Bitcoin and Ethereum: Bitcoin at the $24000 level

• Bitcoin is retesting support at the $24,000 level. 
• The price of Ethereum fell to the $1620 level this morning.

Bitcoin chart analysis

Bitcoin is retesting support at the $24,000 level. We visited that level three times this week. Now we again have a smaller recovery up to $24200. Bitcoin seems to be faltering in its attempts to climb above the $25,000 level. For a bearish option, we need a continuation of this negative consolidation and a break below the $24,000 level.

Potential lower targets are $23750 and $23500 levels. If we don’t get support there, too, the price could fall all the way to the $21,000 level. For a bullish option, we need a positive consolidation and a return to the resistance zone at $25000. Then we need a break above and try to hold up there. That’s the only way we could continue with the recovery.

Ethereum chart analysis

The price of Ethereum fell to the $1620 level this morning. After which, we see a recovery, but only up to the $1650 level. We need a breakout above to get back to the previous moving zone. If we were to succeed, we would have a new opportunity to see further recovery and reach the $1700 level again.

For a bearish option, we need a continuation of this week’s negative consolidation. This would lead to a new fall and the formation of a lower low. Potential lower targets are $1600 and $1550 levels.