Bitcoin and Ethereum: Bitcoin remains above $23000
- Bitcoin price manages to consolidate above the $23000 level.
- The price of Ethereum tried to reach the $1700 level again this morning.
Bitcoin chart analysis
Bitcoin price manages to consolidate above the $23000 level. This morning’s high was at the $23450 level. Since then, the price has been retreating, and we could once again find ourselves at the $23,000 support level. For a bullish option, we need a positive consolidation and a move up to the $23500 level. Then we need to break above and stay above. With the next bullish impulse, we would continue further recovery.
Potential higher targets are $23750 and $24000 levels. We need negative consolidation and a drop to the $22750 support level for the bearish option. A move below could introduce volatility to the chart, and we could see further declines in the price of Bitcoin. Potential lower targets are $22500 and $22000 levels.
Ethereum chart analysis
The price of Ethereum tried to reach the $1700 level again this morning. We stopped at the $1697 level, from which a pullback to the $1665 level followed very quickly. We could see a continuation of the pullback to $1650, where we would have better support on the chart. A break below would take us down to the previous low, around the $1625 level. Our potential lower support target is $1600 from the beginning of the week.
We need a positive consolidation and a new test of the $1700 level for a bullish option. Then we need a break above and try to hold up there. After that, we need a bullish impulse to continue to the upside. Potential higher targets are the $1725 and $1750 levels.
