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Bob Mason
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Bitcoin rose by 0.40% on Saturday. Following on from a 0.12% gain on Friday, Bitcoin ended the day at $7,538.5.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,450.0 before finding support.

Steering clear of the first major support level at $7,414.27, Bitcoin rallied to a mid-afternoon intraday high $7,700.

Breaking through the first major resistance level at $7,608.17, Bitcoin came up against the second major resistance level at $7,708.03.

A late afternoon pullback saw Bitcoin fall back through the first major resistance level to sub-$7,500 and into the red.

Finding late support, however, Bitcoin moved back through to $7,500 to end the day in the green.

The near-term bearish trend, formed at late June 2019’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.

For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the majors, it was another mixed day on Saturday.

Tezos led the way once more, rallying by 5.21%.

Binance Coin (+1.75%), Bitcoin Cash ABC (+0.67%), Cardano’s ADA (+1.46%), Ethereum (+3.46%), Ripple’s XRP (+0.38%), Stellar’s Lumen (+1.62%), and Tron’s TRX (+0.02%) also found support.

Bitcoin Cash SV (-0.16%), EOS (-0.17%), Litecoin (-0.31%), and Monero’s XMR (-0.13%) bucked the trend on the day.

Through the week, the crypto total market cap rose from Tuesday current week low $196.98bn to a Saturday high $220.28bn. At the time of writing, the total market cap stood at $219.55bn.

While Bitcoin’s dominance continued to hover at sub-64% levels, there had been an upward trend before easing back on Saturday. At the time of writing, Bitcoin’s dominance stood at 63.6%.

24-hour trading volumes rose from sub-$120bn levels to a current week high $155.9bn on Friday. At the time of writing, 24-hr volumes stood at $124.86bn.

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This Morning

At the time of writing, Bitcoin was up by 0.46% to $7,573.5. A bullish start to the day saw Bitcoin rise from an early morning low $7,522.3 to a high $7,573.5.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash ABC (+1.12%), Bitcoin Cash SV (+2.14%), Monero’s XMR (+1.34%), and Tron’s TRX (+1.16%) led the way.

Binance Coin (-0.11%), Stellar’s Lumen (-0.02%), and Tezos (-1.18%) struggled early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,600 levels to bring the first major resistance level at $7,675.67 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,573.5.

Barring a broad-based crypto rally, the first major resistance level and Saturday’s high $7,700 would likely cap any upside.

In the event of a breakout, the 38.2% FIB of $7,730 and the second major resistance level at $7,812.83 would likely come into play.

Failure to move through to $7,600 levels could see Bitcoin hit reverse.

A fall through to sub-$7,560 levels would bring the first major support level at $7,425.67 into play.

Barring a crypto meltdown, however, Bitcoin should steer of the second major support level at $7,312.83.

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