The price of Ethereum also jumped from yesterday’s low.
Bitcoin chart analysis
The bitcoin price managed to rise to the $16,500 level with a new bullish impulse this morning. Currently, the price of Bitcoin is calm and is holding around the current level. Now we are looking at which way the price will move. For a bullish option, we need a positive consolidation to continue this week’s recovery.
The next resistance zone is at the $16750 level. A break above could take us to $17,000, and we would form a new two-week high. For a bearish option, we need a negative consolidation and another price pullback to the $16000 support level. A breakout of the Bitcoin price below would put us back in the awkward zone as we could retest the two-year low at the $15,500 level.
Ethereum chart analysis
The price of Ethereum also jumped from yesterday’s low. Today’s high was at the $1220 level. We currently have resistance at that level and could see a pullback to the $1200 support level. If the price stays above the $1200 level, it would have a new chance to start a further recovery above the $1225 level with a new bullish impulse.
A break above $1225 and staying above it would be a good sign that the price could continue towards the $1250 level. Potential next higher targets are $1275 and $1300 levels. For a bearish option, we need a negative consolidation and a fall in the price of Ethereum below the $1200 level. Staying below would signal that we could see a continuation of the price decline. Potential lower targets are $1150 and $1125 levels.