Bitcoin and Ethereum: BTC retreats from the $24000 level
- The bitcoin price was above the $24,000 level on two occasions yesterday.
- The price of Ethereum managed to break above the $1700 level yesterday.
Bitcoin chart analysis
The bitcoin price was above the $24,000 level on two occasions yesterday. Then followed a pullback below the $23500 level. During the first part of the day, the price managed to stay around that level. We need a negative consolidation and pullback to the $23000 support level for a bearish option. A price break below could take us down to the next lower two-week support at the $22500 level.
We need a positive consolidation and a return to the $24000 level for a bullish option. Then we need to move above and try to stay up there longer. After that, we could expect the next bullish impulse and the continuation of Bitcoin price growth.
Ethereum chart analysis
The price of Ethereum managed to break above the $1700 level yesterday. This created a new high for this year at the $1715 level. We did not stay there for long, and a pullback to the $1650 level followed. Today we are moving around that level without major oscillations. We need a negative consolidation and a drop below the $1625 level for a bearish option.
A potential lower support target is at $1600 and the lower line of the ascending channel. We need a positive consolidation and a move to the zone around the $1680 level for a bullish option. With that, we would take the first step closer to the $1700 level. A breakout above would be very helpful for us to extend the potential upside of the Ethereum price. Potential higher targets are the $1725 and $1750 levels.