Bitcoin and Ethereum: Bitcoin is still at the $26000 level

Bitcoin chart analysis

The price of bitcoin continues to struggle to hold above the $26,000 level. We were expected to see some recovery during the weekend, as we saw a slight bullish consolidation on Saturday. That consolidation only managed to move the price up to $26300, where we encountered new resistance. From that level, we start a new pullback and descend again to the $26,000 support level.

A price break below $26,000 would confirm that the price does not have the strength to start a recovery, which would send it to lower support levels. Potential lower targets are $25750 and $25500 levels. We need a positive consolidation and a move up to the $26300 resistance level for a bullish option. Then we need a breakout above and try to hold up there. With the next impulse, we would start further recovery. Potential higher targets are $26500 and $26750 levels.

Ethereum chart analysis

Ethereum’s recovery slowed over the weekend. We encountered resistance at the $1695 level, while we have support at the $1660 level. We are currently testing the support zone and could see a rise to the resistance zone. If we stay longer in the support zone, a breakout below could occur, and the price would begin to retreat. Potential lower targets are $1640 and $1620 levels.

We need a positive consolidation and a move to the $1700 level for a bullish option. Then we need a breakout above and try to hold up there. If we succeed in that, we will have the opportunity to start the continuation of the recovery. Potential higher targets are $1720 and $1740 levels. The EMA50 moving average is in the zone, around $1740.

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