Bitcoin and Ethereum: Cryptos Fall to New Lows

• Last night Bitcoin fell to its new two-year low at the $15500 level. 
• This morning the price of Ethereum fell again to the previous low at the $1075 level.

Bitcoin chart analysis

Last night Bitcoin fell to its new two-year low at the $15500 level. The price pressure at the $16,000 level seems to have been too great, and a break below has occurred. For the bearish option, we now need a continuation of the negative consolidation and another decline to yesterday’s low at the $15500 level. A price break below would clearly indicate that the price could fall much lower.

Potential lower targets are $15250 and $15000 levels. For a bullish option, we need a positive consolidation and a return above the $16000 level. After that, we must stay there and continue the recovery with a new bullish impulse. Potential higher targets are $16500 and $17000 levels.

Ethereum chart analysis

This morning the price of Ethereum fell again to the previous low at the $1075 level. For now, the price manages to stay there, and with a smaller bullish impulse, it has recovered above the $1100 level. For a bullish option, we need a positive consolidation and a move up to the $1150 level. It would be good if the price formed a new bottom from which we would see the next bullish impulse.

Potential higher targets are $1175 and $1200 levels. For a bearish option, we need a negative consolidation and a new price drop to the $1075 support level. A break below would be a sign for us to see further declines in the price of Ethereum. Potential lower targets are the $1050 and $1000 levels.