Bitcoin and Ethereum: Pressure on BTC at the $21500 level
- Yesterday, the price of Bitcoin fell below the $21,500 level at one point but quickly recovered above that level.
- Ethereum dropped to $1460 yesterday for the first time in a month.
Bitcoin chart analysis
Yesterday, the price of Bitcoin fell below the $21,500 level at one point but quickly recovered above that level. A positive consolidation and recovery followed this to the $21,850 level. We are now at $21,810 and are holding on to positive territory, expecting a continued recovery to the $22,000 level.
A breakout above would be of great help to us for easier trend determination. If we were to stay above, we would have a chance to start the continuation of the recovery with the next impulse. Potential higher targets are $22250 and $22500 levels. We need a break below the $21500 level for a bearish option. Then we need to stay down there and start the continuation of the price drop. Potential lower targets are $21250 and $21000 levels.
Ethereum chart analysis
Ethereum dropped to $1460 yesterday for the first time in a month. After that, we see a bullish consolidation and a return above the $1500 level. Today’s high was at $1520, and we now need to hold above the $1500 level to position ourselves for a better potential recovery.
Potential higher targets are the $1525 and $1550 levels. We need a negative consolidation and a new drop below the $1460 level for a bearish option. This would form a new lower low and strengthen the bearish option. Potential lower targets are $1450 and $1425 levels.
