A Crypto Bull Run in the Making or another False Start?

Strong gains for all the top 10, with the exception of Binance Coin. Ethereum is setting the new standard that could leave the bears out in the cold…
Cryptomania

Bitcoin slipped by 0.22% on Monday. Following on from a 0.93% fall from Sunday, Bitcoin ended the day at $6,027.9.

A bearish morning saw Bitcoin fall to a late morning intraday low $5,901 before finding support.

The reversal saw Bitcoin fall through the first major support level at $5,960.83.

Finding support from the broader market, Bitcoin recovered to a late afternoon intraday high $6,102 before easing back.

In spite of the return to $6,100 levels, Bitcoin fell short of the first major resistance level at $6,117.13.

For the Bitcoin bulls, a 4th consecutive hold onto $6,000 levels by the day’s end was key. Failing to hold onto $6,100 levels for a 4th consecutive day could be a test down the road, however.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag for the majors. On the positive front, Ethereum logged the largest gain of the day. Having avoided a material sell-off in the early hours of Monday, Ethereum broke through to $170 levels to post a 6.1% gain on the day.

Other notables included Cardano’s ADA, which rose by 1.61% and Ripple’s XRP that ended the day up 0.99%.

On the other end of the table, Binance Coin saw the heaviest losses of the day, sliding by 3.12%. Binance Coin and Ethereum continue to trade blows, with upside for one weighing on the other. Bitcoin Cash ABC and Litecoin also saw red, falling by 2.3% and by 0.96% respectively.

For Ethereum, the gains came off the back of news hitting the crypto wires of regulators planning to approve Ethereum futures. Having previous approved Bitcoin Futures, the CFTC was reported to be willing to approve should all the requirements be met.

As was the case with Bitcoin, which rallied to its 2017 all-time high following the launch of Bitcoin futures, Ethereum could find significant interest in the coming weeks. Much will depend on updates from the CFTC, however.

This Morning,

At the time of writing, Bitcoin was up by 3.49% to $6,238.2. A particularly bullish start to the day saw Bitcoin rally from a morning low $6,028.9 to a high $6,325.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,119.6 and second major resistance level at $6,211.3. It was Bitcoin’s first visit to $6,300 levels since the November sell-off.

Elsewhere, Ethereum was amongst the front runners, up by 3.69% to $177 levels. An early rally had seen Ethereum strike $180 levels before easing back. Bucking the trend across the top 10 was Binance Coin, which was down by 0.23% in the early hours.

For the day ahead

A hold onto $6,200 levels through the morning would bring $6,300 levels back into play later in the day. Support from the broader market would be needed, however, for Bitcoin to breakout from $6,250 levels.

The market will likely be eyeing Ethereum through the day. Further gains could deliver another boost for the broader market later in the day.

We can expect the bulls to be targeting $6,500 levels, though the third major resistance level at $6,412.3 will likely cap the upside on the day.

Failure to hold onto $6,200 levels could see Bitcoin ease back to $6,000 levels before any recovery. Barring a broad-based crypto sell-off, we would expect Bitcoin to steer well clear of the first major support level at $5,918.6.

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