- Bitcoin price continues to move in a sideways consolidation.
- Ethereum price fell to the $1550 level this morning.
Bitcoin chart analysis
Bitcoin price continues to move in a sideways consolidation. This morning we had a bit of a bearish momentum towards the $22600 level, but we soon went back to our initial position around the $23000 level. For a bullish option, we need positive consolidation and a test of the upper resistance line at $23,500.
A break above and hold above could create a positive atmosphere for the next push higher towards the $24000 level. We need a negative consolidation and a further price pullback to the $22500 support level for a bearish option. A drop below would introduce uncertainty into the chart, which could cause the price of Bitcoin to fall. The lower potential targets are the $22,000 and $21,500 levels.
Ethereum Chart Analysis
Ethereum price fell to the $1550 level this morning. We managed to recover so far at a price of $1580. We can say that we have support at the bottom line of the ascending channel. We need to get back above $1600 and consolidate the new position. Then, with the next bullish momentum, we would begin the continuation of the Ethereum price rally.
The highest potential targets are the $1625 and $1650 levels. For a bearish option, I need a negative consolidation and retest the support this morning at the $1550 level. A price break below could introduce uncertainty to the chart, which could lead to further price declines. The potential lower levels are the $1,525 and $1,500 levels.
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