets are $27600 and $27800 levels.
Ethereum chart analysis
The price of Ethereum is trying to hold above the $1800 level. Today’s price resistance and a concrete bullish recovery are the $1820 and EMA50 moving average. We need a break above if we want to see the recovery continue. Potential higher targets are the $1840 and $1860 levels.
We need a negative consolidation and a retest of the $1800 level for a bearish option. With a drop below, we would have the opportunity to see a continuation of the price retreat and the formation of the next lower low. Potential lower targets are $1780 and $1760 levels.