Bitcoin and Ethereum: Bitcoin finds support at the $27500
Yesterday, we saw another jump in the price of Bitcoin above the $28000 level.
The price of Ethereum fell to a new low yesterday at the $1606 level.
Bitcoin chart analysis
Yesterday, we saw another jump in the price of Bitcoin above the $28000 level. A new high was formed at the $28125 level. This was followed quickly by a pullback to $27400, where Bitcoin gained support. Since then, the price has slightly risen to $27,650. If today’s consolidation continues, we could expect to see a continuation of the move to the bullish side. Potential higher targets are $27800 and $28000 levels.
We need negative consolidation and pullback to support the bearish option at the $27400 level. Additional support in that zone is the EMA50 moving average. A break below would mean that the price does not have the strength to maintain at that level, and we will see a further pullback. Potential lower targets are $27200 and $27000 levels.
Ethereum chart analysis
The price of Ethereum fell to a new low yesterday at the $1606 level. This created a new October low price. After that, we see that the price managed to consolidate and initiate a positive consolidation up to the $1635 level. We need a continuation if we want to see Ethereum at higher levels. We could have additional pressure at the $1645 level because we encounter the EMA50 moving average there. Potential higher targets are $1650 and $1660 levels.
We need a negative consolidation and pullback to the $1610 level for a bearish option. A break below signifies that we are continuing on the bearish side and will form a new low. Potential lower targets are $1600 and $1590 levels.
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