Bitcoin and Ethereum: New December High for BTC at $17420
- The price of Bitcoin formed its new four-week high at the $17420 level this morning.
- This morning, the price of Ethereum once visited the $1300 level.
Bitcoin chart analysis
The price of Bitcoin formed its new four-week high at the $17420 level this morning. Currently, the price of Bitcoin is forming a minor pullback as the previous bullish impulse has slowed down. We are now testing support at the $17250 level. A price breakout below could cause the price of Bitcoin to fall further to the $17,000 level. If the consolidation around that level continues, the bearish pressure could increase.
This would lead to a breakout below, and we are looking for the first next support at the $16750 level. A potential lower target is the $16500 level. For a bullish option, we need positive consolidation and a return to the previous high. A break above would bring us closer to the $17,500 level. Then we would have to hold above and, with a bullish impulse, start a further recovery. Potential higher targets are $17750 and $18000 levels.
Ethereum chart analysis
This morning, the price of Ethereum once visited the $1300 level. For now, it encounters resistance at this level, and we see a minor pullback to the $1289 level. For a bearish option, we need a continuation of this negative consolidation and a pullback of the price to the $1275 support level. A break below would signify that we could see a continuation of the descent to the previous low at the $1240 level.
A potential lower target is the $1225 level with the support of the trend line from the bottom side. For a bullish option, we need a return to the $1300 level and an attempt to move above. Then we have to stay up there and, with the next bullish impulse, trigger a new rise in the price of Ethereum. Potential higher targets are $1325 and $1350 levels.