Bitcoin – From Meltdown to Millpond

It’s a testy start to the day for Bitcoin and the broader market, with Bitcoin needing to hit key levels by late morning to avoid another sell-off.
Bob Mason
Bitcoin speculation
Dice, dollar and bitcoin.

Bitcoin gained 0.05% on Friday, following on from Thursday’s 9.07% slide, to end the day at $3,714.8.

While a 5th consecutive day in the red as averted, Bitcoin was left down 10.9% for the current week, with even a weekend rally of old unlikely to be able to reverse the week’s losses.

Relative to recent moves, it was a particularly range bound day for Bitcoin, in spite of new highs and lows through the day, Bitcoin managing to hold on following Thursday’s sell-off, while some of the other majors continued to struggle, investors wary of heavier losses and quick to hit the panic button.

Rising from a morning low $3,691, Bitcoin managed to strike a late morning intraday high $3,777.8 before easing back, the day’s major support and resistance levels left untested in the early part of the day, with Bitcoin having needed to break through to $3,800 levels to support a run at $4,000 levels.

Range bound through the middle part of the day, investors were provided with little comfort, the lack of a post sell-off bounce back leading investors to pulingl out late in the day, with Bitcoin falling to a late in the day intraday low $3,666.6 before steadying, the day’s first major support level at $3,552.23 left untested.

Moves through much of the day had seen the major cryptos steady from Thursday’s reversal, but the late in the day pullback was broad based and weighed most heavily on Litecoin, Bitcoin Cash ABC and 2019 favorite Tron.

It wasn’t all doom and gloom, with a couple of the majors managing to recover some of Thursday’s losses, NEM’s XEM up 3.86% and Monero’s XMR, IOTA and Binance Coin also in positive territory


At the time of writing, Bitcoin was back in the red in the early hours, down 0.2% to $3,707.2, with early moves seeing Bitcoin fall from a start of a day morning high $3,730 to a morning low $3,692.3 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move through the morning high $3,730 would support a run at the first major resistance level at $3,772.87 to bring $3,800 levels into play before any pullback, Bitcoin likely to come up short of the second major resistance level at $3,830.93 on the day, barring a broad based crypto rally.

Failure to move back through the morning high $3,730 could see Bitcoin pullback through the morning low $3,692.3 to call on support at the first major support level at $3,661.67, with any negative sentiment across the broader market likely to bring the second major support level at $3,608.53 into play before any recovery.

A mixed start to the morning, across the broader market, will likely test investor resolve later in the day should Bitcoin fail to find its feet, with investors still sensitive to Thursday’s sell-off and all too conscious of who quickly the market can reverse, particularly after some range bound moves.

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

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.