Bitcoin and Ethereum: Bitcoin struggles with $26,000 level
The price of Bitcoin continued to rise yesterday to the $26529 level. The price of Ethereum is pulling back below the $1600 level, looking for support at the $1580 level.Bitcoin chart analysis
The price of Bitcoin continued to rise yesterday to the $26529 level. After that, we see a pullback to support at the $25800 level. We managed to get that support and make a slight positive consolidation, and now we are within reach of the $26,000 level. We have additional support in the EMA50 moving average, which could be positively reflected in the continuation of the movement. Potential higher targets are $26500 and $26600 levels.
We need a negative consolidation and a drop below the support at the $25800 level for a bearish option. The price would also pull back below the EMA50 moving average, which would add to the bearish pressure. Potential lower targets are $25600 and $25400 levels.
Ethereum chart analysis
The price of Ethereum is pulling back below the $1600 level, looking for support at the $1580 level. The previous pullback has been stopped, and the price is recovering slightly to the $1590 level. For a bullish option, we need a continuation of positive consolidation and a break above the $1600 level. Then we need to hold up there in order to deal with the EMA50 moving average, which is in the zone around $1610.
With a breakout above, we would have a good opportunity to trigger a further recovery in Ethereum price. Potential higher targets are the $1620 and $1640 levels. We need a negative consolidation and a drop below the support at the $1580 level for a bearish option. After that, we can expect to see the price pull back to lower support levels. Potential lower targets are $1560 and $1540 levels.
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