Connect with us

Hi, what are you looking for?

Trading Secrets

Bitcoin price below $61000 for the first time in two weeks

Bitcoin price below $61000 for the first time in two weeks

This morning, Bitcoin’s price fell to $60,760, forming a new two-week low.

Bitcoin chart analysis

This morning, Bitcoin’s price fell to $60,760, forming a new two-week low. During the weekend, the price tested support at $65,000 but managed to hold above and climb up to the $68,900 level. There, we encounter the EMA200 moving average, which does not allow us to move above it.

This led to a new bearish consolidation yesterday and a price drop below $67,000. We continued to retreat below the weekend support at $65,000, descending to a new low of $61,897. After that, we saw an attempt to consolidate in that zone, but we didn’t have the strength to start a recovery. A new price drop occurred, forming a new weekly low of $60760.

Is Bitcoin going below $60000, or will it manage to gain support?

Potential lower targets are the $60500 and $60000 levels. We managed to get support at that level and return above the $61000 level. Now, we see a good bullish impulse pushing us to the $63100 level. If we manage to hold above $63000, we will have the opportunity to initiate a bullish consolidation and recovery of Bitcoin.

By returning above $64,000 and testing the $65,000 level, we would get good indications of a return to the bullish side. In the zone around $64000, we come across the EMA50 moving average. Then, we need to maintain above or in the zone around $65,000 to form a bottom, from which we would have the opportunity for further recovery with a new impulse. Potential higher targets are the $66000 and $67000 levels. In the zone around $67000, we meet the EMA200 moving average again.

The post Bitcoin price below $61000 for the first time in two weeks 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

    Maximizing Profits in Forex with the XMaster Formula Indicator Key Takeaways: XMaster Formula Indicator is a reliable and accurate tool for Forex traders to...