After a bearish day for the crypto majors on Thursday, it has been a bullish morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 4.46% to $46,403.7.
A mixed start to the day saw Bitcoin fall to an early morning low $44,266.0 before making a move.
Steering clear of the of the first major support level at $43,411, Bitcoin rallied to a late morning current day high $46,585.0.
Bitcoin broke through the first major resistance level at $45,811.
The Rest of the Pack
It has been a bullish morning for the broader crypto market.
At the time of writing, Cardano’s ADA was up by 12.61% to lead the way.
Chainlink (+7.64%), Crypto.com Coin (+7.49%), Ethereum (+6.48%), and Ripple’s XRP (+8.59%) also found strong support.
Binance Coin (+4.88%), Bitcoin Cash SV (+5.02%), Litecoin (+3.73%), and Polkadot (+1.94%) trailed the front runners, however.
Through the early hours, the crypto total market fell to an early morning low $1,803bn before rising to a high $1,932bn. At the time of writing, the total market cap stood at $1,930bn.
Bitcoin’s dominance rose to a mid-morning high 45.52% before falling to a low 45.28%. At the time of writing, Bitcoin’s dominance stood at 45.24%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through first major resistance level at $45,811 to support another run at the second major resistance level $47,199.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $46,585.0.
Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside
In the event of an extended rally, however, Bitcoin could target the 23.6% FIB of $50,473 before any pullback. The third major resistance level sits at $49,599.
A fall back through the first major resistance level and the $44,799 pivot would bring the first major support level at $43,411 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$43,000 levels. The second major support level sits at $42,399.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs through the morning. We also saw the 100 EMA pull away from the 200 EMA. The bullish signals delivered strong support through the mid-morning in particular.
A continued widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring $48,000 levels into play.
Avoiding a fall back through the first major resistance level at $45,811 will be key in the early afternoon.
This article was originally posted on FX Empire
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