Bitcoin and Ethereum: BTC is steady above the $16750 level
- Bitcoin price trend movement is still uncertain.
- Ethereum also slipped yesterday to the $1182 level.
Bitcoin chart analysis
Bitcoin price trend movement is still uncertain. Yesterday we jumped from the lateral consolidation to the $16600 level, but the price quickly consolidated and returned to the zone around the $16750 level. Today’s high was seen at the $16880 level. Based on that, we could expect the price to rise above the $16900 level. If we succeeded in that, we would be very close to reaching the $17,000 level.
A breakout above would be very beneficial for the continuation of the Bitcoin price recovery. Potential higher targets are $17250 and $17500 levels. For a bearish option, we need a negative consolidation and a new pullback below the $16750 level. Staying below could lead to a more significant drop in price. Potential lower targets are $16500 and $16250 levels.
Ethereum chart analysis
Ethereum also slipped yesterday to the $1182 level. It quickly consolidated and wiped out the losses, rising to $1236. Now we see a consolidation of around $1225. for a bullish option, we need a positive consolidation and a move above the $1225 level. Then we need to hold up and, with a new bullish impulse, start the continuation of the recovery.
Potential higher targets are the $1250 and $1275 levels. For a bearish option, we need a negative consolidation and a drop to the support line at $1200. A break below and a hold below would only increase the bearish pressure. Potential lower targets are $1175 and $1150 levels.
