Bitcoin and Ethereum: Bitcoin is holding above $27000

Bitcoin spent yesterday consolidating around support at the $27,000 level. The price of Ethereum hovered around support at the $1700 level yesterday.

Bitcoin chart analysis

Bitcoin spent yesterday consolidating around support at the $27,000 level. It managed to hold above and move towards the $27250 level. If this consolidation continues, we could expect to see a continuation on the bullish side. The next hurdle is the $27400 level, and a break above is needed to continue and then hold up there. The new impulse triggers further resistance; the potential higher targets are the $27600 and $27800 levels.

We need a negative consolidation and price pullback below the $27000 support level for a bearish option. Below, we could expect to see a further weakening of Bitcoin and a drop to lower levels. Potential lower targets are $26800 and $26600 levels.

Ethereum chart analysis

The price of Ethereum hovered around support at the $1700 level yesterday. In the last couple of hours, we have seen a slight bullish consolidation that could push the price of Ethereum to start a recovery. Potential higher targets are $1720 and $1740 levels. Yesterday’s resistance was in the zone around the $1720 level.

We need a negative consolidation and a price drop below the $1700 support level for a bearish option. After that, the price could go down to $1680, and there we come across the EMA50 moving average. A break below this support would mean a return to last week’s movement zone. Potential lower targets are $1660 and $1640 levels.

 

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