Bitcoin continues to stick to the bullish side on Tuesday
The price of Bitcoin is moving above $56,500, sliding from $58,000, ahead of the next consumer and producer price reports and the first debate between Donald Trump and Kamala Harris
Bitcoin chart analysis
The price of Bitcoin is moving above $56,500, sliding from $58,000, ahead of the next consumer and producer price reports and the first debate between Donald Trump and Kamala Harris. After forming a new high last night, the price lost its previous momentum, taking a step back to the $56,400 level. We find new support just above the EMA 200 moving average.
This triggered Bitcoin to turn bullish again and climb to the $57300 level. Moving above the daily open price is promising, and we could see further progress to the bullish side. We expect a breakthrough of last night’s high and a transition to a new one. Potential higher targets are the $59,000 and $60,000 levels.
The price has moved above the EMA 200 and is expected to advance to the bullish side
If Bitcoin fails to deal with the daily open price, we will see a descent below into negative territory. After that, we will see a retest of today’s low and EMA 200 moving average. This time, we need a break below the moving average line. We expect a test of $55900 and EMA 50. A continuation below will strengthen the bearish momentum, directing us toward the $55000 yesterday’s support zone.
With that step, the price of Bitcoin moves to a new weekly low, reinforcing the current bearish pressure to return to the weekend movement zone. Potential lower targets are the $54,000 and $53,000 levels. Depending on the strength of the bearish trend, a retest of Friday’s low at $52546 is also possible.
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