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The U.S Crypto Morning Session – June 22nd, 2021

·3 min read

It’s been another particularly bearish start to the day for Bitcoin and the broader crypto market.

Following an 11.01% slide on Monday, Bitcoin was back in the red this morning, giving up early gains.

At the time of writing, Bitcoin, BTC to USD, was down by 0.66% to $31,517.9. A mixed start to the day saw Bitcoin fall to an early morning current day low $31,300.0 before finding support.

Steering clear of the first major support level at $30,119, Bitcoin rose to an early morning high $33,368.0 before sliding back into the red.

Falling well short of the first major resistance level at $34,583, Bitcoin revisited $31,300 levels before steadying.

The Rest of the Pack

It’s been a bearish morning for the broader crypto market.

Bitcoin Cash SV was down by 9.24% to lead the way down after Monday’s 16.57% tumble.

Cardano’s ADA (-6.07%), Chainlink (-6.01%), Coin (-5.97%), Litecoin (-5.12%), and Ripple’s XRP (-5.29%) also struggled.

Binance Coin (-4.12%), and Polkadot (-4.76%) weren’t far behind, while Ethereum was down by just 1.11%.

Through the early hours, the crypto total market fell to an early morning low $1,236bn before rising to a high $1,334bn. At the time of writing, the total market cap stood at $1,242bn.

Bitcoin’s dominance fell to an early low 46.67% before rising to a high 47.47%. At the time of writing, Bitcoin’s dominance stood at 47.35%.

For the Day Ahead

Bitcoin would need to move back through the $32,976 pivot to support a run at the run at the first major resistance level at $34,583.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $33,368.0.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a broad-based crypto rebound, Bitcoin could test resistance at $38,000 levels. The second major resistance level sits at $37,440.

Failure to move back through the $32,976 pivot would bring the first major support level at $30,119 back into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of the second major support level at $28,512.

Looking beyond the support and resistance levels, the 50 EMA pulled further back from the 100 and the 200 through the morning, supporting the mid-morning pullback.

We have also seen the 100 EMA pull back from the 200 EMA adding further downward pressure.

A further pullback of the 50 EMA from the 100 EMA would bring sub-$30,000 levels into play.

Key going into the afternoon will be a move back through the pivot and early morning high $33,368 to $33,500 levels.

This article was originally posted on FX Empire


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