Bitcoin and Ethereum: BTC recovers from yesterday’s decline
- Yesterday, the price of bitcoin fell to a new December low at the $16300 level.
- Yesterday, the price of Ethereum fell to $1150 and thus broke the previous low of $1160.
Bitcoin chart analysis
Yesterday, the price of bitcoin fell to a new December low at the $16300 level. Then followed a quick pull back to the $16750 level. We were back in the swing zone again last weekend. We need a positive consolidation and an exit above this lateral consolidation for a bullish option. The next target is the $17,000 level, where we could expect the next consolidation for further bitcoin growth.
Potential higher targets are $17250 and $17500 levels. For a bearish option, we need a negative consolidation and a return below the $16750 level. Negative pressure would lead to increased bearish pressure and a potential drop in the price of Bitcoin. Potential lower targets are $16500 and $16250 levels.
Ethereum chart analysis
Yesterday, the price of Ethereum fell to $1150 and thus broke the previous low of $1160. It did not stay there for long, and we saw a quick recovery and a return above the $1200 level. The current price is $1215, and we need to hold above $1200 to initiate further recovery. Potential higher targets are the $1225 and $1250 levels.
For a bearish option, we need a negative consolidation and a drop below the $1200 level. Afterward, we would return to the previous movement zone around the $1175 level. A break below this level could extend the bearish scenario below the $1150 level. Potential lower targets are $1125 and $1100 levels.
