This is the tech analysis of Bitcoin (BTC). We will examine the movements of Bitcoin (BTC) from the previous day, as well as today’s support and resistance levels, pivot levels, Fibonacci’s, and today’s pivot levels. We will also examine the market’s overall movements and key market drivers. For a complete video tech analysis, including a look at EMAs, please see the end.
Bitcoin’s Day Prior Moves
Bitcoin fell by 0.35% Sunday. Bitcoin ended the week with a 6.81% drop to $46,704. Partially reversed the 1.54% gain on Saturday.
Bitcoin fell to an intraday low of $46,458 due to a bearish start to the morning. Bitcoin rallied to an intraday high of $48,364, after avoiding the $45,770 first major support level. Bitcoin broke through $47,730’s first major resistance level before slipping back to the red at sub-$47,000 levels.
Despite the recent pullback to $41,000, the near-term bullish tendency remained. To form a near term bearish trend, Bitcoin must fall below the 62% FIB at $28,814
The Rest of the Pack
It was a mixed session across the other majors.
Litecoin rose 3.07% to lead, with Cardano’s ADA (+0.08%), and Ripple’s XRP (+10.72%) also bucking this trend.
The week ended in bearish fashion for the majors.
Chainlink fell by 3.52%, leading the way down with Bitcoin Cash SV (2.85%), Blockchain.com Coin (3.75%) and Polkadot (3.244%).
However, Binance Coin (-8.2%) and Ethereum (1.91%) saw modest losses.
The crypto total market plunged to $2,054bn on Monday, before rebounding to $2,303bn on Thursday. The total market cap was $2,179bn at the time of writing.
Bitcoin’s dominance reached a Tuesday high of 42.25%, before plummeting to a Saturday low of 40.21%. Bitcoin’s dominance was at 40.39% as of the writing.
This Morning
Bitcoin was at $46,599, down 0.22% as of the time this article was written. Bitcoin experienced a mixed start to the morning. It rose to an early morning high of $46,791 and then fell to a low of $46,245.
Bitcoin did not test the major resistance and support levels early on.
It was mixed in other places.
Bitcoin Cash SV was up 0.2% to avoid the red in the early stages.
However, it was a bearish start to the rest of the majors.
Crypto.com Coin was 1.99% lower at the time of writing
The Bitcoin Day Ahead
To reach the $47.175 pivot, Bitcoin must move past it. To break free from $47,000.500 levels, Bitcoin would need support from the wider market.
The upside would be limited if there is a prolonged rally in crypto. Resistance at $48,500 and the first major resistance levels will likely stop the advance. Bitcoin could face resistance at $50,000 levels if it experiences an extended rally. The $49,081 level is the second major resistance. To break from Sunday’s high levels of $48,364 or $48,500, Bitcoin will need much support.
If the pivot at $47,175 is not broken, the $45,987 support level would be in play. Bitcoin should avoid sub-$45,000 levels, unless there is an extended selloff. The downside should be limited by the $45,269 second major support level.
