Bitcoin and Ethereum: Bitcoin remains above $25000
- The price of bitcoin was in consolidation yesterday.
- Ethereum pulled back to the $1610 level yesterday.
Bitcoin chart analysis
The price of bitcoin was in consolidation yesterday. We saw a pullback attempt to the $24,000 level, but a quick jump followed this to the $24,500 level. Bitcoin then consolidates again and starts a recovery to the $25180 level. For now, we have resistance at that level and have returned to the $25,000 level.
For a bullish option, we need a stronger bullish impulse that would take us up to the $25500 level. Thus we would make a significant step towards a potential further bullish trend. We need a price pullback to the $24500 support level for a bearish option. A price break below would increase the bearish pressure, and we could see a continuation of the decline. Potential lower targets are $2400 and $23500 levels.
Ethereum chart analysis
Ethereum pulled back to the $1610 level yesterday. After which, we see a jump to $1640 and the formation of a bullish consolidation. The price of Ethereum is now at the $1670 level, and if the current consolidation continues, we could climb up to the $1700 level. We could then see a break above and a continuation to the previous high at the $1730 level.
We need a negative consolidation and a new pullback to the $1600 level for a bearish option. A break below could introduce uncertainty and push the price down further. Potential lower targets are $1575 and $1550 levels.