Yahoo Finance Bitcoin Holding On, the Bulls in Search of an Afternoon Rebound
Bitcoin gained 0.36% on Thursday, following Wednesday’s 0.42% rise, to end the day at $7,681.2.
An early rally through to an intraday high $7,756.3 saw Bitcoin break through the day’s first major resistance level at $7,738.7 to come within reach of the day’s second major resistance level at $7,823.5 before easing back through the middle part of the day.
Bitcoin pulled back through to an intraday low $7,624.7 late in the day, avoiding the day’s first major support level at $7,530.4, while calling on support at around the 23.6% FIB Retracement Level of $7,605 before recovering to the day’s ending $7,681.2.
For the Bitcoin bulls, testing the first major resistance level early on, while steering clear of the first major support level and avoiding a pullback through the 23.6% FIB Retracement Level, continued to support the near-term bullish trend formed at 29th May’s swing lo $7,040.
While the bullish trend remains intact, Bitcoin’s failure to move back through to $7,800 levels to take a run at $8,000 leaves Bitcoin in a possible reversal position, with the ever present threat of regulators clamping down on the cryptomarket pinning the majors back from more sustained rallies.
The news wires continue to be the source of direction for the cryptomarkets and, while silence is generally well received, the chances of an announcement from the regulators from any of the key jurisdictions gives the market an unpredictability that requires appropriate management of positions, particularly for those who are not in it for the long haul.
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At the time of writing, Bitcoin was down 0.96% to $7,615, with an early move through to a morning high $7,697 falling well short of the day’s first major resistance level at $7,750.1 before the broader market’s morning sell-off kicked in.
Bitcoin pullback through the day’s first major support level at $7,618.5 and the 23.6% FIB Retracement Level of $7,605 to a morning low $7,597.1 before recovering to $7,600 levels, a move back through the 23.6% FIB Retracement Level key to supporting the near-term bullish trend.
For the day ahead, Bitcoin will need to move through $7,687 to support a run at the day’s first major resistance level at $7,750.1 to bring $8,000 levels back into play, though with resistance likely to be on the higher side through the day, breaking through to $7,800 levels may prove to be out play in any cryptomarket rebound.
Failure to move through $7,687 to $7,700 levels would support a further pullback through the day, with the day’s first major support level at $7,618.5 unlikely to provide too much support, with Bitcoin also likely to find little comfort at the 23.6% FIB Retracement Level of $7,605 should sentiment not shift.
While it’s been bearish start to the day, we would expect Bitcoin to avoid testing the day’s second major support level at $7,555.8, with a recovery through the later part of the day likely should Bitcoin avoid $7,550 levels.
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This article was originally posted on FX Empire
