Bitcoin chart analysis

Bitcoin struggled to stay above the EMA50 moving average yesterday but was unsuccessful. It was followed by a breakout below and a fall to support at the $27,300 level. Then we tried to hold above it, but a new breakout occurred below, and a low was formed at the $26978 level. We remain under pressure around $27,000, which could influence us to see a new breakout below and the formation of a new lower low. Potential lower targets are $26800 and $26600 levels.

We need a new positive consolidation and a return above the $27300 level for a bullish option. That way, we would be back above the previous support level and from there, it would be easier for us to continue the recovery. Potential higher targets are $27600 and $27800 levels. Bitcoin may encounter additional resistance at the EMA50 moving average around the $27500 level.

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Ethereum chart analysis

The price of Ethereum has continued the bearish consolidation since the beginning of the week and today. This morning, we saw the formation of a new low at the $1545 level. We managed to move above the $1550 level and are currently moving slightly above that level. The pressure is still there, and we need a bullish impulse to break away and start a recovery.

It would be good if we moved to the $1570 level and formed the next bottom there. Potential higher targets are $1580 and $1600 levels. We need a negative consolidation and a new pullback below the $1550 level for a bearish option. After that, the price could easily form a new low and thus confirm the bearish scenario. Potential lower targets are $1540 and $1530 levels.

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