Bitcoin and Ethereum: BTC is testing support at $28,200
- For most of the weekend, the price of Bitcoin was calm.
- During the weekend, Ethereum was in retreat from $1880 to $1825.
Bitcoin chart analysis
For most of the weekend, the price of Bitcoin was calm. Last night, Bitcoin launched a bullish impulse that led to a significant move above the $28,000 level and a jump to the $28,544 level. Last week we saw a pullback to $28,200, where we got support and started a new recovery. To continue the bullish option, we need further positive consolidation and a new test of the $28500 level. Next, we need to hold on there in order to climb to higher levels with a new bullish impulse. Potential higher targets are $28750 and $29000 levels.
Ethereum chart analysis
During the weekend, Ethereum was in retreat from $1880 to $1825. The price manages to get support at that level and initiate a bullish consolidation that takes us back above the $1850 level. Additional price support is the EMA 50 4H moving average, and if we manage to hold above it, we could see further price growth. Potential higher targets are the $1900 and $1925 levels. For a bearish option, we need a negative consolidation and a return to the previous lower support zone of $1825-$1845. a price drop below this zone could deepen Ethereum’s further decline. And that could result in a pullback to the $1800 level. Last week’s support zone is $1765-$1780. We are still on the bullish side, with support at the $1850 level.
