After a bearish start to the week, the crypto majors found much-needed support this morning.
At the time of writing, Bitcoin, BTC to USD, was up by 0.67% to $33,897.0. A mixed start to the day saw Bitcoin fall to an early morning low $33,625.0 before rising to a mid-morning high $35,196.0.
Bitcoin broke through the first major resistance level at $34,926 to revisit $35,000 levels before sliding back to sub-$34,000 levels.
Key through the early hours was a failure to avoid a return to sub-$34,500 levels.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
At the time of writing, Bitcoin Cash SV was down by 3.72%, with Litecoin (-0.89%) also bucking the morning trend.
It’s been a bullish morning for the rest of the majors, however.
Chainlink (+4.55%) and Crypto.com Coin (+3.93%) led the way, with Binance Coin (+2.50%) and Ethereum (+3.56%) also finding strong support.
Cardano’s ADA (+0.87%), Polkadot (+0.58%), and Ripple’s XRP (+1.40%) trailed the front runners, however.
Through the early hours, the crypto total market fell to an early morning low $1,388bn before rising to a high $1,454bn. At the time of writing, the total market cap stood at $1,410bn.
Bitcoin’s dominance rose to an early high 45.34% before falling to a low 45.09%. At the time of writing, Bitcoin’s dominance stood at 45.10%.
For the Afternoon Ahead
Bitcoin would need to move back through the $34,026 pivot to bring the first major resistance level at $34,926 back into play.
Support from the broader market would be needed, however, for Bitcoin to break out from $34,500 levels.
Barring a broad-based crypto rally, resistance at this morning’s high $35,196 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 levels. The second major resistance level sits at $36,180.
Failure to move back through the $34,026 pivot would bring the first major support level at $32,772 back into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer well clear of sub-$31,000 support levels. The second major support level at $31,872 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 and 100 EMA narrow on the 200 EMA this morning. We also saw a bearish cross, with the 50 falling through the 100 EMA in the late morning.
A further narrowing of the 50 and100 EMAs on the 200 EMA would trigger a further sell-off for the Bitcoin bulls.
Key going into the afternoon will be to break back through to $34,500 levels to bring resistance levels back into play.
This article was originally posted on FX Empire
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