Yahoo Finance Bitcoin Ready to Make a Move as the Bulls Move in
Bitcoin gained 0.61% on Friday, following Thursday’s 1.48% rise, to end the day at $7,531.4, a second consecutive day in positive territory seeing Bitcoin up 2.61% for the current week, Monday through Friday.
While the early part of the day was relatively range bound, a mid-morning rally took Bitcoin through to an intraday high $7,599.8 before a mid-day reversal, with Bitcoin falling short of the day’s first major resistance level at $7,644.4 and more importantly, the 23.6% FIB Retracement Level of $7,738.
The mid-day reversal saw Bitcoin slide to an intraday low $7,329.2 to test the day’s first major support level at $7,348.5 before recovering to $7,500 levels through latter part of the day, $7,500 being a key level for Bitcoin at the end of the week, pinning Bitcoin back from more material gains and a run at $7,700 levels.
In spite of the upward momentum through the week, the extended bearish trend formed back at 5th May’s swing hi $9,999 remains intact, while a move through to $7,700 levels would support a bearish trend reversal from 29th May’s swing lo $7,040 that looks to be the bottom of the latest bearish trend.
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At the time of writing, Bitcoin was down 0.51% to $7,482.8 in what’s been a relatively choppy start to the day, Bitcoin sliding from $7,533.6 to a morning low $7,441.5 in the first hour before recovering to attempt a break out from $7,500. A move through to a morning $7,535.8 high was short lived, leaving Bitcoin back at sub-$7,500 levels, with the day’s first major resistance level at $7,644.4 left untested this morning.
For the day ahead, breaking out from $7,500 will be key for Bitcoin to continue the bearish trend reversal and cement a near-term bullish trend, with a break through the day’s first major resistance level at $7,644.4 needed to drawing in investors side lined through May to bring the 23.6% FIB Retracement Level of $7,738 into play.
Failure to break through to $7,600 levels to test the day’s first major resistance level will likely see Bitcoin pull back through to sub-$7,400 levels to bring the day’s first major support level at $7,373.8 into play, the bearish trend having limited recent highs through the increased resistance at $7,500.
$7,500 will continue to be the key level for the Bitcoin bulls, any moves through $7,500 supporting an upward move through the day.
Elsewhere in the markets it was a mixed bag, with EOS leading the way amongst the majors, up 2.21% at the time of writing, with NEO, Stellar’s Lumen and Monero also on the move, while Bitcoin Cash and Ripple’s XRP were flat through the early hours of the morning.
The good news will be that there has been some divergence amongst the crypto majors, with greater divergence on the horizon, once governments and regulators have delivered their blows to the respective markets.
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This article was originally posted on FX Empire
