Bitcoin and Ethereum: Bitcoin falls back to the $26000
- With yesterday’s fall, the price of Bitcoin erased the previous jump to the $28142 level.
- The price of Ethereum fell to the $1630 level last night.
Bitcoin chart analysis
With yesterday’s fall, the price of Bitcoin erased the previous jump to the $28142 level. This morning, we saw the formation of a new low at the $25690 level. After that, the price consolidated and moved up to $26000, where we are now. We could expect to see a continuation of the bullish consolidation and a move to the $26200 level.
In the zone around $26400, we encounter the EMA50 moving average, and we need a new break above to continue on the bullish side. Potential higher targets are $26600 and $26800 levels. We need a negative consolidation and pullback to the $25600 level for a bearish option. There, we would be under a lot of pressure to continue with further withdrawal. Potential lower targets are $25400 and $25200 levels.
Ethereum chart analysis
The price of Ethereum fell to the $1630 level last night. After the jump on Tuesday to the $1745 level, there followed a pullback and a drop to the previous low. Now, we are holding around the $1645 level and rising in the support zone. This could produce a new bearish impulse and a new drop to lower levels. Potential lower targets are $1620 and $1600 levels.
For a bullish option, we need a positive consolidation and a move above $1660 to start. After that, we need to hold on there in order to start a further recovery to the bullish side from there. Potential higher targets are $1680 and $1700 levels. We could have additional resistance in the EMA50 moving average in the zone around the $1680 level.
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