Bitcoin and Ethereum: Bitcoin is testing the $28,000 level
Over the weekend, the price of Bitcoin was in a bullish consolidation from $26800 to $27200 levels.
Today, the Ethereum price jumped to a new five-day high at the $1590 level.
Bitcoin chart analysis
Over the weekend, the price of Bitcoin was in a bullish consolidation from $26800 to $27200 levels. At the beginning of Monday, we saw a move above the EMA50 moving average, continued consolidation and a strong bullish impulse to the $27996 level. We have resistance there for now and see a pullback to the $27700 level.
If we don’t get back above $27800 soon, we could expect to see a continuation of the pullback and the formed low at the lower support. Potential lower targets are $27600 and $27500 levels. We need a positive consolidation and price breakout above the $28,000 level for a bullish option. Then we need to hold up there in order to move from there to further continued bullish side. Potential higher targets are $28100 and $28200 levels.
Ethereum chart analysis
Today, the Ethereum price jumped to a new five-day high at the $1590 level. For now, we have resistance at that level and are pulling back to support at the $1575 level. Additional support in the zone around $1575 was provided by the EMA50 moving average. We need a positive consolidation to trigger a bullish option and return to the $1590 resistance level.
A break above would indicate a release from bearish pressure and a continuation of growth to higher levels. Potential higher targets are the $1600 and $1610 levels. We need a negative consolidation and pullback to the $1570 level for a bearish option. With that, we would also go below the EMA50 moving average. There would be increasing pressure on the price to continue its further pullback. Potential lower targets are $1560 and $1550 levels.
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