Bitcoin and Ethereum: BTC and new bullish consolidation
- In yesterday’s pullback, the price of bitcoin fell to the $16460 level.
- The Ethereum price dropped to the $1180 level yesterday.
Bitcoin chart analysis
In yesterday’s pullback, the price of bitcoin fell to the $16460 level. Since then, we have seen positive consolidation and retracement above the $16,500 level. The price has now already approached the $16600 level and could advance to $16750, the previous support level. By moving above $16750, we could re-establish the next support zone and initiate the next bullish impulse toward the $17000 level.
We need a negative consolidation and a new drop below the $16500 level for a bearish option. The lack of strength to recover would contribute to further weakening of bitcoin, and the potential lower target is the $16250 level.
Ethereum chart analysis
The Ethereum price dropped to the $1180 level yesterday. In that place, he finds new support and begins his recovery. We are back at the $1200 level and are trying to move above to consolidate the new position. With the next positive consolidation, we could see a continuation of the recovery with the $1225 level. We need a negative consolidation and a new drop to the $1180 support level for a bearish option.
A break below could put additional pressure on the price and continue the muted pullback. Potential lower targets are $1175 and $1150 levels.