Bitcoin and Ethereum: Bitcoin Continues Its Recovery
- After yesterday’s consolidation at $16750, the price of bitcoin makes a bullish impulse of $500 and climbs to the $17250 level.
- After the support at $1225 yesterday, the price of Ethereum started a bullish impulse that moved to the $1295 level.
Bitcoin chart analysis
After yesterday’s consolidation at $16750, the price of bitcoin makes a bullish impulse of $500 and climbs to the $17250 level. BTCUSD managed to hold on to that spot today, and now we hope for a new bullish impulse and continued price growth. Our next bullish target could be the $17,500 level. We need a negative consolidation and pullback to the $17000 support level for a bearish option.
A break below would introduce uncertainty into further recovery, which could intensify bearish pressure. We would again go back to yesterday’s support at the $16750 level. The potential lower target if there is a break below is at the $16500 level.
Ethereum chart analysis
After the support at $1225 yesterday, the price of Ethereum started a bullish impulse that moved to the $1295 level. We are very close to reaching the $1300 level and climbing above it. We need a non-positive consolidation and a break above to continue the bullish option. If we succeed, we will have a good chance to see the price recovery. Potential higher targets are $1325 and $1350 levels.
We need a negative consolidation and a price pullback below the $1275 level for a bearish option. A drop below that level could mean that we will see a deeper pullback in the price of Ethereum. Potential lower targets are $1250 and $1225 levels.
