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Bitcoin – Bulls Look to Prize Back Control, Bitcoin Hitting $6,600 Early

Bitcoin breaks down resistance early as the bulls look to recover the recent losses, a hold on to $6,600 levels need to support an afternoon move.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin fell by 0.38% on Wednesday, following Tuesday’s 1.2% decline, to end the day at $6,505.4, the day’s loss marking a 3rd consecutive day in the red and a 5th day in the red out of the last 6.

An early morning broad based cryptomarket sell-off saw Bitcoin slide through the first major support level at $6,445.63 to an intraday low $6,424.6 before finding support to avoid $6,300 levels.

Moving back through the first major support level, Bitcoin broke back through to $6,500 levels to hit an early afternoon intraday high $6,555.1 before easing back, the day’s high falling well short of the first major resistance level at $6,622.43 and of greater significance, the 23.6% FIB Retracement Level of $6,757.

A late reversal saw Bitcoin slide to a 2nd half of a day low $6,445.6 to call on support at the day’s first major support level at $6,445.63 for a second time before recovering to $6,500 levels by the day’s end.

For the Bitcoin bulls, the losses were certainly minor relative to the broader market, leading to Bitcoin’s dominance hitting 52% levels once more before easing back through the early part of this morning as the cryptomarkets look to recoup the start of the 4th quarter’s losses.

The news wires were relatively silent through the day, giving Bitcoin and the broader market little direction, with even the Bitcoin bulls becoming a little cautious of late, talks of Bitcoin hitting $20,000 levels by the year end now few and far between, as even some of the Bitcoin bulls revise down price forecasts for the year-end.

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At the time of writing, Bitcoin was up 1.53% to $6,602.9, a broad based market rally supporting the bullish start to the day, with Bitcoin breaking through the first major resistance level at $6,565.47 and second major resistance level at $6,625.53 to a morning high $6,648.8 before easing back.

For the day ahead, a move back through the second major resistance level at $6,625.53 would support another run at $6,700 levels to bring the third major resistance level at $6,756.03 and the 23.6% FIB Retracement Level of $6,757 into play, though we can expect Bitcoin to face plenty of resistance on a run at $6,700 levels. Key through the morning will be for Bitcoin to hold on to $6,600 levels.

Failure to hold on to $6,600 levels could see Bitcoin pullback through to sub-$6,500 levels, bringing the day’s first major support level at $6,434.97 into play, a hold on to $6,500 levels need to avoid a heavy reversal through the afternoon, in the event of a pullback to sub-$6,600 levels, investors mindful of just how quickly sentiment can shift.

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