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Bitcoin Looking Ready to Make a Move

Bob Mason

Bitcoin slipped by just 0.14% on Sunday, following Saturday’s 2.03% gain, to end the week down 4.65% to $6,143.1.

In a particularly volatile session, Bitcoin slid through the day’s first major support level at $6,032.33 and second major support level at $,5899.67 to a morning low $5,800 before temporarily recovering to $5,900 levels.

An early afternoon sell-off saw Bitcoin pullback through the second major support level, with Bitcoin falling to an intraday low and new swing lo $5,908.1, Bitcoin managing to avoid testing the day’s third major support level at $5,653.67, with losses through the week minor relative to its peers.

While Bitcoin managed to break back through the day’s major support levels to end the day above the first major support level at $6,032.33, failing to test the day’s first major resistance level at $6,278.33 and the 23.6% FIB Retracement Level of $6,874 left the extended bearish trend intact as June comes rapidly to an end.

There was materially negative news to hit the wires through the weekend, with investors having to remain wary of what lies ahead for the crypto exchanges, as regulators look to bring some oversight into the asset class that has run wild for a number of years now.

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At the time of writing, Bitcoin was up just 0.05% to $6,151.1 in what’s been a particularly range bound start to the day, following Sunday’s wild swings.

An early morning $6,107.4 low held well above the day’s first major support level at $5,848.83, with a late morning $6,199.7 falling well short of the first major resistance level at $6,343.53 and more importantly, the 23.6% FIB Retracement Level of $6,874, supporting the extended bearish trend formed at 5th May’s swing hi $9,999.

For the day ahead, a move through the morning’s $6,199.7 high to $6,200 levels would support a run at the first major resistance level at $6,343.53, while the day’s second major resistance level at $6,543.97 and the 23.6% FIB Retracement Level of $6,874 will likely continue to remain out of reach, as the bears maintain control of the broader market.

Failure to move back through the morning’s high could see Bitcoin take a hit later in the day, with the day’s first major support level at $5,848.83 likely to be tested before any recovery later in the day.

Much will depend upon the news wires, which if silent, would support some upside through the middle part of the day, though investors may well look to lock in profits sooner rather than later in the event of a move through to $6,200 levels.

Elsewhere in the cryptomarket, it was a mixed bag, with Monero’s XMR leading the way, up 3.83% at the time of writing, while EOS and Ethereum saw the heaviest losses through the morning, the pair down 1.33% and 1.15% respectively.

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This article was originally posted on FX Empire

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