Bitcoin price could increase momentum above $67000 level

  • May 20, 2024
  • 0
  • 21 Views

Bitcoin price could increase momentum above $67000 level

On Friday, the price of Bitcoin returned above $67,000 after a long time. 

Bitcoin chart analysis

On Friday, the price of Bitcoin returned above $67,000 after a long time. In this way, we formed a new high at the $67500 level. Over the weekend we first saw a sideways consolidation in the zone around $67000 on Saturday. On Sunday, Bitcoin moved in a mild bullish consolidation that generated an impulse to a new high at the $67654 level. The end of the weekend brought the price back to $65,900.

New support was waiting for us there, and we used it to initiate a new bullish consolidation on Monday. We have returned to the $67,000 level, but we remain below that level for now. Today’s price movement takes place in the $66275-$67000 range. We can say that we have the support of the EMA50 moving average and that it could push us above to a new higher high. Potential higher targets are $67500 and $68000 levels.

Bitcoin could reach $68,000 if it crosses the $67,000 barrier

We need a negative consolidation and pullback below the weekly open price of $66275 for a bearish option. So we pull back to a new dnenvi low revealing weakness in the price of Bitcoin. Below, we will first test the $66000 support level. If bearish momentum builds, a drop to a new low is certain.

This puts us under the pressure of the EMA50 moving average, which will only reinforce the negative picture on the chart. Potential lower targets are $65500 and $65000 levels. At $65,000, a large EMA200 moving average is waiting for us, which would have the strength to stop further retreat. Below it, the picture for Bitcoin is very bad, and it is looking at the $60000 level.

 

The post Bitcoin price could increase momentum above $67000 level appeared first on FinanceBrokerage.

Leave a Reply

Your email address will not be published. Required fields are marked *