Connect with us

Hi, what are you looking for?

Trading Secrets

The price of Bitcoin is on the rise and reaches $72000 again

The price of Bitcoin is on the rise and reaches $72000 again

Bitcoin price climbed back above $71000 after a week.

Bitcoin chart analysis

Bitcoin price climbed back above $71000 after a week. On Saturday, we got support at $68000 in the EMA200 moving average, which positively affected the movement of Bitcoin. On Sunday, we stabilized above the $69,000 level. We had one bullish attempt at $70000 but returned to the 69000 level.

From the very start of this week, the price was in a strong bullish trend, which pushed us up to $71461. We are currently at $71,230 and are holding above the $71,000 level. We expect to continue up and visit the $72000 level. With that, we would climb to the new April high, and the potential higher targets are $72250 and $72500 levels.

We are close to the $72000 level, do we have the strength to move above it?

If the price of Bitcoin pulls back to $70,000, we will be under more pressure in that zone. With increased bearish momentum, the price is forced to retreat and look for a new support level. First, we look at the $69000 level because that is where we encounter the EMA50 moving average. The inability to hold above will push us to a new daily low and thus only increase the pressure on Bitcoin.

After that we look towards the $68000 level as the next support zone. Before that, we encountered the EMA200 moving average, which could slow down this pullback or even stop it in the zone around the $68350 level. Last week’s lows are much lower than the $66,000 level. For now, we stick to the bullish consolidation and hope for further recovery to the bullish side.

The post The price of Bitcoin is on the rise and reaches $72000 again 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...