Bitcoin Tech Analysis – Recap and Mid-Day Review – 03/09/19

Bitcoin struggles for direction early on. Another move through to $10,500 would signal an 8th consecutive day in the green
Bharat Gohri
Bitcoin and Litecoin over dollar banknotes.

Bitcoin made its move on Monday. A 6.23% rally, following on from a 1.68% rise on Sunday, saw Bitcoin end the day at $10,388.

Through the early morning, it was tight ranges for Bitcoin. Bitcoin eased back to an early morning low $9,754.6 before finding support.

Holding well above the first major support level at $9,600.07 and 38.2% FIB of $9,734, Bitcoin rallied to a late intraday high $10,474.

Bitcoin broke through the day’s major resistance levels on a 1st return to $10,000 levels since 28th August.

In spite of a late pullback, Bitcoin held above the third major resistance level at $10,047.03 at the day end.

The extended bullish trend, formed at 15th December’s swing lo $3,215.2, remained firmly intact. In spite of a pullback from a June swing hi $13,764, Bitcoin continued to steer well clear of the 60.2% FIB of $7,245.

Of greater significance was a rebound through the 38.2% FIB of $9,734 and reversal of August’s losses.

This Morning

At the time of writing, Bitcoin was up by 0.13% to $10,401. A mixed start to the day saw Bitcoin fall to an early morning low $10,328 before finding support. Steering clear of the first major support level at $9,937, Bitcoin struck an early morning high $10,500.

Falling short of the first major resistance level at $10,656.47, Bitcoin eased back to sub-$10,400 levels before finding support.

For the Day Ahead

A move back through the morning high $10,500 would support another run at the first major resistance level at $10,656.47.

Bitcoin would need the support of the broader market, however, to break out from current levels.

Barring a broad-based crypto rally, Monday’s high $10,474 and this morning’s high $10,500 would likely cap any upside.

Failure to move back through to $10,500 levels could see Bitcoin slide back into the red. A fall through the morning low $10,328 to sub-$10,200 levels would bring the first major support level at $9,937.07 into play.

Barring a broad-based crypto sell-off, however, we would expect Bitcoin to steer clear of sub-$10,200 levels on the day.

In the event of a crypto meltdown, the first major support level at $9,937 would likely limit any downside.

Looking at the Technical Indicators

Major Support Level: $9,937.07

Major Resistance Level: $10,656.47

23.6% FIB Retracement Level: $11,275

38.2% FIB Retracement Level: $9,734

62% FIB Retracement Level: $7,245

Visit website and Start Trading Today

The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US