Bitcoin Bulls Look to Take Control and Deliver a Weekend Rally

 

Bitcoin gained 2.64% on Friday, reversing Thursday’s 2.25% loss, to end the week up 8.92% at $8,937.48.

A bearish trend that formed from Wednesday’s swing hi $9,188.1 continued through to a swing lo $8,265 on Friday morning, before investors jumped back in, with the day’s low falling through the first major support level of $8,430.54.

A material shift in sentiment across the cryptomarket drove Bitcoin to an end of day intraday high $8,937.49, pushing through the day’s 62% FIB Retracement Level of $8,926.69, affirming the reversal of the 2^nd half of the week bearish trend.

While major resistance levels were untested through the day, the lack of sellers through the retracement levels will have given some comfort to Bitcoin investors going into the weekend.

Concerns over Japan’s regulators doing more than giving Binance a slap on the wrist weighed heavily on the markets through Thursday and early Friday. With Japan being considered crypto friendly, it’s unlikely that Binance will be shut down however, such a decision likely to have a material impact on a market embraced domestically by both consumers and regulators.

Investigations into South Korean Bank adherences to recently introduced crypto-related policies will also be a near-term concern, any hint of banks failing to follow regs likely to raise the possibility of a more severe clamp down in the cryptomarket domestically.

All of this comes ahead of the anticipated roll out of global regulations, following last week’s G20 Summit, leaving plenty for investors to consider in the coming months.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up 0.1% to $8,930, with an early intraday high $8,983.93, falling short of the day’s first major resistance level of $9,161.65 and more importantly falling short of a move back to $9,000 levels.

Tight ranges through the early part of the day left both resistance and support levels untested, with the morning’s intraday low $8,821.74 sitting well above the day’s first major support level of $8,849.16 and 23.6% FIB Retracement Level of $8,778.8.

For the day ahead, a move through to this morning’s high would support a run at $9,000 and the day’s first major resistance level, while lateral moves through the remainder of the morning likely to put pressure on Bitcoin through the middle of the day.

Failure to make a move will likely see Bitcoin pullback to the day’s 23.6% FIB Retracement Level to test buyer appetite, with investors likely to be looking for a deeper dip before jumping back in. In the event of a Saturday pull back, the day’s 38.2% FIB Retracement Level of 8,680.6 and first major support level of $8,489.16 would be brought into play.

Assuming the news wires remain on the quieter side, $9,000 levels are likely to be seen through the weekend, with the Cboe’s Bitcoin futures Friday closing $8,620 likely to be ignored.

Elsewhere, Litecoin and Bitcoin Cash saw heavier losses, while DASH, Ripple’s XRP and NEM’s XEM bucked the trend through the morning with solid gains, DASH leading the way, up 2.65% through the early part of the day.

Bitcoin hasn’t been able to close at $9,000 levels since 14^th March.

Buy & Sell Cryptocurrency Instantly