Bitcoin and Ethereum: The price of Bitcoin Below $20000

• The price of Bitcoin is below 20000$ again.
• Similar to Bitcoin, the price of Ethereum is falling below the $1500 support level.

Bitcoin chart analysis

The price of Bitcoin is below 20000$ again. There seems to be too much pressure on the price of Bitcoin to reach the 22000 level. At the beginning of the week, the price first fell to the $21,000 level and soon began a new bearish consolidation to the $20,000 level. The decline did not stop today either; the price broke below and fell to $19,350. All eyes are on the elections for both houses of the US Congress, and investors are moving away from risky assets like bitcoin and other cryptocurrencies.

For the bearish option, we need a continuation of the negative consolidation and a break below this morning’s support at the $19300 level. The next potential lower target is the $19,000 support level. For a bullish option, we need a new positive consolidation and a return above the $20000 level. After that, we need to try to stay up there. We could see a move toward previous resistance levels with a new bullish impulse. Potential higher targets are $20500 and $21000 levels.

Ethereum chart analysis

Similar to Bitcoin, the price of Ethereum is falling below the $1500 support level. The failure to reach the $1700 level brought us a new pullback and a drop to this morning’s support at the $1430 level. After that, the price retreated to $1500, but a new bearish impulse was started again. We are now at the $1475 level, and we need a new return to $1500 if we want to see a new recovery in the price of Ethereum. Then we need to try to stay above that and, with new momentum, start the continuation of the bullish recovery.

Then we would get a new chance to move up to the $1600 level. Potential higher targets are $1650 and $1675 levels. For a bearish option, we need a continuation of the negative consolidation and a pullback below the $1450 level. After that, we could see the price of Ethereum at the $1400 level. The breakout below opens up space for us toward lower targets, which are $1350 and $1300.