Bitcoin rallied by 13.97% on Thursday to market a 3rd consecutive day in the green. Following on from a 1.44% gain on Wednesday, Bitcoin ended the day at $6,173.6.
A bearish start to the day saw Bitcoin fall to an early morning intraday low $5,264.6 before finding support.
Steering clear of the first major support level at $5,136.8, Bitcoin rallied to a late intraday high $6,416.7.
Bitcoin broke through the major resistance levels and the 23.6% FIB of $6,300 before easing back.
The pullback saw Bitcoin fall back through the 23.6% FIB and third major resistance level at $6,222.4.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by 13th March’s swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was also a bullish day for the majors on Thursday.
Bitcoin Cash SV and Bitcoin Cash ABC led the way, rallying by 25.63% and by 20.11% respectively.
Binance Coin (+17.85%), Cardano’s ADA (+16.32%), Ethereum (+15.25%), and Tezos (+16.48%) were also amongst the front runners.
EOS (+13.71%), Litecoin (+12.11%), Monero’s XMR (+10.07%), Ripple’s XRP (+11.40%), Stellar’s Lumen (+10.61%), and Tron’s TRX (+13.04%) trailed the front runners.
Through the current week, the crypto total market cap hit a Monday high $164.76bn before sliding to a current week low $131.81bn. Upward momentum mid-week saw the market cap strike a Thursday current week high $178.76bn. At the time of writing, the total market cap stood at $169.03bn.
Bitcoin’s dominance returned to 64% levels in Monday’s market sell-off before easing back as the broader market found support. At the time of writing, Bitcoin’s dominance stood at 64.6%, as Bitcoin’s returned to $6,000 levels.
Trading volumes jumped from sub-$110bn levels early in the week to $170bn levels in the early hours of this morning. At the time of writing, 24-hr volumes stood at $163.78bn.
At the time of writing, Bitcoin was down by 0.19% to $6,161.7. A mixed start to the day saw Bitcoin rise to an early morning high $6,276.3 before falling to a low $6,053.8,
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Monero’s XMR and Ripple’s XRP bucked the trend, with minor gains of 0.05% and 0.01% respectively.
It was bearish for the rest of the pack, however. Binance Coin (-1.08%), Bitcoin Cash ABC (-1.19%), Ripple’s XRP (-2.00%), and Stellar’s Lumen (-1.21%) led the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $6,276.3 to bring the first major resistance level at $6,638.67 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the 23.6% FIB of $6,300.
Barring a broad-based crypto rebound, the 23.6% FIB would likely leave Bitcoin short of the major resistance levels.
Failure to move back through the morning high could see Bitcoin struggle throughout the day.
A fall back through to sub-$5,950 levels would bring the first major support level at $5,486.57 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$5,000 support levels.
This article was originally posted on FX Empire
More From FXEMPIRE:
- The Benefits of Using Contracts for Differences
- Gold Price Futures (GC) Technical Analysis – Testing Long-Term Retracement Zone at $1468.30 – $1412.50
- USD/CHF Daily Forecast – U.S. Dollar Pullbacks After A Major Upside Move
- Silver Price Forecast – Silver Markets Stabilize
- USD/CAD Daily Forecast – Canadian Dollar Rebounds Together With Oil
- E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Looking for Acceleration to Upside Through 7470.75