Bitcoin and Ethereum: Bitcoin price retreats to $22600
- During the weekend, the price of Bitcoin continued the bearish trend starting on Thursday with the $24260 level.
- Ethereum’s price dropped to the $1610 level yesterday.
Bitcoin chart analysis
During the weekend, the price of Bitcoin continued the bearish trend starting on Thursday with the $24260 level. The price dropped below the $23,000 support level yesterday and continues to slide today. Today’s low was at the $22650 level, and we are moving above it for now. The strengthening of the dollar affected the values of all cryptocurrencies. So there was a price correction compared to the previous days. We could look for the next support at the $22500 level because we managed to stay above it in the previous fifteen days.
A break below would mean that we would likely see a continuation of the Bitcoin price decline. Potential lower targets are $22250 and $22000 levels. We need a positive consolidation and a return to the zone above the $23500 level for a bullish option. This would bring us back to the positive side from which the further recovery of the bitcoin price could continue.
Ethereum chart analysis
Ethereum’s price dropped to the $1610 level yesterday. The price manages to find support at that place and recovers to the $1635 level. We could soon find ourselves at the $1650 level and form a new higher low before the next bullish impulse. If we succeed in this, the potential higher targets are $1675 and $1700. We need a negative consolidation and a drop below the $1600 level for a bearish option.
A price breakout below would add bearish pressure. We would also have the opportunity to form a lower low and start a further price pullback. Potential lower targets are $1575 and $1500 levels.