Bitcoin and Ethereum: Bitcoin crosses the $24000 barrier
- Bitcoin managed to climb above the $24,000 level this morning.
- Ethereum found itself within reach of $1700 this morning, and it was stopped at $1697.
Bitcoin chart analysis
Bitcoin managed to climb above the $24,000 level this morning. The morning high was at the $24255 level. A pullback soon occurred, and bitcoin’s price fell below the $24,000 level. The current price is $23795, and we manage to maintain ourselves at that level. We need a new bullish impulse and a positive consolidation in order to find ourselves again in the zone of this morning’s high.
If we managed to rise again, we would have a new opportunity to continue towards $24,500 and maybe even the $25,000 level. For a bearish option, we need a negative consolidation and a test of support at the $23500 level. A breakout of the Bitcoin price below could take us back to the $23,000 support level, and instability at that level could lead to further price declines.
Ethereum chart analysis
Ethereum found itself within reach of $1700 this morning, and it was stopped at $1697. This was followed by a pullback of the price to the $1,660 level, where we are managing to hold on for the time being. Perhaps we could see a pullback to the $1650 level and form a new bottom, from which we would start a further bullish recovery. With positive consolidation, we need to climb above the $1700 level and try to stay there. Below, potential higher targets are the $1725 and $1750 levels.
We need a negative consolidation and a break below the $1650 level for a bearish option. Then, space would open up for us towards the $1600 level. Additional support around that level is in the lower line of the ascending channel. If we were to break out of that channel, the price of Ethereum could slide to the $1500 level.