Bitcoin and Ethereum: New support for Bitcoin at 26250 level
For a good part of yesterday, the price of Bitcoin struggled to stay above the $26,000 level.
Yesterday’s low price of Ethereum was at the $1563 level.
Bitcoin chart analysis
For a good part of yesterday, the price of Bitcoin struggled to stay above the $26,000 level. In the afternoon, we saw a bullish consolidation and a move up to the $26435 level. There, we encounter resistance and make a pullback to the $26250 support level. For now, we manage to stay above that level, but we remain under bearish pressure. This could lead to another breakout below and a drop to another test of the $26,000 support zone.
We need a positive consolidation and a move above the $26400 level for a bullish option. After that, we would return to the resistance zone around the $26450 level. A breakout above could positively impact further Bitcoin price recovery. Potential higher targets are $26500 and $26550 levels.
Ethereum chart analysis
Yesterday’s low price of Ethereum was at the $1563 level. After that, we see a bullish consolidation and the beginning of a price recovery. This led to a jump to $1597, where we formed a new high price for the week. There, we encounter resistance and see a pullback to support at the $1585 level. From that level, we again make a new positive consolidation and return above the $1590 level.
We need a new break above $1595 to continue further growth to the bullish side. Potential higher targets are the $1600 and $1610 levels. An additional average price could be in the EMA50 moving average around the $1600 level.
We need a negative consolidation and a drop to the $1580 support level for a bearish option. After that, the price enters the red zone again with a high probability of a further decline to lower levels. Potential lower targets are $1570 and $1560 levels.
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