Bitcoin chart analysis

Over the weekend, Bitcoin’s price climbed above the $68,000 level. With the support of the EMA 50 moving average, the bullish trend was strengthened, and a new high was formed this morning at the $68486 level. After the formation of this high, the price stopped there and initiated a pullback down to the EMA 50 at the $67250 level. We expect to see the first wobble here and an attempt to maintain above.

Bitcoin has been on a bearish trend for a couple of hours, and an impulse below a new daily low could happen. With that, we go below the moving average and lose its support. We will likely slip below $67000, strengthening the bearish momentum. After that, the next important target is $66,000 because, during the weekend, we already had one bearish impulse to that level. A new visit to that level will only strengthen and confirm the bearish option.

(Click on image to enlarge)

Will Bitcoin have the strength to continue its recovery this week?

Potential lower targets are the $65,000 and $64,000 levels. The EMA 200 moving average provides additional major support for Bitcoin’s price in the $65000 zone. Last week’s low was at the $60685 level. For a bullish option, we need a positive consolidation and price movement to the $68000 level. There, we will be close to testing the weekly open price. We would easily jump to a new weekly high with the new impulse.

This would be a sign to us that the Bitcoin price is gaining new strength and turning to the bullish side again. Potential higher targets are $69,000 and $70,000. With this, we climb into the June resistance zone.

More By This Author: