- On the Bitcoin chart, there is no change for the fourth day in a row, and the price movement range is $22,400-$22,700.
- A similar picture is on the Ethereum chart; the consolidation of the weekend has continued.
Bitcoin chart analysis
On the Bitcoin chart, there is no change for the fourth day in a row, and the price movement range is $22,400-$22,700. Bitcoin continues to hold above the March low at $22248. Price pressure remains evident and there could be a move ahead during Fed Chairman Powell’s testimony. During his speech, we should expect more price volatility on the chart. We need a drop to $22,000 and a break below for a bearish option. After that, we could expect to see further weakening in the bitcoin price. We need positive consolidation and a break above the $22800 level for a bullish option. This would get us significantly closer to the $23,000 level, which could result in a break above.
Ethereum Chart Analysis
A similar picture is on the Ethereum chart; the consolidation of the weekend has continued. The price range is $1540-$1580. A drop below the $1540 level would introduce uncertainty and trigger further price decline to the next lower support. The lower potential targets are the $1500 and $1475 levels. We need positive consolidation and a return to the area around the $1580 level for a bullish option. This would get us significantly closer to the $1,600 level. This could lead to a break above and trigger a price rally. The highest potential targets are the $1625 and $1650 levels.
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