Bitcoin and Ethereum: Short-lived Level Up
- The bitcoin price yesterday did not withstand the pressure at the $20,000 level, and a new pullback to the $19,000 level followed.
- The price of Ethereum managed to reach the $1400 level yesterday, but it was short-lived, and soon, a drop to the $1300 level occurred.
Bitcoin chart analysis
The bitcoin price yesterday did not withstand the pressure at the $20,000 level, and a new pullback to the $19,000 level followed. Early this morning, the price fell to $18450, thus confirming the lower support zone. Shortly after that, we climbed back up to the $19,000 level. We are now looking for new support here. We need a new positive consolidation and a bullish impulse to the $19500 level for a bullish option. After that, we got support in the moving averages and could find ourselves again in the zone around the $20000 level. To continue, we need a price break above, and then we should try to hold above. Potential higher targets are $20500 and $21000 levels. For a bearish option, we need a return to this morning’s support at the $18500 level. If we fail to find support there, the price will probably slide even lower. Potential lower targets are the $18,000 and $17,500 levels.
Ethereum chart analysis
The price of Ethereum managed to reach the $1400 level yesterday, but it was short-lived, and soon, a drop to the $1300 level occurred. This morning, the price continued to fall to $1,250, where we found support. Now we are at the $1300 level again and trying to stay here for a while. For a bullish option, we need a continuation of the current positive consolidation and a move to the $1350 level. Then we would get support in the moving averages. Based on their position, we could expect another recovery to $1400. For a bearish option, we need a negative consolidation and a return of the price below the $1250 level. After that, we could expect a further drop in the price of Ethereum. Potential lower targets are $1200 and $1150 levels.
