Bitcoin and Ethereum: Bitcoin falls below $28000
On Friday, the price of Bitcoin falls below $28,000, breaking the previous support at that level.
On Friday, the price of Ethereum retreated to the $1826 level.
Bitcoin chart analysis
On Friday, the price of Bitcoin falls below $28,000, breaking the previous support at that level. During the weekend, the movement was in the range of $27,100-$28,000. Today we see a new price pullback and the formation of a lower low at the $27045 level. With this, we formed a new April minimum.
For now, the price is recovering slightly to the $27350 level. We need a new positive consolidation and a break above the $28000 level for a bullish option again. Then we need to rise above and consolidate at that level in order to start further recovery with a new impulse. Potential higher targets are $28250 and $28500 levels. If last week’s bearish trend continues, potential lower targets will be $26750 and 26500.
Ethereum chart analysis
On Friday, the price of Ethereum retreated to the $1826 level. Over the weekend, the price managed to hold above and rose to the $1880 resistance level. This morning we see a new pullback to the support zone and new pressure on the price. We need a negative consolidation and a break below the previous support for a bearish option.
Potential lower targets are $1800 and $1775 levels. I need a new positive consolidation and breaking above the $1880 resistance for a bullish option. Then, we need to hold on there in order to wait for a new bullish impulse and start further recovery. Potential higher targets could be $1900 and $1925 levels.
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