Bitcoin and Ethereum: New high for Bitcoin price at $26800
- Bitcoin price remains in bullish consolidation today.
- The price of Ethereum rose to the $1640 level yesterday.
Bitcoin chart analysis
Bitcoin price remains in bullish consolidation today. Yesterday, we saw the formation of a new September high at the $26850 level. From that level, we see a pullback to the $26,500 support level and manage to return to the previous bullish trend from there. Based on that, we could expect to climb up to the $27,000 level. Potential higher targets are $27200 and $27400 levels.
We need a negative consolidation and drop the Bitcoin price below the $26400 level for a bearish option. After that, we could expect to see a continued pullback to lower levels. Potential lower targets are the $26,200 and $26,000 levels. Additional support for the Bitcoin price could be found in the EMA50 moving average around the $26200 level.
Ethereum chart analysis
The price of Ethereum rose to the $1640 level yesterday. We are in that zone for the third day, and we could expect to see a break above and move to the $1650 level. Additional support for this consolidation is in the EMA50 moving average in the zone around the $1620 level. With a break above $1650, we would take the first step towards further recovery. Potential higher targets are $1660 and $1670 levels.
We need a negative consolidation and pullback to the $1600 support level for a bearish option. A break below would again put us under greater bearish pressure to continue on the bearish side. Potential lower targets are $1580 and $1560 levels.
