Bitcoin and Ethereum: Btc bounced back to 16750 support

• Bitcoin’s attempt to reach $17,000 was stopped at the $16,962 level. 
• This morning’s highest price of Ethereum was at the $1235 level, after which the price made a pullback.

Bitcoin chart analysis

Bitcoin’s attempt to reach $17,000 was stopped at the $16,962 level. A new pullback followed, and the price fell to $16,825. We are again in the previous consolidation zone around the $16750 level. For a bullish option, we need a new positive consolidation. Then we could initiate a recovery and try a new attack on the $17000 level. It’s not enough to climb up there because we must stay there to see the continuation. With the next bullish impulse, the price of Bitcoin would continue its recovery. Potential higher targets are $17250 and $17500 levels. We need a negative consolidation and a price drop below the $16750 level for a bearish option. Such a development would increase the bearish pressure, leading to a further decline in the price of Bitcoin. Potential lower targets are $16500 and $16250 levels.

Ethereum chart analysis

This morning’s highest price of Ethereum was at the $1235 level, after which the price made a pullback. Today’s low is at $1215, but based on the current picture, we could expect a drop to the $1200 support level. New pressure at the $1200 level could lead to a breakout below and a continuation of Ethereum’s price pullback. We would look for support at the following levels: $1175 and $1150. We need to get back above the $1225 level for a bullish option. Then we need to stay up there again and start with a new bullish impulse. If such conditions are created, the potential higher targets are $1250 and $1275.

 

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