Bitcoin price makes a new pullback below the $58000 level
Bitcoin chart analysis
Yesterday’s attempt by the price of Bitcoin to reach $60,000 was stopped at the $59,500 level. We had two bullish attempts in the previous two days, and both stopped at $59500. Yesterday, we saw the initiation of bearish consolidation from that level. The price fell below $58000 and below the EMA 200 moving average. The fall was stopped at the $57,200 level last night.
This morning, we were under new pressure, and the price of Bitcoin took another bearish step to the $56551 level. After this support at that level, a positive consolidation up to $57300 was initiated. We need a continuation of $57600, which would be supported by the EMA 50 moving average. If we succeed in that, the next target is the $58,000 level and the EMA 200 moving average. With one more impulse, the chances of getting moving average support to continue to the bullish side would increase.
The price is under pressure now, again below the EMA 200 moving average.
Potential higher targets are $58500 and $59000 levels. For a bearish option, the price of Bitcoin would first have to drop to this morning’s support level of $56500. We will initiate a pullback below the $56,000 level if we fail to hold above. We are nearly testing the weekly open price at the $55830 level. Support would mean a lot to her because they would stay on the positive side.
There’s potential for a bullish scenario in Bitcoin’s price movement. A break below would negatively impact Bitcoin’s price. After that, we can only expect a further pullback and testing of lower support levels. However, potential lower targets are $55,000 and $54,500. This week’s low price is $54296.
