Investment Tips 06-01-2023 22:16 56 Views

Bitcoin and Ethereum: Bitcoin price retreats to the $16750

Bitcoin

Bitcoin and Ethereum: Bitcoin price retreats to the $16750

  • Bitcoin price continues this week’s consolidation.
  • The price of Ethereum is still hovering around $1250, but with slight bearish pressure. 

Bitcoin chart analysis

Bitcoin price continues this week’s consolidation. We currently have increased pressure on the $16750 support level. And maybe we could see a breakout below and the Bitcoin price going down. We would look for the first support at the $16600 level. If the pressure continued, the price would have to slide to the next lower levels. Potential lower targets are $16500 and $16300 levels.

For a bullish option, we need a positive consolidation and a move up to the $16900 resistance level. Then we need to move above and try to reach the $17000 level. Depending on the consolidation at that level, the future trend for bitcoin will also depend.

Bitcoin chart analysis

Ethereum chart analysis

The price of Ethereum is still hovering around $1250, but with slight bearish pressure. The price growth has slowed, and we are now seeing a turn to the bearish side. We need a negative consolidation and a drop below $1240 to trigger a bearish option. We would look for the next important level of support at the $1225 level. Additional price support in that zone is in the lower trend line.

For a bullish option, we need positive consolidation and price growth above the $1260 level. This would move us to the positive side, and we could expect to see a continuation of Ethereum’s price resistance. Potential higher targets are $1275 and $1300 levels.

Ethereum chart analysis

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