Bitcoin and Ethereum: Quiet Over the Weekend
- Bitcoin price is still moving neutrally with support in the $18,500-$19,000 zone and resistance in the $20,000-$20,500 zone.
- Ethereum was also quiet over the weekend.
Bitcoin chart analysis
The price of bitcoin is still moving neutrally with support in the $18,500-$19,000 zone and resistance in the $20,000-$20,500 zone. This morning the price found support at $19000, and since then, we have been in a bullish consolidation at the current $19310. If this consolidation continues, the price of Bitcoin could find itself at the $20,000 level again and test the 38.2% Fibonacci resistance. We have been in this sideways movement for 15 days, with the maximum at the $20380 level. We need a new negative consolidation and a retest of support for a bearish option in the $18000-$18500 zone. A price break below would be a clear sign for us that there could be a further fall in the price of Bitcoin. Potential lower targets are $17500 and $17000 levels.
Ethereum chart analysis
Ethereum was also quiet over the weekend. At the beginning of the day, we found support at the $1260 level, and since then, we have been in a bullish consolidation. Now the price is at the $1300 level, and we could expect a further recovery because the dollar index is under pressure and could go down further. And such a scenario would favor the price of Ethereum and other cryptocurrencies.
The first next stop is the $1350 level, and then we need to stay at that place and, with a new bullish impulse, continue towards the $1400 resistance level. An important target for us is the $1440 level at 38.2% Fibonacci because if we make a break above it, we could expect the $1500 level. For a bearish option, we need a negative consolidation and a drop to the $1250 support level. If the price breaks below, then we are looking for the next support at the $1200 level.
