Bitcoin and Ethereum: Bitcoin falls below $25500 last night
The price of Bitcoin fell to a new two-month low at the $25350 level last night. Ethereum slipped below the $1600 level again yesterday.Bitcoin chart analysis
The price of Bitcoin fell to a new two-month low at the $25350 level last night. After that, a bullish consolidation followed, and we returned again to the zone around the $26,000 level. We currently see that this consolidation could push the price of Bitcoin upwards to the $26200 level. Thus, we would form today’s high and confirm the potential continuation of the recovery. The next higher targets are $26400 and $26600 levels.
We need a negative consolidation and a drop below the $25800 level for a bearish option. We would approach the previous support zone again. This could negatively impact Bitcoin’s further movement and send it even lower. Potential lower targets are $25200 and $25000 levels.
Ethereum chart analysis
Ethereum slipped below the $1600 level again yesterday. The price decline was stopped at the $1581 level. From there, we started a new recovery and jumped to the $1655 level. The price stops at that level and pulls back to support at the $1640 level. We now expect to find new support here and initiate a positive consolidation and further recovery in the price of Ethereum. Potential higher targets are $1680 and $1700 levels.
We need a negative consolidation and pullback below the support at the $1620 level for a bearish option. We would again have the opportunity to test the $1600 psychological level. A break below would likely form a new lower low and thus confirm a bearish continuation. Potential lower targets are $1580 and $1560 levels.
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