Image Source: Pixabay
- Bitcoin price is slowly climbing, forming a new weekly high this morning at the $16750 level.
- This week’s new high was this morning at the $1215 level.
Bitcoin chart analysis
Bitcoin price is slowly climbing, forming a new weekly high this morning at the $16750 level. Since then, we have been in a minor pullback to the $16,500 level, and now we will try to find new support here for further recovery. Yesterday’s low was at the $16300 level, which could be our limit for determining the future trend. For a bullish option, we need a positive consolidation and a new test of the $16750 level. A break above and subsequent bullish impulse could take us to the $17000 resistance level.
The previous time we were there was on November 15. For a bearish option, we need a negative consolidation and a drop below yesterday’s low. If we stay down there for longer, it will increase the bearish pressure, and we will see a further drop in the price of Bitcoin. Potential lower targets are the $16,250 and $16,000 levels.
(Click on image to enlarge)
Ethereum chart analysis
This week’s new high was this morning at the $1215 level. The price was not long there, and now we see a pullback to the $1195 level. Now we are monitoring how the current consolidation will take place, whether it will start a further decline or consolidate around the $1200 level. For the bearish option, we need a continuation of this negative consolidation and a drop to yesterday’s support zone around the $1150 level.
A price break below would intensify the bearish flow, which could lead to a continuation of the descent to the next lower support around the $1100 level. for a bullish option, we need a positive consolidation and a move above the $1200 level. Then we need to hold up there and continue the growth of the price of Ethereum with the next impulse. Potential higher targets are the $1225 and $1250 levels.
(Click on image to enlarge)
More By This Author:
The Dollar Has Weakened
Gold Price Increases When The Dollar’s Ascent Stalls
Here Is How China’s Chaotic COVID Status Impacts The Market
Comments
Log in or sign up to join the conversation.