Bitcoin Price Retreats and Consolidates at $50,611 Level

• Bitcoin price was slightly declining yesterday, looking for a new support level.
• The price of Ethereum used yesterday to consolidate better, retreating to the $2880 level.

Bitcoin chart analysis

Bitcoin price was slightly declining yesterday, looking for a new support level. We dropped to the $50611 level, where we see a stoppage of the fall and consolidation in that zone. After that, we move back above $51000 and test the EMA200 moving average support there. We get his support and move on to recovery. And by the end of the day we climbed to the $51940 level. This morning, we see a little pressure on the price and a pullback to $51200.

There, we make a new bottom, and from there, we start a positive consolidation and return above the $51900 level. Now we need a break above $52000 and try to hold up there. We would have the opportunity to form a good basis for starting a bullish consolidation to conquer higher levels. Potential higher targets are $52200 and $52400.

Ethereum chart analysis

The price of Ethereum used yesterday to consolidate better, retreating to the $2880 level. At that level, we tested the weekly open price, stayed above it and initiated a bullish consolidation. We are currently back above the $3000 level and expect to see a continuation to the bullish side. Potential higher targets are $3020 and $3040 levels.

We need a pullback to support at $2880 for a bearish Ethereum price option. New pressure could lead to a drop below and the formation of a new weekly low. Potential lower targets are $2860 and $2840 levels. Additional support in the zone around the $2840 level for the price is the EMA200 moving average.

The post Bitcoin Price Retreats and Consolidates at $50,611 Level appeared first on FinanceBrokerage.