Bitcoin and Ethereum: Bitcoin’s Decline Stopeed at $15625
- Bitcoin’s decline stopped at the $15625 level yesterday.
- The price of Ethereum fell to the $1070 level last night.
Bitcoin chart analysis
Bitcoin’s decline stopped at the $15625 level yesterday. In the first part of today, the price recovered to $17,000, but a new pullback followed, and now we are at the $16,240 level. We currently have support at that level, and we could now see another minor recovery in the price of bitcoin. Potential higher targets are $1650 and $17000 levels.
Moving above these levels would mean a lot to us for potential further recovery. We need a continuation of the negative consolidation and a break below the $16000 level for a bearish option. Thus, we would again be in a situation to test the previous low at the $15625 level. The continuation of the bearish consolidation could bring us down first to $15,500, then to the $15,000 level.
Ethereum chart analysis
The price of Ethereum fell to the $1070 level last night. After that, we see a price recovery, first a return above the $1100 level, then a continuation of the bullish trend up to the $1200 level. Now the price is trying to consolidate at $1200 and try to form a higher low there and start a new bullish impulse. We need a break above the $1200 level and try to hold up there. Then we would have a solid chance to start a further recovery of the Ethereum price.
Potential higher targets are $1250 and $1300 levels. For a bearish option, we need a passive consolidation and a return below the $1100 support level. Increased pressure on the price at that level could lead to a continuation of the price decline. Potential lower targets are the $1050 and $1000 levels.
