Bitcoin and Ethereum: The Price of Bitcoin at $17125

• Yesterday there was a terrible drop in the price of bitcoin from $20600 to $17125.
• This morning the price of Ethereum formed a new lower low at the $1137 level.

Bitcoin chart analysis

Yesterday there was a terrible drop in the price of bitcoin from $20600 to $17125. Bitcoin lost about $15.00% of its value yesterday. During the Asian session, the price recovered to the $18,500 level, which was soon followed by a new pullback below the $18,000 level. We need a negative consolidation and a new drop to yesterday’s low at the $17125 level for a bearish option.

A break below would increase the pressure, and we would see a further decline in the price of Bitcoin. Potential lower targets are the $17,000 and $16,500 levels. For a bullish option, we need a new positive consolidation and a return to the $18,000 level. After that, we could move above and try to stay above. With the new bullish impulse, we could expect to see continued recovery. Potential higher targets are the $18,500 and $19,000 levels.

Ethereum chart analysis

This morning the price of Ethereum formed a new lower low at the $1137 level. Investors seem to have withdrawn from the crypto market in anticipation of the results of the US elections. That way, they would withdraw their money and wait for a more stable situation. The picture is very bearish, and we could expect a further decline in Ethereum price.

Potential lower targets are $1150 and $1100 levels. For a bullish option, we need a new positive consolidation and a return to the $1300 level. After that, we would need it to hold on and thus find new support. Thus, we would form a new higher low, and with a new bullish impulse, we could expect a continuation of the recovery of the Ethereum price. Potential higher targets are $1350 and $1400 levels.