The U.S Crypto Morning Session – May 28th, 2021

It’s been a bearish start for Bitcoin and the broader crypto market. After Thursday’s pullback, caution continued through the early hours.

At the time of writing, Bitcoin, BTC to USD, was down by 6.43% to $36,059.8. Through the early hours, UTC, Bitcoin rose to an early morning high $38,889.0 before sliding to a late morning low $35,415.0.

The early sell-off saw Bitcoin fall through the first major support level at $37,005. Finding support at the second major support level at $35,474, Bitcoin moved back through to $36,000 levels ahead of the afternoon session.

The Rest of the Pack

Across the rest of the majors, it has been a particularly bearish morning.

At the time of writing, Binance Coin (-10.52%), Bitcoin Cash SV (-11.77%) and Crypto.com Coin (-12.13%) led the way down.

Chainlink (-9.54%), Ethereum (-8.65%), Litecoin (-9.54%) and Ripple’s XRP (-9.40%) were also in the deep red.

Cardano’s ADA (-7.37%) and Polkadot (-4.37%) saw relatively modest losses, however.

Through the early hours, the crypto total market rose to an early morning high $1,683bn before falling to a low $1,508bn. At the time of writing, the total market cap stood at $1,550bn.

Bitcoin’s dominance fell to an early low 42.92% before rising to a high 44.12%. At the time of writing, Bitcoin’s dominance stood at 43.37%.

For the Day Ahead

Bitcoin would need to move back through the first major support level at $37,005 and the $38,753 pivot to support a run at the first major resistance level at $40,284.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $38,889.0.

Barring a broad-based rebound through the early afternoon, resistance at $39,000 would likely continue to limit the upside.

A move back through the $40,000 levels, however, would bring the 38.2% FIB of $41,592 into play. The second major resistance level sits at $42,932.

Looking beyond the support and resistance levels, we saw a bearish cross this morning. The 50 EMA crossed through the 100 EMA delivering the markets with a bearish signal …

A fall back through to sub-$35,500 levels and the second major support level at $35,474 would bring the third major support level at $32,195 into play.

Barring another extended sell-off throughout the afternoon, however, Bitcoin should steer well clear of sub-$30,000 levels.