Bitcoin and Ethereum: Bitcoin’s Price Was in Retreat
- Over the weekend, the Bitcoin price was in retreat from the $21,500 level.
- The price of Ethereum also retreated over the weekend from $1675 to $1550.
Bitcoin chart analysis
Over the weekend, the Bitcoin price was in retreat from the $21,500 level. Yesterday, the bitcoin price dropped below $21,000, which continues today until the $20,600 level. At that level, the price finds immediate support and makes a minor recovery to the $20740 level. For a bullish option, we need a new positive consolidation and a return above the $21000 level.
After that, we would have a chance to return to the bullish trend and test the previous high at the 21500 level. A potential higher target is the $22000 level. For a bearish option, we need a negative consolidation and a drop below $20600 today’s support level. A breakout below could double the price of Bitcoin. Potential lower targets are $20400 and $20000 levels.
Ethereum chart analysis
The price of Ethereum also retreated over the weekend from $1675 to $1550. The price then finds support there and makes a bullish move to the $1580 level. We need a return to the $1600 level to continue this minor bullish trend. Then we need to hold on there and, with a new bullish impulse, climb up to $1650, the previous high.
A potential higher target is the $1700 level. For a bearish option, we need a new negative consolidation and a price drop below the $1550 level. With that, we would make a break below the support line. After that, we could expect a pullback to the $1500 support level. And a break below would mean a deeper drop in price. Potential lower targets are $1450 and $1400 levels.