Bitcoin and Ethereum: Bitcoin is hovering around $22500
- During the previous weekend, Bitcoin was calm and hovered in the $22300-$22750 range.
- Ethereum traded in the $1540-$1580 range over the weekend.
Bitcoin chart analysis
During the previous weekend, Bitcoin was calm and hovered in the $22300-$22750 range. The beginning of this week started in the same direction but with a slight bearish pressure. Bitcoin could continue to slide and pull back to the $22,000 level if the current consolidation continues. Below we are entering an uncomfortable zone where we could see further declines in the price of Bitcoin. Potential lower targets are $21500 and $21368, the previous low. We need a positive consolidation and a move above the $22750 level for a bullish option. Up we would be close to $23000, and we could retest it. A move above would certainly contribute to further recovery.
Ethereum chart analysis
Ethereum traded in the $1540-$1580 range over the weekend. A similar movement continues today with noticeable pressure on the $1560 level. This could cause Ethereum to drop back down to the support level and make a potential breakout below. In such a scenario, the potential lower targets are the $1520 and $1500 levels. We need a positive consolidation and a move above the $1580 level for a bullish option. Then we need to maintain up there, and we will see a further recovery. Potential higher targets are the $1600 and $1620 levels. If we climbed to the $1660-$1680 zone and stayed there, then we would have an excellent opportunity to see a more concrete recovery above the $1700 level.
