Bitcoin and Ethereum were both stable over the weekend
- During the previous weekend, the price of Bitcoin was calm, hovering around the $16750 level.
- On Friday, the price of Ethereum fell to $1157, forming its December low.
Bitcoin chart analysis
During the previous weekend, the price of Bitcoin was calm, hovering around the $16750 level. There are no changes on the chart at the beginning of this week either. For a bearish option, we need a break below the $16500 level. The price will form a new December lower low with a break below. Which could mean we could see a further continuation of the bitcoin price pullback.
Potential lower targets are the $16250 and $16,000 levels. For a bullish option, we need a positive consolidation and a move toward the $17000 level. After that, we need to try to stay up there and, with the next bullish impulse, start the continuation of the recovery. Potential higher targets are $17250 and $17500 levels.
Ethereum chart analysis
On Friday, the price of Ethereum fell to $1157, forming its December low. We see a recovery and a move toward the $1175 level during the weekend. For now, the price is managing to hold above, and there are indications on the chart that we could see some recovery. We need to jump to the $1,200 level and stay up there. If we succeed in this, we will have a chance to start the next bullish impulse and continue the recovery. Potential higher targets are the $1225 and $1250 levels.
For a bearish option, we need a negative consolidation and pullback below the $1175 support level. After that, we would probably see the price again in the zone of the December low around the $1150 level. Potential lower targets, if one more breakdown occurs, are $1125 and $1100 levels
