Bitcoin and Ethereum: Bitcoin remains low below $27000

Yesterday’s attempt by the price of Bitcoin to start a recovery was stopped at the $27330 level. The price of Ethereum remains today in the support zone with resistance at the $1570 level.

Bitcoin chart analysis

Yesterday’s attempt by the price of Bitcoin to start a recovery was stopped at the $27330 level. There, we encounter a new resistance and start with a bearish consolidation that lowers the price all the way to the $26533 support level. After that, bitcoin managed to consolidate at that level and start a recovery, but now only up to the $27,000 level. Today, we have resistance at that level and need a break above to continue to the bullish side. Potential higher targets are $27100 and $27200 levels.

For a bearish option, we need a negative consolidation and price pullback down to test the $26600 support level. A drop below this support could lead to the formation of a new low below the $26500 level. Potential lower targets are $26400 and $26300 levels.

Ethereum chart analysis

The price of Ethereum remains today in the support zone with resistance at the $1570 level. Yesterday, the price fell to the $1545 level, and there we see the formation of a new low. After that, we start with a bullish consolidation and move towards the $1580 level. That’s where we encounter resistance and start a retreat that continues today. If we don’t see some bullish impulse soon, the price could slip below the $1550 level and form a new lower low. Potential lower targets are $1540 and $1530 levels.

We need a break above $1570 for a bullish option and hold up there. After that, we would form the bottom from which we would start to continue the recovery. Potential higher targets are $1580 and $1590 levels. We will have an additional break in the EMA50 moving average in the zone around the $1600 level.

 

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