Bitcoin and Ethereum: This week’s consolidation continues

Bitcoin and Ethereum: This week’s consolidation continues

• Yesterday’s jump in the price of bitcoin was up to the $23815 level.
• After yesterday’s drop, Ethereum held around the $1550 level. 

Bitcoin chart analysis

Yesterday’s jump in the price of bitcoin was up to the $23815 level. Very quickly, we returned to the zone of the previous consolidation. The price is now hovering around $23,000; if we see a further pullback, it could be up to the $22,500 level. Our bottom supports this week’s lateral consolidation. A break below would mean we could see a deeper decline.

We look for the first subsequent support at $22,000. And if she doesn’t last either, we’ll be back in last week’s movement zone. We need a positive consolidation and a break above the $23500 level for a bullish option. Then it would also be good to stay up there and, with the first next impulse, trigger the rise in the price of Bitcoin. A potential higher target is the $24000 level.

Ethereum chart analysis

After yesterday’s drop, Ethereum held around the $1550 level. In the afternoon, a bullish impulse brought us back to the zone around the $1600 level. Today, the Ethereum price managed to maintain that level. Currently, we have less pressure that could influence the price to drop again to the $1550 level. If the price overcomes that instability, we could expect a continuation of the bullish option.

Then we need to move up to the $1650 level and try to consolidate above there. With this, we would form a new bottom from which, with the next bullish impulses, we would initiate further price growth. Potential higher targets are $1675 and $1700 levels.

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