Bitcoin price remains below the EMA 200 on Wednesday
- On Tuesday, the price of Bitcoin managed to recover in the short term to the $63200 level
Bitcoin chart analysis
On Tuesday, the price of Bitcoin managed to recover in the short term to the $63200 level. That’s where we lost our bullish momentum and a pullback was initiated from there. With a couple of bearish impulses, the price retreated to $61839, a new weekly low. We quickly got that new support, which triggered this morning’s bullish consolidation to the $62500 level.
In this zone, we have additional resistance in the EMA 200 moving average, and we need an impulse above for further continuation of today’s bullish consolidation. The jump to $62,800 takes us to the weekly open level. By moving above, we move to the positive side, after which we need to stay there. With the return of the price of Bitcoin to the positive side, the chances of starting a further recovery to higher levels are increasing.
The price continues to move below the moving average, thus extending the bearish pressure
Potential higher targets are $63500 and $64000 levels. We also have a chance to visit the weekly high at $64444. For a bearish option, we need a turn in the price of Bitcoin to the bearish side. Failure to move above the 200 EMA will add bearish momentum. A withdrawal to the daily open level follows this. New pressure in that zone should bring a drop below and the formation of a new daily low.
This gives us another confirmation that Bitcoin is under pressure and that we will see a continued pullback. Potential lower targets are $61500 and $61000 levels. With a break below $61700, we fall below the weekend support level. That could be the point below which the bearish momentum will intensify. The broader weekly picture tells us that the price in the lateral consolidation and that the market participants are uncertain for now in which direction Bitcoin will continue.
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