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Bitcoin – $7,000 Remains Elusive as the Bears Hold On

Bob Mason

Bitcoin gained 1.64% on Saturday, partially reversing Friday’s 3.85% fall, to end the day at $6,491, leaving Bitcoin down just 3.95% for the week.

Attempts at a recovery through the early part of the day saw Bitcoin pullback to an intraday low $6,330 in the early afternoon before recovering, the day’s low holding well above the first major support level at $6,232.87.

An afternoon bounce back saw Bitcoin strike an intraday high $6,559.7 late in the day before easing back to $6,400 levels, the day’s high falling just shy of the first major resistance level at $6,591.67, while continuing to fall well short of the 23.6% FIB Retracement Level of $7,026 to continue supporting the extended bearish trend formed at early May’s swing hi $9,999.

There was no materially negative news hitting the wires through the day to influence the market, with investors needing to move on from the negative news that hit the wires a week ago, which led to the bearish moves through the week.

For the Bitcoin Bulls it’s an uphill battle ahead, a move back through to $7,000 and a breakout from the 23.6% FIB Retracement Level of $7,026 needed to begin reversing the bearish trend and bring the 38.2% FIB Retracement Level of $7,594 into play, though for a bearish trend reversal to take shape, Bitcoin’s going to need to do more than just break out from $7,026.

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At the time of writing, Bitcoin was up 0.64% to $6,527.7, with Bitcoin having had a relatively range bound start to the day.

The morning’s $6,485.9, struck at the start of the day, held well above the first major support level at $6,360.77, with the morning’s $6,552.9 high coming up short of the first major resistance level at $6,590.47 before easing back to $6,400 levels.

For the day ahead, holding above $6,460 will be key to supporting a run at the day’s first major resistance level at $6,590.47, with the early $6,552.9 high suggesting an upward move through the middle part of the day is on the cards should the news wires remain friendly in the latter part of the weekend.

Failure to hold above $6,460 through the early afternoon could Bitcoin take heavier losses late into the weekend, with the day’s first major support level at $6,360.77 in play should the cryptomarket experience another Sunday reversal, though the news will have to be quite dire for Bitcoin to take another major tumble at current levels.

For the bulls, avoiding the day’s first major support level would be key, with the recent intraday low trend suggesting that Bitcoin may have bottomed out at the 13th June swing lo $6,107.9.

Elsewhere in the cryptomarket, Monero bucked the trend, down 1.01% at the time of writing, with DASH and Cardano’s ADA also seeing red through the morning, while the rest of the majors looked to recoup Saturday’s losses, the crypto bulls in search of a late weekend rally to recover the week’s losses.

BTC/USD 17/06/18 4-Hourly Chart

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This article was originally posted on FX Empire

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