Bitcoin Finds Early Support as the Bulls Target $10,600

It’s a mixed start to the day for the majors. A Bitcoin breakthrough to $10,600 would change the mood…
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin slipped by 0.91% on Monday. Following on from a 0.71% loss on Sunday, Bitcoin ended the day at $10,317.

A bearish start to the day saw Bitcoin slide to a late morning intraday low $10,118. Bitcoin fell through the first major support level at $10,238.27 to sub-$10,200 levels for the first time since 2nd September.

Finding support in the late morning, Bitcoin bounced back to a late morning intraday high $10,557.

In spite of the rebound, Bitcoin came up short of the first major resistance level at $10,595.37.

A pullback through the afternoon saw Bitcoin slide to an afternoon low $10,171. Despite a bearish afternoon, Bitcoin found late support to limit the loss on the day.

For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin had also continued to hold well above the 62% FIB of $7,245.

The Rest of the Pack

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

EOS bucked the trend on the day with a gain of 2.39%.

It was red for the rest of the pack, however.

Bitcoin Cash SV and Monero’s XMR led the way down, with losses of 2.63% and 2.59% respectively.

Stellar’s Lumen (-1.49%), Ripple’s XRP (-1.43%), and Binance Coin (-1.25%) also struggled on the day.

Bitcoin Cash ABC (-0.08%), Ethereum (-0.51%), and Litecoin (-0.74%) saw modest losses on the day.

At the start of the week, the total crypto market cap slid to a day low $260.85bn before rising to a day high $267.95bn on Monday. At the time of writing, the total crypto market cap stood at $266.36bn


This Morning

At the time of writing, Bitcoin was up by 0.5% to $10,368.4. A relatively bullish start to the day saw Bitcoin rise from an early morning low $10,313 to a high $10,385.

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

Elsewhere, Litecoin (+1.33%), Monero’s XMR (+1.28%), Bitcoin Cash ABC (+1.13%), and Ethereum (+1.04%) were on the move.

Bitcoin Cash SV and Stellar’s Lumen bucked the trend early with losses of -1.83% and -1.71% respectively.

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For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $10,385 to $10,400 levels to bring the first major resistance level at $10,543.33 into play.

Support from the broader market would be needed, however, for Bitcoin to break out from $10,400 levels.

Barring a broad-based crypto rally, Bitcoin would likely fall short of $10,600 levels for a 4th consecutive day. The first major resistance level at $10,543.33 and Monday’s high $10,557 would limit any upside.

Failure to move through to $10,400 levels could see Bitcoin see red for a 3rd consecutive day.

A fall through the morning low $10,313.5 to sub-$10,300 levels would bring the first major support level at $10,104.33 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$10,100 levels on the day.

For the bulls, Bitcoin would need to break down resistance at $10,600 to bring $11,000 levels back into play.

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