Bitcoin and Ethereum: Pressure on BTC to $17000 Continues

• This week’s resistance for the price of Bitcoin to continue the bullish recovery is at the $17000 level.
• This week the price of Ethereum is moving in the range of $1200-$1300.

Bitcoin chart analysis

This week’s resistance for the price of Bitcoin to continue the bullish recovery is at the $17000 level. This morning, bitcoin again tested that level and, after that, started a new bearish pullback. We are now at the $16500 level and could expect a further pullback to the $16000 support level. Last week, the price of bitcoin fell below $16000 twice, but after that, a bullish consolidation took us back above that level. New pressure on that support zone could lead to another drop below.

Such a scenario could form a new lower low below last week’s low at the $15625 level. A potential lower target is the $15,000 level. For a bullish option, we need a positive consolidation and a retest of the $17,000 resistance level. A price break above would benefit us as well as trying to stay higher. With a new bullish impulse, we would continue the recovery of the bitcoin price. Potential higher targets are $17500 and $18000 levels.

Ethereum chart analysis

This week the price of Ethereum is moving in the range of $1200-$1300. Today is a bearish day for the price as we see a consolidation trending toward the $1200 support level. If we stay longer in this zone, it could increase the fear of cryptocurrency investors. Such a scenario would be negative for the price, and we would see a further retreat to lower support levels.

To begin with, we would retest last week’s support zone around the $1100 level. For a bullish option, we need a new positive consolidation and a move toward the $1250 level. There we could have a certain retention and the formation of a higher low from which we would continue the recovery with the next bullish impulse. Potential higher targets are $1300 and $1350 levels.