The U.S Crypto Morning Session – June 23rd, 2021

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Published: Jun 23, 2021, 10:15 UTC

It's a bullish morning for the crypto majors that recovered from early losses. A Bitcoin move through to $34,500 levels would deliver further upside for the majors.

Bitcoin and Litecoin over dollar banknotes.

The Rest of the Pack

It’s been a bullish morning for the broader crypto market.

Ripple’s XRP was up by 15.32% to lead the way.

Binance Coin (+9.43%), Cardano’s ADA (+8.01%), Chainlink (+9.72%), and Litecoin (+7.43%) also made solid gains.

Bitcoin Cash SV (+5.52%), Crypto.com Coin (+4.45%), Ethereum (+5.82%), and Polkadot (+3.53%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,242 before rising to a high $1,363bn. At the time of writing, the total market cap stood at $1,339bn.

Bitcoin’s dominance rose to an early high 48.32% before falling to a low 47.19%. At the time of writing, Bitcoin’s dominance stood at 47.45%.

For the Day Ahead

Bitcoin would need to continue to avoid the $31,729 pivot to support another run at the first major resistance level at $34,211.

Support from the broader market would be needed, however, for Bitcoin to break back through to $34,200 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $34,500 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels. The second major resistance level sits at $35,850.

A fall through the $31,729 pivot would bring the first major support level at $30,090 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$29,000 levels and the 62% FIB of $27,237. The second major support level sits at $27,608.

Looking beyond the support and resistance levels, the 50 EMA narrowed on the 100 and the 200 through the morning, supporting the mid-morning rally.

We have also seen the 100 EMA flatten on the 200 EMA adding further support.

A further narrowing of the 50 EMA on the 100 EMA would bring sub-$35,000 levels into play.

Key going into the afternoon, however, would be a move back through the morning high $34,486 to $34,500 levels.

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.