Bitcoin and Etherum: A Positive Friday Ahead of the Weekend
- Since the beginning of the day, the price of Bitcoin has been bullish.
- The price of Ethereum somehow consolidated above the $1500 level yesterday.
Bitcoin chart analysis
Since the beginning of the day, the price of Bitcoin has been bullish. Yesterday we saw another test of the $20,000 support level. The price managed to hold above, and a bullish impulse followed that took us up to $20660 after the NPF report. The dollar index sagged, and everyone else used that to their advantage.
For a bullish option, we need further positive consolidation and a move to the $21000 resistance level. Then we need a price break above and try to hold above there. After that, we could expect further recovery. Potential higher targets are $21500 and $22000 levels. We need a new negative consolidation and a drop to the $20,000 support level for a bearish option. Then we need a break below to continue the bearish scenario. Potential lower targets are $19500 and 19000 levels.
Ethereum chart analysis
The price of Ethereum somehow consolidated above the $1500 level yesterday. Below we see how the price moved, and with a new bullish impulse during today’s day, it went up to the $1615 level. Now we could expect to see a retest of this week’s high at the $1650 level and maybe a break above.
We need further positive consolidation and a move to the $1650 resistance level for a bullish option. A break above would be of great help to us in the continuation of the price rise. Potential higher targets are the $1700 and $1750 levels. We need a negative consolidation and a pullback to $1500 of the previous support level for a bearish option. A break below would reinforce the bearish option, and we would likely see further price declines. The initial lower targets are $1450 and $1400 levels.