Yahoo Finance Bitcoin Touches $11,000, But all too briefly
Bitcoin has had a relatively positive start to the week, with Bitcoin gaining a further 2.34% on Tuesday, following on from Monday’s 7.7% gain, to end the day at $10,571.56.
A large part of the move through to the higher end of $10,000 levels came in the early part of the day, with Bitcoin pushing through its first major resistance level of $10,738 to hit an intraday high $10,850 before easing back through the latter part of the day.
The good news for the Bitcoin bulls will be that the intraday high sell off was not too severe and Bitcoin enjoyed a day free of testing major support levels, with an intraday low $10,150 sitting well above its first support level of $9,650.
Holding on to $10,000 levels through to the close was certainly key and sets Bitcoin up for $11,000 levels in the coming days, which should draw in investors currently side lined and waiting on a bounce to jump on.
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At the time of writing, Bitcoin was up 1.85% to $10,762, with the news of the day being of Bitcoin having moved through today’s first major resistance level of $10,898 to hit an intraday high $11,064.75.
Bitcoin was last sitting at $11,000 levels last Wednesday, which was the start of a bearish trend that took Bitcoin down to a $9,260 low on Sunday, before support kicked in.
It’s not been a bad run, up 16% from Sunday’s low, with the crypto news wires seeing little negative news to reverse the week’s gains.
This morning’s intraday high was also echoed in the futures market, with the Cboe’s Bitcoin futures March contract hitting an intraday high $11,040. The price has since pulled back to $10,720, up just $45 for the day, with the pair largely aligned at the time of writing.
With this morning’s swing hi $11,064.75, Bitcoin’s 23.6% FIB Retracement Level of $10,639 will provide some support, with Bitcoin’s first major support level sitting well below a $10,198.
Some profit taking at current levels is to be expected, though barring a fall through to Bitcoin’s 38.2% FIB Retracement Level of $10,375, we will expect Bitcoin’s bullish trend to remain intact near-term
A failure to move back through to today’s first major resistance level could spell trouble however, with investors taking this as a sign of a possible pullback.
Across the rest of the cryptocurrency majors, Ripple and Stellar Lumen continued to lag the majors, down 0.25% and 2.07% respectively, while Bitcoin Cash, Ethereum and Litecoin were in positive territory at the time of writing. The gains have not been spectacular however, with Bitcoin and NEM’s XEM leading the way this morning.
For Bitcoin investors, the adoption of SegWit was an important milestone and, while we will expect investors to continue to be a little jumpy on concerns over government oversight, the future has got a little brighter.
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This article was originally posted on FX Empire
