Bitcoin rallied by 4.33% on Monday, following on from last week’s 16.54% gains, to end the day at $7,718.8.
It was Bitcoin’s first close at $7,700 levels since 9th June and more importantly, the first time back at $7,800 levels since 23rd May.
Tracking the broader market, Bitcoin rallied through the early morning to an intraday high $7,820, breaking through the day’s major resistance levels, before easing back to hover between $7,600 and $7,700 levels through the middle part of the day.
While the second half of the day saw many of the majors fall victim to an afternoon sell-off, Bitcoin’s upward momentum through the afternoon came with one brief pullback to an afternoon low $7,374, before recovering back through to $7,700 levels in the final hours of the day, support kicking in well ahead of Bitcoin coming within reach of the first major support level at $7,292.27 and more importantly, the 23.6% FIB Retracement Level of $7,230.
The trend bucking moves through the 2nd half of the day continued to affirm the near-term bullish trend, with Bitcoin having also struck a new swing hi with the morning’s intraday high $7,820.
At the time of writing, Bitcoin was up 1.71% to $7,852, with day long rally on Monday seeing Bitcoin avoid any spill overs from Monday reversals as seen across a number of the other majors.
A start of the day dip to a morning low $7,690 saw Bitcoin steer well clear of the first major support level at $7,455.2 and, more importantly, the 23.6% FIB Retracement Level of $7,333, to continue reaffirming the near-term bullish trend that supported a break back through to $7,800 levels with a morning high $7,870.
For the day ahead, a move back through the morning high $7,870 would support another run at the first major resistance level at $7,901.2, any moves into $7,900 levels bringing $8,000 levels into play for the day, momentum certainly in favour of the Bitcoin bulls at the start of the week.
While $7,900 levels are firmly in play for the day, we can expect plenty of resistance however, with Bitcoin moves through the early morning well ahead of the rest of the crypto front runners, a number of majors seeing heavily losses through the early morning.
Failure to break through to $7,900 levels could see Bitcoin ease back later in the day, though for now there are no signs of the Bitcoin bulls giving up the reins, with the day’s first major support level at $7,455.2 likely to be out of play, barring particularly negative news hitting the news wires.
Elsewhere, Monero’s XMR was close behind, with a gain of 1.76% at the time of writing, while EOS NEO and Ripple’s XRP were down by more than 2% in the early part of the day, crypto divergence beginning to take shape ahead of the planned roll out of rules and regs by the G20.
This article was originally posted on FX Empire
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