- Bitcoin price jumped to $25,265 yesterday.
- Yesterday, Ethereum formed its new highest high at the $1742 level.
Bitcoin chart analysis
Bitcoin price jumped to $25,265 yesterday. This was followed by a bearish consolidation and a price pullback to the $23,500 level. Today, the price is moving sideways in the range of $23,500-$23,800. If we can stay above this support, further bullish momentum and a return to the area around the $25,000 level could follow.
This scenario could lead to a break above and the formation of a new higher high. We need negative consolidation and a drop below the $23,500 support level for a bearish option. With negative consolidation, bitcoin could fall and seek support at lower levels. The lower potential targets are the $23,000 and $22,500 levels.
Ethereum Chart Analysis
Yesterday, Ethereum formed its new highest high at the $1742 level. This was followed by a quick pullback and a drop to the $1632 level. Next, we see a slight recovery and continuation via sideways movement in the $1650-$1675 range. If there is a breakthrough above the $1675 level, then we could expect the price to continue looking towards the $1700 level. And above, we would be in a better position to attack the previous high and break above.
We need a drop below the $1650 level for a bearish option. Therefore, we would be well on our way to testing the previous support level. A break below could see the Ethereum price continue its pullback. The lower potential targets are the $1,625 and $1,600 levels.
BONUS VIDEO: Weekly summary of market news
(embed)https://www.youtube.com/watch?v=wnV6dm4KVrI(/embed)
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
