Bitcoin and Ethereum: Bitcoin price retreats to the $16750

• Bitcoin price continues this week’s consolidation.
• The price of Ethereum is still hovering around $1250, but with slight bearish pressure.

Bitcoin chart analysis

Bitcoin price continues this week’s consolidation. We currently have increased pressure on the $16750 support level. And maybe we could see a breakout below and the Bitcoin price going down. We would look for the first support at the $16600 level. If the pressure continued, the price would have to slide to the next lower levels. Potential lower targets are $16500 and $16300 levels.

For a bullish option, we need a positive consolidation and a move up to the $16900 resistance level. Then we need to move above and try to reach the $17000 level. Depending on the consolidation at that level, the future trend for bitcoin will also depend.

Ethereum chart analysis

The price of Ethereum is still hovering around $1250, but with slight bearish pressure. The price growth has slowed, and we are now seeing a turn to the bearish side. We need a negative consolidation and a drop below $1240 to trigger a bearish option. We would look for the next important level of support at the $1225 level. Additional price support in that zone is in the lower trend line.

For a bullish option, we need positive consolidation and price growth above the $1260 level. This would move us to the positive side, and we could expect to see a continuation of Ethereum’s price resistance. Potential higher targets are $1275 and $1300 levels.