Bitcoin Looking Ready to Make a Move

It’s a range bound start to the day for Bitcoin, investors treading carefully following last week’s loss as the bears look to a return to sub-$6,000 levels to bring sub-$5,000 into play later in the week.
Bob Mason
bitcoin

Bitcoin slipped by just 0.14% on Sunday, following Saturday’s 2.03% gain, to end the week down 4.65% to $6,143.1.

In a particularly volatile session, Bitcoin slid through the day’s first major support level at $6,032.33 and second major support level at $,5899.67 to a morning low $5,800 before temporarily recovering to $5,900 levels.

An early afternoon sell-off saw Bitcoin pullback through the second major support level, with Bitcoin falling to an intraday low and new swing lo $5,908.1, Bitcoin managing to avoid testing the day’s third major support level at $5,653.67, with losses through the week minor relative to its peers.

While Bitcoin managed to break back through the day’s major support levels to end the day above the first major support level at $6,032.33, failing to test the day’s first major resistance level at $6,278.33 and the 23.6% FIB Retracement Level of $6,874 left the extended bearish trend intact as June comes rapidly to an end.

There was materially negative news to hit the wires through the weekend, with investors having to remain wary of what lies ahead for the crypto exchanges, as regulators look to bring some oversight into the asset class that has run wild for a number of years now.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up just 0.05% to $6,151.1 in what’s been a particularly range bound start to the day, following Sunday’s wild swings.

An early morning $6,107.4 low held well above the day’s first major support level at $5,848.83, with a late morning $6,199.7 falling well short of the first major resistance level at $6,343.53 and more importantly, the 23.6% FIB Retracement Level of $6,874, supporting the extended bearish trend formed at 5th May’s swing hi $9,999.

For the day ahead, a move through the morning’s $6,199.7 high to $6,200 levels would support a run at the first major resistance level at $6,343.53, while the day’s second major resistance level at $6,543.97 and the 23.6% FIB Retracement Level of $6,874 will likely continue to remain out of reach, as the bears maintain control of the broader market.

Failure to move back through the morning’s high could see Bitcoin take a hit later in the day, with the day’s first major support level at $5,848.83 likely to be tested before any recovery later in the day.

Much will depend upon the news wires, which if silent, would support some upside through the middle part of the day, though investors may well look to lock in profits sooner rather than later in the event of a move through to $6,200 levels.

Elsewhere in the cryptomarket, it was a mixed bag, with Monero’s XMR leading the way, up 3.83% at the time of writing, while EOS and Ethereum saw the heaviest losses through the morning, the pair down 1.33% and 1.15% respectively.

Buy & Sell Cryptocurrency Instantly

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

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US