Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right


Bitcoin could slip to $50000 if it doesn’t get support soon

Bitcoin could slip to $50000 if it doesn’t get support soon

At the start of the weekend, we saw Bitcoin pull back to the $50519 support level. 

Bitcoin chart analysis

At the start of the weekend, we saw Bitcoin pull back to the $50519 support level. There has been an increase in bearish pressure on the price as we have broken below the EMA200 moving average. Fortunately, Bitcoin managed to consolidate at that level and initiate a bullish consolidation from that low. And by the end of the day, the price had returned above the $51,500 level.

The week brought us a continuation of that consolidation, and we were moving in the $51400-$51800 range above the EMA200 moving average. We can single out one bullish impulse to the $51950 level, but we quickly returned below $51800.

Bitcoin under pressure at the start of this week

The price of Bitcoin on Monday fell under bearish pressure below the weekend support at the $51400 level. This leads to a bearish impulse and the formation of a daily low at the $50909 level. We are back below the EMA200, which could increase the pressure on Bitcoin to continue its pullback. Potential lower targets are $50800 and $50600 levels.

For a bullish option, the price would have to consolidate and recover above the $21250 level. Then, we need to hold there if we want to see bullish consolidation and price recovery. The next important target is the $51750 level. When we reach it, we will be close to testing the previous weekend’s resistance level at $51800. Strong momentum would have a chance to push us above and thus form a new daily high. Potential higher targets are $52000 and $52200 levels.

The post Bitcoin could slip to $50000 if it doesn’t get support soon appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...


    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...


    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2020-2024 The Freedom Right. All Rights Reserved