Bulls Target a Bitcoin Breakthrough to $9,000

While it’s a mixed start to the day for the majors, the bulls remain in control. Bitcoin will likely set the tone for the day ahead.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rose by 0.87% on Monday. Following on from an 8.38% rally on Sunday, Bitcoin ended the day at $8,729.8.

A particularly bullish start to the day saw Bitcoin rally to an early morning intraday high and new swing hi $8,958.3 before easing back.

In spite of the early rally, Bitcoin fell short of the first major resistance level at $9,079.3.

Recovering from $8,600 levels, Bitcoin struck an afternoon high $8,930 before sliding to an intraday low $8,650. The afternoon reversal saw Bitcoin steer well clear of the first major support level at $8,129.2.

Support from the broader market led Bitcoin to end the day at its highest level since early November.

Last week’s gains and the latest new swing hi reaffirmed the near-term bullish trend formed at mid-December’s swing lo $3,215.2.

Elsewhere,

Across the top 10 cryptos, it was a sea of green on Monday.

Leading the way up on the day was EOS, which surged by 15.65% on the day. Ripple’s XRP was a distant second on the day, rising by 6.46%, with Cardano’s ADA up by 5.47%.

Struggling to hold onto gains on the day were Binance Coin, which gained just 0.51% and Ethereum, which rose by 1.12%.

While the global equity markets have struggled through the month of May, the crypto majors have certainly impressed.

Ethereum was up by 69.11% to the end of Monday, with EOS and Litecoin up by 58.77% and 58.46% respectively. Perhaps even more impressive has been Bitcoin, which was up by 57.27%.

Trailing the pack in the month were Cardano’s ADA and Stellar’s Lumen, with more modest gains of 23.23% and 30.47% respectively.

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This Morning,

At the time of writing, Bitcoin was down by 0.21% to $8,787.7. Moves within the first hour saw Bitcoin fall from a morning high $8,839.6 to a low $8,768.

In spite of the early pullback, Bitcoin left the day’s major support and resistance levels untested.

Elsewhere, Binance Coin and Stellar’s Lumen bucked the trend early, with gains of 2.09% and 0.02% respectively.

The rest of the pack were in the red, with Bitcoin Cash leading the way down. At the time of writing, Bitcoin Cash was down by 1.1%, with Ripple’s XRP down by 0.96%.

[fx-image src=https://www.tradingview.com/x/TYSrOlPB/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/TYSrOlPB/]

For the day ahead

Bitcoin would need to move back through to $8,800 levels to support a rally later in the day. A move through $8,860 would bring the first major resistance level at $8,959.6 into play.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,900 levels.

In the event of another broad-based crypto rally, a visit to $9,000 levels could be on the cards later in the day.

Failure to move back through to $8,800 levels could see Bitcoin fall deeper into the red. A pullback through the morning low $8,768.0 would bring the first major support level at $8,651.3 into play.

Barring a broad-based crypto sell-off, Bitcoin will likely steer well clear of sub-$8,600 support levels on the day.

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