Bitcoin price had another sudden drop yesterday to the $27236 level. We were at that level for a short time because a quick recovery followed and a return to the $28,000 level. The price has once again returned above the EMA50 moving average, which could positively affect further movement. Today’s high Bitcoin price is $28354. For a bullish option, we need a continuation of this positive consolidation and a move above the $28400 level.
Then we also need to maintain ourselves up there in order to consolidate and continue growing. Potential higher targets are $28600 and $28800 levels. For a bearish option, we need a negative consolidation and price pullback below $28000 and the EMA50 moving average. Then we would go back to the bearish side and probably see a continuation of the decline in the price of Bitcoin. Potential lower targets are $27600 and $27250 levels.
The price of Ethereum fell below $1800 twice yesterday, but each time it consolidated and returned to the beginning. In the first part of the day, we see a bullish consolidation supported by the EMA20 and EMA50 moving averages. That pushed the price up to the $1840 level.
For now, we have resistance at that level, and Ethereum pulls back to 1830, looking for support at that level. Potential higher targets are the $1850 and $1860 levels. We need a new negative consolidation and a new price pullback below the $1800 level for a bearish option. That way, the bearish pressure would increase, and we could expect further declines in Ethereum. Potential lower targets are $1780 and $1750 levels.
The post Bitcoin and Ethereum: Bitcoin stays above $28000 appeared first on FinanceBrokerage.