The U.S Crypto Morning Session – June 10th, 2021It’s another mixed start to the day for Bitcoin and the broader market. A Bitcoin move back through to $38,000 levels would support the pack.
It’s been a mixed start for Bitcoin and the broader crypto market. Following a bullish day for the broader market on Wednesday, it was another mixed start to the day for Bitcoin and the pack.
At the time of writing, Bitcoin, BTC to USD, was up by 0.85% to $37,687.0. A mixed start to the day saw Bitcoin fall to an early morning low $36,250.0 before making a move.
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Steering clear of the first major support level at $34,058, Bitcoin rose to a late morning high $38,337.0.
Falling short of the first major resistance level at $39,088, however, Bitcoin fell back to sub-$37,500 levels before finding support.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Through the morning, Crypto.com Coin and Polkadot were up by 0.17% and by 1.23% respectively to join Bitcoin in the green.
It’s been a bearish morning for the rest, however.
At the time of writing, Chainlink was down by 5.36% to lead the way down.
Through the early hours, the crypto total market fell to a mid-morning low $1,552bn before rising to a high $1,624bn. At the time of writing, the total market cap stood at $1,589bn.
Bitcoin’s dominance fell to an early low 43.45% before rising to a high 44.32%. At the time of writing, Bitcoin’s dominance stood at 44.28%.
For the Day Ahead
Bitcoin would need to avoid a fall back through to the early low $36,250 and the $35,779 pivot to bring the first major resistance level at $39,088 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $38,337.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 before any pullback. The second major resistance level sits at $40,809.
A fall back through to the morning low and the $35,779 pivot would bring the first major support level at $34,058 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$34,000 levels.
The second major support level sits at $30,749.
Looking beyond the support and resistance levels, we saw a bullish cross this morning, with the 50 EMA crossing through the 100 EMA. More significantly, however, was a the 50 EMA’s convergence on the 200 EMA. A bullish cross would support a run at $40,000 levels. Failure for the 50 EMA to cross through the 200, however, would bring sub-$35,000 levels into play.