- Bitcoin is back below the $20,000 level.
- Last night we saw a drastic drop in the price of Ethereum from $1550 to $1425.
Bitcoin chart analysis
Bitcoin is back below the $20,000 level. Today, the bitcoin price fell below $20,000 and this morning’s low is $19,750. The last time bitcoin had this value was on January 13, almost two months ago. If the current consolidation continues, Bitcoin could drop to the $19,500 level and thus form a new March low.
The next lowest consolidation was in the $18,700-$19,000 zone. For a bullish option, we need a new positive consolidation and a yield above $20,000. So we need to stay up, and therefore we would form a new bottom from which the price could start a new rally. The highest potential targets are the $20,500 and $21,000 levels.
Ethereum Chart Analysis
Last night we saw a drastic drop in the price of Ethereum from $1550 to $1425. This morning, the slide continued and Ethereum made a new two-month low at the $1,370 level. So far, there are no signs on the charts that we may see a slowdown in the Ethereum price decline. Based on that, the next lower targets are the $1,350 and $1,325 levels.
We could get new support there. For a bullish option, we first need a yield above $1400 and a positive reconsolidation. A jump to the $1450 level would be a good indicator that Ethereum has started a new uptrend. The highest potential targets are the $1,475 and $1,500 levels.
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