Bitcoin and Ethereum: Bitcoin pulls back below $24000
- The price of bitcoin is now moving below the $24,000 level.
- The price of Ethereum stabilized around the $1650 level.
Bitcoin chart analysis
The price of bitcoin is now moving below the $24,000 level. We tested the support at the $23600 level twice in the previous two days. In the third attempt, there could be a breakout below, which leads to a new two-week lower low formation. This would lead to a further drop in price to a lower support level.
Potential lower targets are $23250 and $23000 levels. We need a positive consolidation and a move above the $24000 level for a bullish option. Then we need to hold on there in order to trigger a new price recovery with the next impulse. Potential higher targets are $24250 and $24500 levels.
Ethereum chart analysis
The price of Ethereum stabilized around the $1650 level. We need some indication of a potential trend, but all is calm on the chart for now. We need a price jump to the $1680 level for a bullish option. Then we need to stay up there and try to move above. If we succeeded, we would have the opportunity to reach the $1,700 level again.
If the positive consolidation continues, we could once again test the previous high at the $1740 level. for a bearish option, and we need a negative consolidation and a drop to the $1620 level. A break below could extend the decline to the $1600 level. And if we don’t manage to hold on there either, the price could drop to the zone around the $1550 level.
