Bitcoin and Ethereum: Bitcoin price drops below $22000
- Yesterday we saw another bearish impulse and a pullback of the price below the $22000 level.
- The drop in the price of Ethereum was stopped at the $1525 level yesterday.
Bitcoin chart analysis
Yesterday we saw another bearish impulse and a pullback of the price below the $22000 level. This morning’s low price was at the $21620 level. We are still below the $22000 level, and the bearish pressure is still present and could further affect the price of Bitcoin. For a bearish option, we need a continuation of the negative consolidation and a test of the next support level at $21500.
If we see a breakout below, a potential lower target is the $21000 level. For a bullish option, we need a positive consolidation and a return of the price above the $22500 level. Then we need to hold up there and try to move up to the $23000 level. With further bullish consolidation, we could continue the recovery. Potential higher targets are $23500 and $24000 levels.
Ethereum chart analysis
The drop in the price of Ethereum stopped at the $1525 level yesterday. Then we saw a short-term recovery to the $1550 level. Again now we have pressure on the price of Ethereum and a continuation to the bearish side, and a test of the $1500 level could be expected.
We need a positive consolidation and a return to the $1575 level for a bullish option. Thus we would form a new support zone from which we would have a better chance of seeing a possible recovery. Potential higher targets are the $1600 and $1625 levels.
