Bitcoin and Ethereum: BTC bounces back from Monday’s low
- The price of Bitcoin was at one point above the $17,000 level yesterday after falling to $16,300 on Monday.
- The price of Ethereum rose to the $1230 level yesterday
Bitcoin chart analysis
The price of Bitcoin was at one point above the $17,000 level yesterday after falling to $16,300 on Monday. Today we have a consolidation above the $16750 level, and we could expect to see the price again at the $17000 level. We need further positive consolidation and a move above $17,000, as well as the price staying above. Then we need a new bullish impulse to continue the bullish recovery.
Potential higher targets are $17250 and $17500 levels. We need a negative consolidation and a price drop below the $16750 level for a bearish option. In that case, there would be an increase in bearish pressure and a drop to the $16,500 level. Potential lower targets are the $16,250 and $16,000 levels.
Ethereum chart analysis
The price of Ethereum rose to the $1230 level yesterday. It didn’t stay up there for long and a pullback to the $1200 support level followed. For now, we are still consolidating above that support level, and we could expect to see a break above the $1225 level and continued recovery. If the price breaks above, potential higher targets are $1250 and $1275.
We need a negative consolidation and a drop below the $1200 support level for a bearish option. If that were to happen, we would be back in the movement zone we had during the weekend. And we would look for support at the $1175 level. Potential lower targets, if we fail to stay above $1175, are $1150 and $1125.
