Bitcoin – What’s next for the Bitcoin bulls?

Bitcoin fell by 3.17% on Monday, following last week’s 13.9% slide, to end the day at $7,107.3

Bitcoin moved through to an early morning $7,437.7 high, falling shy of the day’s first major resistance level at $7,439.7, before a cryptomarket sell-off pulled Bitcoin into a nose dive.

The morning slide saw Bitcoin fall through the day’s first major support level at $7,225.4 to a morning low $7,142, before finding buyers to support a brief recovery to $7,300 levels. Bitcoin managed to move back through the day’s major support levels before a broad based afternoon sell-off saw Bitcoin slide through the day’s first major support level at $7,225.4 and second major support level at $7,111.1 to an intraday low and new swing lo $7,062.3.

Holding on to $7,000 levels was certainly key through the day, with sub-$7,000 support levels providing much needed support late in the day, Bitcoin managing to recover to $7,100 levels by the day’s end.

For the Bitcoin bulls, while the bearish trend was reaffirmed with Monday’s new swing lo $7,062.3, a steadying of the ship late in the day will have provided some comfort, though the pain is far from over, with the much talked about roll out of cryptomarket regulations likely to give the cryptomarket one last jolt before some normality can return to the market, Monday’s slide coming in spite of no apparent market forces being in play.

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At the time of writing, Bitcoin was down 0.05% to $7,094.2, with Bitcoin bucking the trend through the early part of the day, the majority of the majors managing to recover from losses seen in the early part of the day.

Bitcoin slipped to a morning low and new swing lo $7,040 in the early hours before recovering, sub-$7,000 support levels kicking in to prevent a pullback to the day’s first major support level at $6,967.17.

In spite of the recovery, Bitcoin’s move through to a morning high $7,133.4 was short lived, with Bitcoin failing to come close to the day’s first major resistance level at $7,342.57 or the 23.6% FIB Retracement Level of $7,755 before easing back mid-morning.

For the day ahead, a move through to $7,200 levels would support a run at the day’s first major resistance level at $7,342.57, though with the bearish trend intact, we would expect resistance at $7,300 to pin Bitcoin back from further gains, barring a material shift in sentiment across the broader market.

Failing to move through to $7,200 levels could see Bitcoin go into reverse, bringing the day’s first major support level at $6,967.17 into play, with Bitcoin’s new swing lo in the early hours likely to test investor appetite later in the day.

Elsewhere, Cardano’s ADA and Ethereum were leading the way at the time of writing, with gains of 4.49% and 1.83% respectively, while Stellar’s Lumen and EOS were in the red, down 0.51% and 3.80% respectively.

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