Bitcoin fails to stabilize which triggers another pullback
- Over the weekend, the price of Bitcoin moved into a bullish consolidation supported by the EMA 200 moving average
Bitcoin chart analysis
Over the weekend, the price of Bitcoin moved into a bullish consolidation supported by the EMA 200 moving average. On Sunday, we climbed to the $60275 level but did not have the strength to strengthen the bullish side and continue the growth. The price had to initiate a bearish consolidation and return again below the $60,000 level.
This further increased the pressure on Bitcoin, which fell to $58,400, with a couple of strong bearish impulses on Sunday. On Monday morning, the price found support at $58,238 and returned above the weekly open price. Since then, we have been consolidating above that level and moving in the $58400-$58800 range. If the support holds, we could see a bullish impulse start and move up to the $59,000 level. At the $59200 zone, Bitcoin will meet the EMA 50 and EMA200 moving averages.
The price slips back below the EMA 200 moving average and strengthens the bearish momentum
We expect new resistance there that could slow down further growth or stop it. It all depends on Bitcoin; if it holds there, it will have a chance to trigger a bullish consolidation, move above the EMA, and gain support. Potential higher targets are the $59500 and $59750 levels. We also hope to visit the weekend resistance zone around $60,000.
For a bearish option, we need a negative consolidation and a drop below the $58430 daily open price. With that step, we will move to the bearish side and could test this morning’s low. By descending to a new low, we confirm bearish momentum for further continuation on the bearish side. Potential lower targets are the $58,000 and $57,500 levels. Last week’s low Bitcoin price was $56138.
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