FXEMPIRE
All
Ad
Advertisement
Advertisement
Bob Mason
Add to Bookmarks
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin, BTC to USD, rallied by 10.42% on Thursday. Reversing most of a 14.37% slide from Wednesday, Bitcoin ended the day at $40,561.5.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $34,985.0 before making a move.

Steering clear of the first major support level at $29,664, Bitcoin rallied to an early afternoon intraday high $42,300.0.

While falling short of the first major resistance level at $43,701, Bitcoin broke back through the 38.2% FIB of $41,592.

A late afternoon pullback, however, saw Bitcoin fall back through the 38.2% FIB to sub-$38,200 before ending the day at $40,500 levels.

The near-term bullish trend remained intact in spite of the latest slide back to sub-$30,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bullish day on Thursday.

Cardano’s ADA jumped by 22.73% to lead the way.

Binance Coin (+16.85%), Chainlink (+16.50%), Crypto.com Coin (+10.74%), Ethereum (+13.55%), Litecoin (+13.10%), and Ripple’s XRP (+11.42%) also found strong support.

Bitcoin Cash SV (+4.75%), and Polkadot (+4.64%) trailed the front runners, however.

In the current week, the crypto total market rose to a Monday high $2,162bn before sliding to a Wednesday low $1,207bn. At the time of writing, the total market cap stood at $1,794bn.

Bitcoin’s dominance fell to a Tuesday low 39.89% before surging to a Wednesday high 45.97%. At the time of writing, Bitcoin’s dominance stood at 43.15%.

Advertisement

This Morning

At the time of writing, Bitcoin was up by 2.02% to $41,380. A mixed start to the day saw Bitcoin fall to an early morning low $40,556.0 before rising to a high $41,434.0.

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

Elsewhere, it was also a bullish start to the day.

At the time of writing, Ethereum was up by 2.96% to lead the way.

For the Bitcoin Day Ahead

Bitcoin would need to avoid a fall through the pivot level at $39,282 to bring the 38.2% FIB of $41,592 and the first major resistance level at $43,579 into play.

Support from the broader market would be needed for Bitcoin to break back through to $43,000 levels.

Barring a broad-based crypto rally, the first major resistance level at $43,579 would likely cap any upside.

In the event of an extended crypto rally, Bitcoin could test resistance at $47,000 before any pullback. The second major resistance level sits at $46,597.

Failure to avoid a fall through the pivot at $39,282 would bring the first major support level at $36,264 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $31,967.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker