Bitcoin and Ethereum: Down Trend Again
- After a one-day consolidation, the price of bitcoin fell below the $20,000 level yesterday.
- Ethereum is again below the $1500 level, and the price has fallen to the $1450 level.
Bitcoin chart analysis
After a one-day consolidation, the price of bitcoin fell below the $20,000 level yesterday and stopped at the $19,600 level. Then we see a new retracement above $20000 which again did not last long, and the price slipped back to the $19600 level. We need to continue this negative consolidation to the $19000 support level for a bearish option. If we fail to find support there, bitcoin will slide to the next previous low at the $18550 level. For a bullish option, we need to go back above the $20000 level again and try to hold above it for a start. Then we need a new bullish impulse to take us away from the uncomfortable zone. Potential higher targets are $20500 and $21000 levels.
Ethereum chart analysis
Ethereum is again below the $1500 level, and the price has fallen to the $1450 level. We have broken the barrier below the previous low, and now we can expect further price pullback. For a bearish option, we need a continuation of the negative consolidation and to stay below the $1500 level. Potential lower targets are $1450 and $1400 levels. For a bullish option, we need a new positive consolidation. After that, we need to try to stay above and continue the recovery with a new bullish impulse. Potential higher targets are $1600 and $1700 levels. Additional resistance in the zone around $1600 is the MA20 and MA50 moving averages, while the MA200 and the zone around $1675 are the levels.
