Bitcoin and Ethereum: Bitcoin continues its recovery
- The price of Bitcoin has been in a bullish trend since the beginning of the year.
- The price of Ethereum rose to the $1250 level yesterday.
Bitcoin chart analysis
The price of Bitcoin has been in a bullish trend since the beginning of the year. Yesterday we saw a strong bullish impulse that took the price up to the $16900 level this morning. Bitcoin encounters resistance at that level, after which we see a price pullback to the $16825 level. The price decline could be stopped at the $16750 support level. If we fail to do so, we will see a breakout below and a drop to the previous low at the $16,600 level. The inability to hold even there will lead to a further drop in the price of Bitcoin to the next lower support level. Potential lower targets are $16500 and $16250 levels. We need a positive consolidation and a break above the $16900 level for a bullish option. Then we need to stay up there in order to continue towards the $17000 level. A potential higher target, if we move above it, a potential higher target is the $17250 level.
Ethereum chart analysis
The price of Ethereum rose to the $1250 level yesterday. A strong impulse moved us yesterday from the $1210 to $1250 level. This morning’s high was at the $1260 level, while now we are consolidating around the $1250 level and finding support there. We are currently in a bullish consolidation, and we could expect to see a continuation of the recovery, and the target is the $1275 level. We need a negative consolidation and a price drop below the $1250 level for a bearish option. After such a scenario, we could expect to see further price pullback to the next lower support. And the potential lower target is the $1225 support level.