• Bitcoin price continues to pull back from this week’s high, and we are now testing support at the $20,000 level.
• Ethereum continues to retreat for the second day in a row since reaching the $1600 level.
   

Bitcoin chart analysis

Bitcoin price continues to pull back from this week’s high, and we are now testing support at the $20,000 level. For now, the price resists the current bearish pressure and makes minor gains up to the $20200 level. Bearish pressure could continue leading to a further pullback below this support. 

If that were to happen, the price would return to the previous zone of lateral movement. Then we could expect the price to continue falling and test the lower support levels of this lateral channel. Potential lower targets are the $19,500 and $19,000 levels. 

For a bullish option, we need a return above $20500; with further positive consolidation, we could expect a retest of the $21000 level. A break above the price would sign that we could see further growth of bitcoin, and the potential higher targets are $21500 and $22000.

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Ethereum chart analysis

Ethereum continues to retreat for the second day in a row since reaching the $1600 level. The price is testing the $1500 level today, and if we fail to hold here, we will see a break below, and the price will continue to fall. With a negative consolidation, the price of Ethereum could first go down to the $1460 level. 

Then, we could see further price pullbacks continue. Potential lower targets are $1400 and $1350 levels. For a bullish option, we need a new positive consolidation and a return to the resistance zone at $1600. 

Then we need to move above and try to stay up there. With the next bullish impulse, we could see further recovery in ETH price growth. Potential higher targets are $1650 and $1700 levels.

(Click on image to enlarge)

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