Bitcoin and Ethereum: Bitcoin falls to the $28300 level

Bitcoin chart analysis

The price of Bitcoin is falling this morning to a new three-month low at the $28300 level. A strong bearish consolidation first broke below the $29000 support level, and then we saw a drop to this morning’s low. The price quickly finds support at that level and pulls back to the $28660 level. There, we encounter a new resistance and fall below the $28600 level.

We could soon test the $28,500 level, and if it doesn’t hold, Bitcoin could continue its further decline. Potential lower targets are $28400 and $28300 levels. We need a positive consolidation and a move up to the $28700 level for a bullish option. Then, it would be desirable to hold up there in order to consolidate before continuing to the bullish side. Potential higher targets are $28800 and $28900 levels.

Ethereum chart analysis

The price of Ethereum is falling to a new low this morning at the $1,777 level. We stayed down for a short time, and the price retreated to the $1,800 level. For now, we have less resistance at that level and a slight price pullback to the $1795 level. We need a break above the $1800 level if we want to see a continuation to the bullish side. Potential higher targets are $1810 and $182 levels.

We need a negative consolidation and a new price pullback below the $1780 level for a bearish option. After that, we will likely see a new low forming, which would confirm a further decline in the price of Ethereum. Potential lower targets are $1770 and $1760 levels.

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