Bitcoin and Ethereum: Bitcoin falls to the $25600 level
Bitcoin price continues to move below the $26,000 level.
The Ethereum price tested the $1600 level yesterday, and today, we saw a breakout below and the formation of a new low at the $1575 level.
Bitcoin chart analysis
Bitcoin price continues to move below the $26,000 level. This leads to increased pressure, and the price starts to slide. The previous high is at $25,800, and the price starts from there into a bearish consolidation and falls to the $25,650 level. If the negative consolidation continues, we could soon test the previous low at the $25333 level. Potential lower targets are $25200 and $25000 levels.
We need a negative consolidation and a price jump to the $26000 level for a bullish option. Then, it is necessary to maintain up there in order to start the continuation of the bullish recovery with a new impulse. Potential higher targets are $26200 and $26400 levels.
Ethereum chart analysis
The Ethereum price tested the $1600 level yesterday, and today, we saw a breakout below and the formation of a new low at the $1575 level. After that, there was a slight recovery to the $1587 level, but we remain under bearish pressure. This could lead to a continuation of the decline and the formation of a new lower low. Potential lower targets are $1570 and $1560 levels.
We need a positive consolidation and a return above the $1600 level for a bullish option. If we succeed in that intention, we could expect to see a continuation of the recovery and visit the previous consolidation zone. Potential higher targets are the $1610 and $1620 levels. The next resistance to the bullish option will be at the $1630 level in the EMA50 moving average.
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