From the very start of this week, the price of bitcoin behaved positively, which was reflected in the previous days. Wednesday was very bullish for the price as we had a strong bullish consolidation from $62000 to $66700. A new high was formed on Thursday morning. After that, the momentum weakens, and the price begins to retreat to the $64,600 level.
We meet the EMA50 moving average at this level and get its support. A positive consolidation has started, which takes us up to the $66,500 level, thus forming a new daily high. A minor pullback brings the price of Bitcoin down to $66150, and we expect to test the $66000 level soon.
Strategically, if we manage to move above the $ 67000 level, we could establish new support, paving the way for a continuation of the previous bullish consolidation. This could potentially lead to testing the weekly high and climbing to a new one, with potential higher targets at $67,000 and $67,500 levels. However, we must also consider a bearish option, which would require a negative consolidation down to the EMA50 moving average.
In the event that we do not receive EMA50 support, and the price moves below to test yesterday’s low at the $64600 level, it would break the previous bullish formation, indicating a decline in Bitcoin’s value. However, even in this bearish scenario, there is potential for recovery with new support. Potential lower targets are the $64,000 and $63,500 levels, with additional support in the $63500 zone being the EMA200 moving average.
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