Bitcoin and Ethereum: Bitcoin forms a new high at $23370
- During the weekend, the growth of the price of Bitcoin was stopped at the $23370 level.
- On Saturday, the price of Ethereum climbed to a new high this year at the $1681 level.
Bitcoin chart analysis
During the weekend, the growth of the price of Bitcoin was stopped at the $23370 level. The price begins to retreat from that place and forms a higher low at the $22320 level. After that, we see a quick pullback above $22500 and are currently consolidating around the $22900 level. If this positive consolidation continues, we could see a break above the $23,000 level. If we succeed in that, the next target is the $23,500 level of resistance. A break above would form a new higher high, and thus we would continue our recovery.
Potential higher targets are the $24,000 and $24,500 levels. We need a negative consolidation and pullback below the $22500 level for a bearish option. There would be an increase in price pressure, and we could see a further pullback to the next support. Potential lower targets are $22000 and $21500 levels.
Ethereum chart analysis
On Saturday, the price of Ethereum climbed to a new high this year at the $1681 level. Since then, the price has been retreating with support at the $1600 level. The current price is $1635, and we are slowly advancing toward the $1650 level. We need a positive consolidation and a break above the $1650 level for a bullish option. Then we could attack the previous high again and try to break above and reach the $1700 level. With that, we would form a new higher high and have a better chance to continue on the bullish side.
A potential higher target is the $1750 level. We need a negative consolidation and a break below the $1600 level for a bearish option. This would give us uncertainty in the price, which could affect further decline to the next lower support. Potential lower targets are $1550 and $1500 levels.