Bitcoin and Ethereum: Prices Are Still at Support Levels
- In the previous 24 hours, there were no significant movements in the price of bitcoin on the chart.
- The price of Ethereum is putting pressure on the $1200 level.
Bitcoin chart analysis
In the previous 24 hours, there were no significant movements in the price of bitcoin on the chart. Bitcoin continues to hover in the $16000-$17000 range. The fear that the price could fall again is still present. For a bearish option, we need a negative consolidation and pullback to the $16000 support level. A price break below would mean a potential further decline. We would look for potential support at last week’s lower levels.
And the inability of the bitcoin price to withstand pressure there would lead to a continued retreat below those supports. Potential lower targets are the $15,500 and $15,000 levels. For a bullish option, we need a new positive consolidation and price return to the $17000 resistance level. Then we need a price break above and try to hold up there. With the next bullish impulse, we could continue the recovery. Potential higher targets are $17,500 and $18,000 levels.
Ethereum chart analysis
The price of Ethereum is putting pressure on the $1200 level. If we do not find support here, the price could slip below and threaten the previous low in the zone around the $1100 level. For a bullish option, we need a new positive consolidation that would move us up, away from the uncomfortable zone. First, we would go up to the $1250 level where the previous consolidation occurred.
A price break above could show us a new bullish impulse and move to the $1300 level. A potential higher target is the $1350 level. For a bearish option, we need a negative consolidation and a price break below the $1200 support level. Then the price of Ethereum could fall again to the support at the $1100 level. Potential lower targets are the $1050 and $1000 levels.