Bitcoin and Ethereum: Bitcoin retreats below $28000

<div><img width="1000" height="667" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/shutterstock_1905996475.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Bitcoin and Ethereum continue their bullish recovery" decoding="async" loading="lazy" /></div><h1><b>Bitcoin and Ethereum: Bitcoin retreats below $28000</b></h1>
<ul>
<li aria-level="1">Bitcoin price formed a new high yesterday at the $28592 level.</li>
<li aria-level="1">The price of Ethereum retreated yesterday from the $1755 level to the $1640 level.</li>
</ul>
<h2><b>Bitcoin chart analysis</b></h2>
<p>Bitcoin price formed a new high yesterday at the $28592 level. This was followed by a <a href="https://www.financebrokerage.com/apecoin-and-akita-inu-apecoin-continues-to-pullback/">pullback</a>, 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.</p>
<p>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.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-230659 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/kAzOjCIO-1024×620.jpg" alt="Bitcoin chart analysis" width="1024" height="620" /></p>
<h2><b>Ethereum chart analysis</b></h2>
<p>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.</p>
<p>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.</p>
<p><a href="https://www.tradingview.com/x/hgr1H2ZL/"><img decoding="async" loading="lazy" class="aligncenter wp-image-230661 size-large" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2023/10/hgr1H2ZL-1024×620.jpg" alt="Ethereum chart analysis" width="1024" height="620" /></a></p>
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