Bitcoin and Ethereum: Bitcoin’s price is above $16,000
- The price of bitcoin is currently stable above the $16,000 level.
- After the new pullback of the price of Ethereum to $1210, a bullish consolidation followed to the $1280 level.
Bitcoin chart analysis
The price of bitcoin is currently stable above the $16,000 level. Yesterday we had a price pullback to the $16160 level, followed by a bullish impulse and a recovery to almost the $17000 level. Still, the $17,000 level represents resistance, and we need a break above it to continue the potential recovery.
Our next target is the zone around $17,500; if we skip it, we could reach the $18,000 level. By going above, we would have solid chances to continue the recovery. For a bearish option, we need a negative consolidation and price pullback to the $16,000 support zone. A break below the Bitcoin price could retest the previous low at the $15625 level. The potential lower support target is at the $15,000 level.
Ethereum chart analysis
After the new pullback of the price of Ethereum to $1210, a bullish consolidation followed to the $1280 level. We currently have a consolidation just above the $1260 level. And it would be desirable to see a break above and visit the $1300 level. Then we need to maintain that up and try with a new bullish impulse to continue the recovery until the next higher target.
Potential higher targets are $1350 and $1400 levels. For a bearish option, we need a negative consolidation and another pullback to the $1200 level. Therefore, we need to see a price break below and the formation of a new lower low in the zone around the $1150 level. Potential lower targets are the $1100 and $1050 levels.
