Bitcoin and Ethereum: Bitcoin price falls below $27000
Yesterday, Bitcoin succumbed to pressure at the $28000 level, and a pullback occurred.
Ethereum retreated to $1687 yesterday, following increased pressure at the $1770 level.
Bitcoin chart analysis
Yesterday, Bitcoin succumbed to pressure at the $28000 level, and a pullback occurred. The price drop stopped at the $26541 level. After the check, the price recovers and climbs to the $27300 level. Since then, Bitcoin has been moving sideways around the $27,000 level. Right now, I see that price drop to the $26,700 level.
The reason could be the presentation of BoE and EBC representatives on future monetary policy and the likely continuation of interest rate increases. This could negatively affect Bitcoin and take it down to the next support at the $26470 level. We must consider a visit up to the $26,000 level. We need a new positive consolidation and a return above the $27300 level for a bullish option. Only after that, we could expect positive developments for Bitcoin.
Ethereum chart analysis
Ethereum retreated to $1687 yesterday, following increased pressure at the $1770 level. Since then, the price has recovered above $1700 and is managing to stay above that level for now. The EMA 50 moving average has shifted to the bearish side and could be an obstacle to a potential further recovery.
For a bullish option, we need a positive consolidation and a return of the price above the $1760 level. Thus, we would erase the previous losses and have the opportunity to start further recovery. Potential higher targets are the $1800 and $1830 levels. For the bearish option, we need a drop and a new support test at the $1700 level, and the potential lower target is the $1670 level.
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