FXEMPIRE
All

Bitcoin – Looking to Break Out From its Current Ranges

It’s another slow day for Bitcoin, though investors will be looking for a sign of another weekend rally to ease some of the pain from the previous week.
Bob Mason
The Rise of Cryptocurrency Exchanges

Bitcoin gained 0.49% on Saturday, reversing Friday’s 0.47% fall, to end the day at $6,250.1.

Another relatively range bound start to the day saw Bitcoin pullback from an early morning high $6,277.6 to a late morning intraday low $6,179.2 before recovering to $6,200 levels, the day’s low seeing Bitcoin steer clear of the first major support level at $6,116.43.

An afternoon move saw Bitcoin break through to $6,300 levels and an intraday high $6,320 before pulling back to $6,200 levels late in the day, the first major support level at $6,331.33 left untested on the day.

While the news wires were on the quieter side through the first half of the weekend, news of investigator Mueller’s indictment of 12 Russians that reportedly used Bitcoin, amongst other cryptocurrencies, to meddle in the 2016 Presidential Elections had a relatively muted impact.

It remains to be seen how the U.S government and regulators will respond to the use of cryptocurrencies in the meddling, but one thing is for certain, the days of anonymity will certainly be numbered, something that the cryptomarket has been anticipating since the shift in policies in key jurisdictions including South Korea, where KYC and Anti-money laundering procedures are already in effect.

For the Bitcoin bulls, it was another disappointment, with Bitcoin failing to gain momentum, as investor caution continues to leave Bitcoin and the broader cryptomarket in the hands of the crypto bears.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was up 0.41% to $6,275.5, with Bitcoin recovering from a start of the day morning low $6,230.3 to take a run at $6,300 levels with a morning high $6,278.6.

With Bitcoin managing to steer clear of sub-$6,200 levels and the day’s first major support level at $6,179.53, the upward move through the morning has brought the day’s first major resistance level at $6,320.33 into play, though we will expect Bitcoin to continue to face strong resistance as $6,300.

Failure to move back through the morning high to take a run at $6,300 levels could see Bitcoin take a hit later in the day to bring the day’s first major support level at $6,179.53 into play, while we would expect the second major support level at $6,108.97 to remain untested through the day.

 

Time is running out for Bitcoin bulls to build in a price buffer ahead of the planned roll out of rules and regulations by the G20, leaving investors with the possibility of a pullback to sub-$5,000 levels before any market rebound, the latest news on the Mueller indictments offering further justification for U.S regulators to hit the cryptomarket hard with appropriate oversight.

Across the rest of the majors, it was a mixed bag, with DASH seeing the heaviest losses early on, down just 0.79%, while Litecon and Stellar’s Lumen were the front runners in the early part of the day, each up 1% for the morning.

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
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