June 18, 2021, 5:44 am
It’s been a relatively bearish start to the day for Bitcoin and the broader crypto market. Following a relatively bullish day on Thursday, Bitcoin and broader market struggled through this morning.
At the time of writing, Bitcoin, BTC to USD, was down by 0.29% to $37,961.0. A mixed start to the day saw Bitcoin rise to an early morning high $38,184.1 before hitting reverse.
Falling well short of the first major resistance level at $39,266, Bitcoin fell to a late morning intraday low $37,074.0.
Bitcoin fell through the first major support level at $37,134 before a return to $37,900 levels.
It’s been another mixed morning for the broader crypto market.
It’s been a bearish morning for the rest of the pack, however.
Through the early hours, the crypto total market rose to an early morning high $1,569bn before falling to a low $1,521bn. At the time of writing, the total market cap stood at $1,553bn.
Bitcoin’s dominance fell to an early low 45.50% before rising to a high 45.80%. At the time of writing, Bitcoin’s dominance stood at 45.77%.
Bitcoin would need to move through the $38,326 pivot to support a run at the run at the first major resistance level at $39,266.
Support from the broader market would be needed, however, for Bitcoin to break back through to $39,000 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $39,519 likely cap any upside.
In the event of a broad-based crypto rally. Bitcoin could test resistance at the 38.2% FIB of $41,592. The second major resistance level sits at $40,458.
Failure to move through $38,326 pivot would bring the first major support level at $37,134 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$37,000 levels.
The second major support level sits at $36,194.
Looking beyond the support and resistance levels, the 50 EMA pulled away from the 100 and the 200 in the late morning, supporting a partial recovery from early lows.
We have also seen the 100 EMA continue to hold its ground on the 200 EMA supporting the late morning move northwards.
A further widening of the 50 EMA on the 100 EMA would bring $40,000 levels and the 38.2% FIB of $41,592 into play. Bitcoin would need plenty of support, however, to break out from Wednesday’s high $40,460.0