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The U.S Crypto Morning Session – June 18th, 2021

By:
Bob Mason
Published: Jun 18, 2021, 11:44 UTC

It's been a mixed start to the day for Bitcoin and the broader market. A Bitcoin move through to $39,000 levels would support the broader market.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

In this article:

It’s been a relatively bearish start to the day for Bitcoin and the broader crypto market. Following a relatively bullish day on Thursday, Bitcoin and broader market struggled through this morning.

At the time of writing, Bitcoin, BTC to USD, was down by 0.29% to $37,961.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,184.1 before hitting reverse.

Falling well short of the first major resistance level at $39,266, Bitcoin fell to a late morning intraday low $37,074.0.

Bitcoin fell through the first major support level at $37,134 before a return to $37,900 levels.

BTCUSD 180621 Hourly Chart

The Rest of the Pack

It’s been another mixed morning for the broader crypto market.

Binance Coin (+0.39%), Bitcoin Cash SV (+0.40%), and Cardano’s ADA (+0.09%) found support early on.

It’s been a bearish morning for the rest of the pack, however.

Chainlink (-2.88%) and Crypto.com Coin (-2.16%) led the way down.

Ethereum (-1.62%), Litecoin (-0.83%), Polkadot (-1.75%) and Ripple’s XRP (-0.27%) also saw red.

Through the early hours, the crypto total market rose to an early morning high $1,569bn before falling to a low $1,521bn. At the time of writing, the total market cap stood at $1,553bn.

Bitcoin’s dominance fell to an early low 45.50% before rising to a high 45.80%. At the time of writing, Bitcoin’s dominance stood at 45.77%.

For the Day Ahead

Bitcoin would need to move through the $38,326 pivot to support a run at the run at the first major resistance level at $39,266.

Support from the broader market would be needed, however, for Bitcoin to break back through to $39,000 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $39,519 likely cap any upside.

In the event of a broad-based crypto rally. Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $40,458.

Failure to move through $38,326 pivot would bring the first major support level at $37,134 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$37,000 levels.

The second major support level sits at $36,194.

Looking beyond the support and resistance levels, the 50 EMA pulled away from the 100 and the 200 in the late morning, supporting a partial recovery from early lows.

We have also seen the 100 EMA continue to hold its ground on the 200 EMA supporting the late morning move northwards.

A further widening of the 50 EMA on the 100 EMA would bring $40,000 levels and the 38.2% FIB of $41,592 into play. Bitcoin would need plenty of support, however, to break out from Wednesday’s high $40,460.0.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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