Bitcoin and Ethereum: Bitcoin fell below $25000 last night
The price of Bitcoin failed to withstand the pressure at the $25700 level, and we saw a bearish impulse and a drop to the $24920 level.
The price of Ethereum yesterday broke below the support at $1600 and formed a new six-month low at the $1531 level.
Bitcoin chart analysis
The price of Bitcoin failed to withstand the pressure at the $25700 level, and we saw a bearish impulse and a drop to the $24920 level. Thus, a new three-month low was formed. After that, bitcoin manages to consolidate at that level and with a bullish consolidation, it climbs to the $22800 level.
We are currently managing to hold above yesterday’s pressure zone at $25700, and we could expect to see a bullish consolidation and continued recovery. Potential higher targets are the $25,900 and $26,000 levels.
We need a negative consolidation and a new drop below the $25700 level for a bearish option. Then, we could expect to drop below the $25,000 level again and perhaps form a new lower low. Potential lower targets are $24800 and $24600 levels.
Ethereum chart analysis
The price of Ethereum yesterday broke below the support at $1600 and formed a new six-month low at the $1531 level. This was followed by a bullish consolidation and recovery to the $1580 level. We are currently consolidating around that level with slight bearish pressure. We need a positive consolidation and a new test of the $1600 level for a bullish option.
A break above and holding above could affect the further growth of the price of Ethereum. Potential higher targets are the $1620 and $1640 levels. We need a negative consolidation and price pullback below the $1560 level for a bearish option. After that, we should see a further drop in price and a visit to the previous support zone. Potential lower targets are $1520 and $1500 levels.
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