Bitcoin and Ethereum: Bitcoin retreats below $28000

• Bitcoin price formed a new high yesterday at the $28592 level.
• The price of Ethereum retreated yesterday from the $1755 level to the $1640 level.

Bitcoin chart analysis

Bitcoin price formed a new high yesterday at the $28592 level. This was followed by a pullback, and very quickly, we fell below the $28,000 level. In the rest of the day, bitcoin begins a further retreat to the $27300 level. We then see a slight recovery to $27700, where we encounter new resistance. For now, that level is an obstacle for us, and we are returning to the $27500 support level.

If the support does not hold, we could easily slide down and test the previous low again at the $27300 level. Potential lower targets are $27200 and $27100 levels. Additional support at the $27100 level is the EMA50 moving average. We need a positive consolidation and a break above the $27700 level for a bullish option. Then we need to stay up there in order to start further recovery from that place. Potential higher targets are $27800 and $27900 levels.

Ethereum chart analysis

The price of Ethereum retreated yesterday from the $1755 level to the $1640 level. It seems that the price pressure was strong above the $1700 level, and a pullback to support at the EMA50 moving average followed. Since then, we have managed to stay above it, but Ethereum failed to make a new bullish step and encountered a new resistance at the $1670 level. This leads to a pullback to the $1660 level and new pressure on the EMA50 moving average.

A break below confirms the bearish scenario, and we could see the formation of a new weekly low. Potential lower targets are $1640 and $1630 levels. We need a positive consolidation and price breakout above the $1670 level for a bullish option. Then, we need to hold above in order to start the continuation to the bullish side with the next impulse. Potential higher targets are $1680 and $1700 levels.