Bitcoin and Ethereum: Bitcoin retests support at $26600
Bitcoin succumbed to pressure yesterday at the $27500 level, and a pullback followed. The price of Ethereum failed to sustain above the $1850 level yesterday.Bitcoin chart analysis
Bitcoin succumbed to pressure yesterday at the $27500 level, and a pullback followed. The price drop was stopped at the $26623 level this morning. We are now in a support zone, and we could expect to see some holding here before the next major price move. We need a positive consolidation and stabilization above 26800 for a bullish option.
After that, a bullish impulse is needed to recover above the $27000 level. Potential higher targets are $27200 and $27400 levels. For a bearish option, we need a negative consolidation and a test of support at the $26400 level. A break below could push the price even lower, with potential lower targets of $26,200 and $26,000.
Ethereum chart analysis
The price of Ethereum failed to sustain above the $1850 level yesterday. This was followed by a breakout below and a price drop to $1813. Now we see a consolidation at that level and an attempt to hold there and stop the decline. A break below would bring us to the $1800 level.
We will have increased bearish pressure down there, which could lead to a continuation of the pullback. Potential lower targets are $1790 and $1780 levels. We need a positive consolidation and a move to the $1830 level for a bullish option. Then we need to hold up there before moving on to the bullish side. Potential higher targets are the $1840 and $1850 levels.
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