Bitcoin Continues to Find Support as Some of the Majors Struggle

Bitcoin continues to find support but will need to make a move through to $11,500 levels to avoid a pullback…
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rose by 1.47% on Monday. Following on from a 1.57% gain from Sunday, Bitcoin ended the day at $11,069. It was Bitcoin’s first hold onto $11,000 levels at the day end since 5th March 2018.

A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low $10,560.00.

Bitcoin came within range of the first major support level at $10,533.67 before rallying to a late afternoon intraday high $11,136.00.

Bitcoin fell short of the first major resistance level at $11,330.67 before a pullback to sub-$11,000 levels.

Support from the broader market kicked in late in the day, with Bitcoin moving back through to $11,000 levels.

Elsewhere

Across the top 10 cryptos, it was a mixed bag for the majors.

Leading the way on the day was Bitcoin Cash ABC, which rose by 1.52%. Ethereum (1.35%), Ripple’s XRP (0.76%) and Binance Coin (0.59%) saw more modest gains on the day.

Bucking the trend was Litecoin, which fell by 1.02%. EOS and Bitcoin Cash SV also saw red, falling by 0.26% and by 0.22% respectively.

Bitcoin’s gain on the day led to a further rise in dominance to 59.4%. Bitcoin’s dominance last touched 60% levels back in 2017.

The upward bias across the majors saw the total crypto market cap move through to $330bn levels, while trading volumes eased back.

Across the news wires, there’s been plenty of bullish talk to support Bitcoin and the broader market, though the jury is still out on how the G20 rules and regs and the SEC’s pending reviews of the Bitcoin ETFs will impact on Bitcoin and the broader market.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remains firmly intact. Bitcoin continues to hold well above the 23.6% FIB of $9,445.00.

This Morning

At the time of writing, Bitcoin was up by 0.32% to $11,104.00. A bullish start to the day saw Bitcoin hit a morning high $11,168.00 before falling back to an early morning low $11,028.00.

Bitcoin left the major support and resistance levels untested early on and, more importantly, held onto $11,000 levels.

Elsewhere, it was a mixed start to the day. While Litecoin found early support, rising by 1.06% at the time of writing, Bitcoin Cash ABC and Bitcoin Cash SV struggled. The pair were down by 0.77% and 0.71% respectively.

Leading the way in the early part of the day was Stellar’s Lumen, however, which was up by 1.14%.

For the day ahead

Bitcoin will need to hold onto $11,100 levels through the morning would support a run at $11,200 levels later in the day.

Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $11,283.33.

Barring a broad-based crypto rally, Bitcoin will likely struggle to break out from $11,100 levels on the day.

Failure to hold onto $11,000 levels could see Bitcoin slide back to test the first major support level at $10,707.33.

Barring a crypto meltdown, Bitcoin should steer clear of Monday’s low $10,560.00.

Most Recent

Top Articles

Popular

10360.3
+366.49
+3.66714%
180.05
+3.9600
+2.24885%
0.2551
+0.0025
+0.98971%
300.11
+5.4000
+1.83231%
EOSEOS
3.7690
+0.0930
+2.52992%
69.620
+0.6400
+0.92781%