FXEMPIRE
All
Ad
Advertisement
Advertisement
Bob Mason
Add to Bookmarks
Shiny Ripple crypto-currency background

It’s been a bullish start for Bitcoin and the broader crypto market. Following Sunday’s bullish end to the week, the majors reversed losses from the start of the day.

At the time of writing, Bitcoin, BTC to USD, was up by 4.28% to $37,137.0. Through the early hours, UTC, Bitcoin fell to a mid-morning low $34,160.0 before rising to a late morning high $37,199.0.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

While steering clear of the first major support level at $33,848, Bitcoin broke through the first major resistance level at $36,900.

The Rest of the Pack

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

Bitcoin Cash SV was down by 1.56% to buck the trend through the morning.

It was a bullish morning for the rest of the majors, however.

Crypto.com Coin and Ripple’s XRP were up by 12.33% and by 12.40% to lead the way.

Binance Coin (+7.89%), Chainlink (+9.60%), Ethereum (+8.04%), and Litecoin (+8.36%) also found strong support.

Cardano’s ADA (+6.41%) and Polkadot (+2.68%) trailed the front runners, however.

Through the early hours, the crypto total market fell to an early morning low $1,450bn before rising to a high $1,614bn. At the time of writing, the total market cap stood at $1,600bn.

Bitcoin’s dominance rose to an early high 44.14% before falling to a low 43.24%. At the time of writing, Bitcoin’s dominance stood at 43.51%.

Advertisement

For the Day Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $36,900 to support a run at $40,000 levels.

Support from the broader market would be needed, however, for Bitcoin to break out from the second major resistance level at $38,185.

Barring an extended rally through the afternoon, resistance at $38,000 would likely continue to limit the upside.

A move back through the $39,000 levels, however, would bring the 38.2% FIB of $41,592 into play. The third major resistance level sits at $41,237.

Looking beyond the support and resistance levels, the 50 EMA has narrowed on the 100 EMA supporting the early upside.

A fall back through the first major resistance level to sub-$36,000 levels would bring sub-$35,000 levels into play.

Barring an extended sell-off throughout the afternoon, however, Bitcoin should steer clear of the first major support level at $33,848.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker