Bitcoin and Ethereum: BTC is stable at the $1680 level

Bitcoin and Ethereum: BTC is stable at the $1680 level

Bitcoin chart analysis

In the previous 24 hours, the price of bitcoin hovered around the $16,800 level. Yesterday we had one short jump to $16988, after which we very quickly returned to the previous movement zone. For a bullish option, we need positive consolidation and rising prices up to the $17000 level. Then we need to move above and try to consolidate up there.

With a new bullish impulse, we could start a continuation of the recovery until the next target at the $17250 level. We need a negative consolidation and a price drop below the $16750 level for a bearish option. After that, we might see a continuation of the decline to the previous low at the $16600 level. Failure to hold there would lead to a continuation of the descent to the next support at the $16500 level.

Ethereum chart analysis

Ethereum price movement is stable above the $1250 level. In the last 24 hours, we once had a jump to the $1270 level, but we quickly returned to the initial position. For a bullish option, we need a new positive consolidation to direct us toward the $1275 level. If we were to reach that level and climb above it, we would have a better chance of seeing a continuation of the recovery toward the $1300 level.

The last time we were, there was on December 15th. We need a break below the $1250 support level for a bearish option. After that, we would probably see a pullback to the $1225 level. A break below would extend the decline to the next lower support at the $1200 level.

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