Bitcoin and Ethereum: new testing of support zones
- Over the weekend, the price of Bitcoin did not make any progress.
- Over the weekend, the price of Ethereum fell to the $1100 support level.
Bitcoin chart analysis
Over the weekend, the price of Bitcoin did not make any progress. Quite the opposite happened as we saw a drop to the support zone around the $16,000 level. For now, the price is managing to hold above and could initiate some recovery. For a bullish option, we need a positive consolidation that would move us to the previous zone at the $16500 level.
Then we need to hold ourselves up there again and try to continue the recovery. Once again, we are looking at $17,000 as the next target and the next resistance zone. For a bearish option, we need a negative consolidation and a drop below the $16000 support level. If that were to happen, the price could test the lows of $15787 and $15634 again. A drop below would form new two-year lows for the price of bitcoin, and potential targets are the $15,500 and $15,000 levels.
Ethereum chart analysis
Over the weekend, the price of Ethereum fell to the $1100 support level. We now have a new bottom forming, and we could see a new bullish impulse and potential recovery. For a bullish option, we need a positive consolidation and a return to the $1150 level. After that, we must try to stay there to continue our recovery.
A potential higher target is the $1200 level, the place of the previous consolidation. For a bearish option, we need a negative consolidation and a retest of support at the $1100 level. Then we need to see the breakout below and stay down there. Then we would retest the November low at the $1070 level. Potential lower targets are the $1050 and $1000 levels.