Bitcoin and Ethereum: Bitcoin’s new drop to the $26000 level
- During the weekend, the price of Bitcoin was mostly calm, hovering in the $26500-$26600 range.
- The price of Ethereum is sliding below $1600 again, forming a new two-week low this morning at the $1564 level.
Bitcoin chart analysis
During the weekend, the price of Bitcoin was mostly calm, hovering in the $26500-$26600 range. Last night, we saw some volatility in the price movement and increased volatility between the $26360 and $26730 levels. At the beginning of this week, the price of bitcoin fell into bearish consolidation and to the $26008 level. We found ourselves again in the zone around the $26,000 level, which leads to an increase in bearish pressure.
A break below this morning’s support will cause the price to begin a further decline with the formation of a new low. Potential lower targets are $25900 and $25800 levels. We need a positive consolidation and a jump above the $26200 level for a bullish option. Then, we need to maintain above that in order to start the recovery with a new bullish impulse. Potential higher targets are $26400 and $26500 levels.
Ethereum chart analysis
The price of Ethereum is sliding below $1600 again, forming a new two-week low this morning at the $1564 level. After this decline, we see a new impulse to the $1580 level and resistance at that level. Then, the price makes a new pullback to the $1572 level. Increased pressure in this zone could create a breakout below and trigger a further price pullback. Potential lower targets are $1560 and $1550 levels.
For a bullish option, we need a positive consolidation and a return of the price above the $1580 level. Then, we need to maintain our position above in order to consolidate there and start further recovery from there. Potential higher targets are $1590 and $1600 levels.