Bitcoin – The Struggle Continues as some of the Majors Rebound

Bitcoin slipped by 2.97% on Tuesday, reversing Monday’s 1.67% gain, to end the day at $6,063.7.

An early move through to an intraday high $6,280.8 saw Bitcoin fall short of the day’s first major resistance level at $6,371.7 before reversing through the remainder of the day, the broad market sell-off seeing Bitcoin slide through the day’s first major support level at $6,099.2 to an intraday low $6,050.2 before a partial recovery.

For the Bitcoin bulls, there was very little to take away from the day, with Bitcoin failing to break back through the first major support level at $6,099.2, while also continuing to fall well short of the 23.6% FIB Retracement Level of $6,874.

Managing to avoid a pullback to sub-$6,000 levels for a second consecutive day was ultimately the only positive for the Bitcoin bulls, with the bearish trend formed at early May’s swing hi $9,999 remaining firmly intact.

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At the time of writing, Bitcoin was up 0.42% to $6,099, with moves through the early part of the day having been relatively range bound following Tuesday’s reversal.

A start of the day pullback, coming off the back of Tuesday’s slide, saw Bitcoin fall to an morning low $6,026 before recovering back into positive territory, the morning low holding above the day’s first major support level at $5,892.33 and more importantly sub-$6,000 levels.

The mid-morning recovery saw Bitcoin strike a morning $6,129 high that fell short of the first major resistance level at $6,212.93 and, more importantly, well short of the 23.6% FIB Retracement Level of $6,874.

For the day ahead, a move through 6,131.57 would support a run at the day’s first major resistance level at $6,212.93, though we would expect Bitcoin to face plenty of resistance at $6,200 through the middle part of the day that could ultimately pin Bitcoin back from any material gains on the day.

Failure to move through $6,131.57 to take a run at $6,200 levels could see Bitcoin go into reverse later in the day, bringing sub-$6,000 levels and the day’s first major support level at $5,982.33 into play, with any major sell-off likely to bring the day’s second major support level at $5,900.97 into play before any recovery.

The bearish trend remains intact and sub-$5,000 levels continues to be a possibility as investors wait on for governments and regulators to announce regs for the crypto exchanges and investors this summer.

Elsewhere, Monero was leading the way, up 7.41% at the time of writing, with EOS and Litecoin also making solid ground, the pair up 3.42% and 3.28% respectively.

Holding on to the gains through the second half of the day will be key as the majors continue to struggle to form a near-term bullish trend.

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