Bitcoin and Ethereum: Bitcoin near $28500 this morning

Bitcoin chart analysis

Over the weekend, the price of Bitcoin was in a mild bullish trend. At the beginning of Monday, we saw a strong bullish impulse and a price jump to $28,000. Bitcoin manages to hold above $28000 and initiates a bullish consolidation that continues to push the price to the $28492 level. If today’s trend continues, we could climb to $29,000.

We need a negative consolidation and pullback to the $28000 support level for a bearish option. A break below would have the effect of increasing the bearish pressure, which would further negatively affect the price movement. Potential lower targets are $27750 and $27500 levels. EMA 50 moving average is waiting for us in the zone around $27000 levels.

Ethereum chart analysis

Ethereum price jumped from $1680 to $1755 level this morning. After that, we see a pullback and consolidation around the $1730 level. We find support at the $1720 level. A break below this support could add pressure on the price and send it lower. Potential lower targets are $1700 and $1680 levels. The EMA50 moving average is in the zone around the $1650 level.

We need to stay above the $1720 level for a bullish option. Then, we need a positive consolidation and a break above the $1740 level. After that, we would be in a good position to start a new test of the previous resistance zone, $1750-$1755. If we manage to break through that zone, Ethereum could continue further recovery. Potential higher targets are $1760 and $1770 levels.

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