The U.S Crypto Morning Session – June 11th, 2021It’s been a mixed start to the day for Bitcoin and the broader market. A Bitcoin move through to $38,000 levels would signal a broad-based crypto rally…
It’s been another mixed start for Bitcoin and the broader crypto market. Following a pullback for the broader market on Thursday, Bitcoin found early support.
At the time of writing, Bitcoin, BTC to USD, was up by 2.14% to $37,448.9. A mixed start to the day saw Bitcoin fall to an early morning low $35,929.0 before making a move.
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Steering clear of the first major support level at $35,540, Bitcoin rose to a late morning high $37,650.0.
Falling short of the first major resistance level at $38,061, however, Bitcoin eased back to sub-$37,500 levels.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
While trailing the front runners, Ripple’s XRP (+0.43%) also avoided the red early on.
It’s been a bearish morning for the rest, however.
Polkadot was down by 2.19% to lead the way down.
Through the early hours, the crypto total market fell to an early morning low $1,520bn before rising to a high $1,579bn. At the time of writing, the total market cap stood at $1,571bn.
Bitcoin’s dominance fell to an early low 44.21% before rising to a high 44.74%. At the time of writing, Bitcoin’s dominance stood at 44.71%.
For the Day Ahead
Bitcoin would need to avoid a fall back through the $36,939 pivot to bring the first major resistance level at $38,061 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $37,650.0.
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 $40,000 before any pullback. The second major resistance level sits at $39,460.
A fall back through to the $36,939 pivot would bring the first major support level at $35,540 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels.
The second major support level sits at $34.418.
Looking beyond the support and resistance levels, the 50 EMA pulled further away from the 100 and the 200 early on.
More significantly, however, the 100 EMA continued to converge on the 200 EMA.
A bullish cross would bring $40,000 levels and the 38.2% FIB of $41,529 into play.
Failure for the 100 EMA to cross through the 200 EMA would bring $35,000 levels and support levels into play, however.