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Bitcoin price in bullish surge from new support

by August 21, 2024
written by August 21, 2024

Bitcoin price in bullish surge from new support

The price of Bitcoin rose to $61,424 on Tuesday, which is this week’s high

Bitcoin chart analysis

The price of Bitcoin rose to $61,424 on Tuesday, which is this week’s high. After that, the price lost momentum and started a bearish consolidation. At $60900, we had strong resistance, which triggered two strong bearish impulses that pushed the price down to $58550. Bitcoin managed to hold there and stop further retreat.

This morning the price finds a new support at $59000 and starts a recovery. At $59400, we cross above the EMA 200 moving average and get its support. This pushed us to climb up to $59700 and form a new daily high. Here now there is a better chance to get back above $60000 and continue the rise to a new daily high. Now, we need new momentum to start the Bitcoin recovery.

 

A new bullish consolidation has started; we just need to maintain this trend

Potential higher targets are $60500 and $61000 levels. For a bearish option, we need a negative consolidation of the Bitcoin price back below the EMA 200 and a moving average of $59400. Going below, we lose the previous bullish momentum. The first below important level is the $59000 daily open price. The future movement will depend on how we move in that zone. The impulse below is a sign that the price does not have the strength to hold there and will begin to pull back.

In the $58500 zone, Bitcoin will be close to testing the weekly open price. There, we expect more support and a potential halt to further pullbacks. If the price continues to be under pressure, it will have no choice but to drop below to a new low. Potential lower targets are the $58,000 and $57,750 levels.

 

The post Bitcoin price in bullish surge from new support appeared first on FinanceBrokerage.

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