Bitcoin and Ethereum: Calm ahead of the weekend
- Early in the morning, the bitcoin price tried to reach $17000.
- The price of Ethereum is stable above the $1200 level for now.
Bitcoin chart analysis
Early in the morning, the bitcoin price tried to reach $17000. That bullish impulse was stopped at the $16975 level, after which we see a pullback to the $16675 level. The price manages to find that support and starts a new bullish attempt to reach the $17,000 level. We need a positive consolidation and a move to the previous resistance zone for a bullish option.
Then we need to move above and try to stay up there. With a new bullish impulse, we could start a further recovery in the price of Bitcoin. Potential higher targets are $17200 and $17500 levels. We need a negative consolidation and a break below the $16500 level for a bearish option. After that, we could expect a bigger flow on the price that would direct us toward the $16,000 support level.
Ethereum chart analysis
The price of Ethereum is stable above the $1200 level for now. Today we have a steady bullish consolidation that could move us away from this support level. The next level we are looking at is $1250, and if we get there, we could hold there before moving on to the $1300 level. We need a negative consolidation and a pullback below the $1200 support level for a bearish option.
Then we need to hold on down there and, with the next bearish consolidation, continue with the drop in the price of Ethereum. If that scenario happens, the potential lower targets are the $1150 and $1000 levels.