Bitcoin and Ethereum: Bitcoin remains at $26,000 support
The bitcoin price remains today in the zone around the $26,000 level.
Ethereum price is also in a sideways consolidation in the $1650-$1690 range.
Bitcoin chart analysis
The bitcoin price remains today in the zone around the $26,000 level. We continue to move sideways in the $26000-$26250 range. We need a break above the $26250 level if we plan to move to the bullish side. A move to the $26,500 level would form a new high price this week, and we could interpret that as the first positive sign of a potential recovery. Higher targets on the chart are $26750 and $27000 levels.
We need a negative consolidation and pullback below the $26000 support level for a bearish option. Then, we would again have the opportunity to test the previous low in the zone around $25600. A longer hold down there could lead to a breakout below and the formation of a new low. Potential lower targets are $25500 and $25250 levels.
Ethereum chart analysis
Ethereum price is also in a sideways consolidation in the $1650-$1690 range. For the fifth day already, we are moving in the same range without major outages outside this channel. The price has now stabilized, which could reinforce the bullish consolidation and initiate a mild bullish trend.
It would be desirable to return to the resistance zone at the $1700 level. Then, we need a break above and hold there before we continue the recovery. Potential higher targets are $1720 and $1740 levels.
We need a negative consolidation and a price drop below the $1650 level for a bearish option. Then, we would enter the bearish zone of increased pressure on the price. Potential lower targets are $1620 and $1600 levels.
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