Bitcoin and Ethereum: Bitcoin makes an impulse to $26800
The price of Bitcoin made a bullish jump to the $26823 level yesterday.
Ethereum’s price reached the $1,632 level yesterday, forming a new high for the week.
Bitcoin chart analysis
The price of Bitcoin made a bullish jump to the $26823 level yesterday. At that level, we encountered resistance, and bitcoin, with a bearish impulse, went down to the $26100 level. After that, we got support and managed to initiate a positive consolidation and move up to the $26460 level. Here, we are now testing the EMA50 moving average, and we need a break above to continue on the bullish side. Potential higher targets are $26600 and $26800 levels.
We need a negative consolidation and a new pullback to support a bearish option at the $26100 level. A price breakout below would see us retest the $26,000 level. The increased pressure in that zone could influence the price to continue sliding, and the potential lower targets are the $25,900 and $25,800 levels.
Ethereum chart analysis
Ethereum’s price reached the $1,632 level yesterday, forming a new high for the week. There, we encountered resistance, and the price started a pullback all the way to the $1585 level. We quickly consolidated there and moved above the $1590 level. After that, the price makes a positive consolidation that climbs Ethereum to the $1620 level. For now, we stop at that level and pull back slightly to the $1615 level.
We need a continuation of the positive consolidation in order to move further to the bullish side. Potential higher targets are the $1630 and $1640 levels. We need a negative consolidation and pullback to the $1600 level for a bearish option. A breakout below could signal a continuation of Ethereum’s price decline. Potential lower targets are $1590 and $1580 levels.
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