Bitcoin and Ethereum: BTC and another pullback
- Bitcoin price failed to hold above the $16750 level yesterday.
- Yesterday’s Ethereum price pullback was stopped at the $1188 level this morning.
Bitcoin chart analysis
The price of bitcoin failed to hold above the $16750 level yesterday. There was a new fall in the price below and a drop to the $16,560 level. After which, we see a consolidation that manages to move the price above the $16600 level, and for now, we are moving around that level. If we manage to hold above, we could again find ourselves at the $16750 level. We need a positive consolidation and a move above the $16800 level for a bullish option. Potential higher targets if we maintain the above are $17000 and $17250. We need a continuation of the negative consolidation and a descent toward the $16500 level for a bearish option. That could be our next level of support, and a price breakout below could slide to the $16,250 level.
Ethereum chart analysis
Yesterday’s Ethereum price pullback was stopped at the $1188 level this morning. The price has fallen below $1200, meaning we could see further weakening and descents to lower support levels. For a bearish option, we need a continuation of the current negative consolidation and a price drop to the $1175 support level. If the pressure on the price continues, it could slip to the previous low at the $1150 level. If we fail to hold here, a potential lower target is the $1125 level. We need a positive consolidation and a return above the $1200 level for a bullish option. Then we need to get to the $1225 level, the place of the previous consolidation. A break above could extend the recovery to the next higher level at $1250.