Bitcoin and Ethereum: Bitcoin is testing support at $16500

• Early this morning, the price of Bitcoin is falling to a new seven-day low at the $16430 level. 
• During the previous day, the price of Ethereum stalled at the $1200 level. 

Bitcoin chart analysis

Early this morning, the price of Bitcoin is falling to a new seven-day low at the $16430 level. The price increased to the $16500 level, and we are now consolidating around that level. The pressure on the price could lead to the continuation of the bearish option until the next support at the $16300 level. We need a positive consolidation for a bullish option that would move us first to $16600.

Then it is necessary to maintain up there and continue towards the previous zone of movement around the $16750 level. If we could move above this level, we would have better chances to continue the growth up to the $17,000 level.

Ethereum chart analysis

During the previous day, the price of Ethereum stalled at the $1200 level. After that, we had a short bearish consolidation up to the $1185 level. Ethereum is around $1190, and could return to the $1200 level again. We need a break above with a positive consolidation to continue the bullish option. After that, the price would have a chance to reach the $1225 level.

A potential higher target if the bullish consolidation continues is the $1250 level. For a bearish option, we need a negative consolidation and a drop to the previous support level at $1175. A break below could drop us to a test of the December support level at the $1150 level.

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