- Bitcoin is retesting the support at the $24,000 level.
- Ethereum price fell to the $1620 level this morning.
Bitcoin chart analysis
Bitcoin is retesting the support at the $24,000 level. We visited that level three times this week. Now again we have a smaller rally down to $24,200. Bitcoin seems to be failing in its attempts to rise above the $25,000 level. For a bearish option, we need a continuation of this negative consolidation and a break below the $24,000 level.
The lower potential targets are the $23750 and $23500 levels. If we don’t get support there as well, the price could drop as far as the $21,000 level. For a bullish option, we need positive consolidation and a return to the $25,000 resistance zone. So we need a break at the top and try to hold on there. That is the only way we could continue the recovery.
Ethereum Chart Analysis
Ethereum price fell to the $1620 level this morning. After which, we do see a rally, but only to the $1650 level. We need a break above to return to the previous movement zone. If we were to succeed, it would give us another chance to see a bigger rally and reach towards the $1700 level again.
For a bearish option, we need a continuation of this week’s negative consolidation. This would lead to a further drop and the formation of a lower low. The lower potential targets are the $1600 and $1550 levels.
