Bitcoin and Ethereum: Bitcoin falls below $20000
- Bitcoin is back below the $20000 level again.
- Last night we saw a drastic drop in Ethereum price from $1550 to $1425.
Bitcoin chart analysis
Bitcoin is back below the $20000 level again. Today, the price of bitcoin fell below $20,000, and this morning’s low is $19,750. The last time bitcoin had this value was on January 13, almost two months ago. If the current consolidation continues, bitcoin could slip to the $19,500 level and thus form a new March lower low.
The next lower consolidation was in the $18700-$19000 zone. For a bullish option, we need a new positive consolidation and a return above $20000. Then we need to hold above, and thus we would form a new bottom from which the price could start a new recovery. Potential higher targets are $20500 and $21000 levels.
Ethereum chart analysis
Last night we saw a drastic drop in Ethereum price from $1550 to $1425. This morning, the decline continued, and Ethereum marked a new two-month low at the $1370 level. So far, there are no signs on the charts that we might see a slowdown in Ethereum’s price decline. Based on that, the next lower targets are the $1350 and $1325 levels.
We could get new support down there. For a bullish option, we first need a return above $1400 and a new positive consolidation. A jump to the $1450 level would be a good indicator that Ethereum has started a new bullish trend. Potential higher targets are $1475 and $1500 levels.
