Connect with us

Hi, what are you looking for?

Trading Secrets

Bitcoin Price Retreats and Consolidates at $50,611 Level

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.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...