Bitcoin and Ethereum: Bitcoin falls below $26,000
Early this morning, the Bitcoin price fell below the $26,000 level.
Ethereum price failed to sustain above the $1800 level, followed by a pullback below to the $1760 level.
Bitcoin chart analysis
Early this morning, the Bitcoin price fell below the $26,000 level. A new lower low was formed at the $25,878 level. We stayed down there for a short time, and a quick pullback followed, and the price returned above $26,000. We are now consolidating at the $26250 level and looking for new support.
With a positive consolidation, we would continue the recovery. Potential higher targets are $26400 and $26600 levels. If we were to return above $26,600, it could be considered a great success for the price of Bitcoin, as we would thus return to the previous zone of bigger consolidation.
We need a negative consolidation and a new price pullback below the $26,000 level for a bearish option. After that, we expect to see a further decline and the formation of a new lower low. Potential lower targets are $25800 and $25600 levels.
Ethereum chart analysis
Ethereum price failed to sustain above the $1800 level, followed by a pullback below to the $1760 level. We received support at that point and quickly climbed above the $1770 level. In the continuation of the consolidation, the price continues towards the $1790 level.
If the price continues with this movement, it could soon find itself above the $1800 level again. We need a positive consolidation and price pullback below the $1770 support level for a bearish option. We will retest the low at $1760. Potential lower targets are $1750 and $1740 levels.
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