Bitcoin’s (BTC) Key Technicals: Support and Resistance

$BTCUSD

Currently, Bitcoin is trading at 11,010.7998, +241.61 (+2.2435%), as of 7:07a BST, the market open.

Bitcoin fell by 3.38% Saturday. Partially reversing a 10.18% rally from Friday, Bitcoin ended the day at $11,920.

A particularly Bearish start to the day Saturday saw Bitcoin slide from an intra-day high $12,338 to an early morning intra-day low $11,354.

In spite of the early sell-off, Bitcoin stood clear of the 1st major support level at $11,285.67 and the 23.6% Fib retrace of $11,275.

Finding support from the broader market, Bitcoin managed to recover to $12,200 before sliding back to sub-$12,000 levels.

For the past week, Bitcoin was up by 9.3%, which came off the back of 4 days in the Green out of the last 6.

In what was a choppy week for the broader crypto market, Bitcoin was 1 of just 3 of the Top 10 cryptos to be in positive territory for the current week. As a result of last week gains, Bitcoin’s dominance continued to hold at 62%.

Bitcoin’s Bullish week saw the Bitcoin’s market cap rise from $190-B to a Thursday high $245.13-B before easing. At the time of writing, the market cap stood at $210.82-B.

Trading dollars: the 24-hr trading volumes were also on the up, rising from $20-B levels to hit $46-B levels last Thursday. At the time of this writing, 24-hour trading volumes stood at $39.4-B.

For Bitcoin Bulls: The near-term Bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin continued to hold above the 23.6% Fibo retrace of $11,275, with a 39.7% rally for the current month leading to a 211% gainer YTD.

This Morning: At the time of writing, Bitcoin was down by 0.59% to $11,850.

A choppy morning saw Bitcoin rise to an early morning high $12,234 before reversing.

Falling short of the 1st major resistance mark at $12,390.33, Bitcoin fell to a mid-morning intra-day low $11,681. In spite of the pullback, Bitcoin stood clear of the 1st major support level at $11,397.33 and the 23.6% Fibo retrace of $11,275.

The Day Ahead: A move back through to $12,000 levels would support another run at the 1st major resistance level at $12,390.33.

Support from the broader market would be needed for Bitcoin to break out from this morning’s high $12,234.0.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of $12,300 levels on the day.

In the event of a 2-H of a day bounce, a breakthrough the 1st major resistance level would bring $12,500 levels into play before any pullback.

Failure to move back through to $12,000 levels could see Bitcoin fall deeper into the red. A fall through the morning low $11,681 would bring the 1st major support level at $11,397.33 into play.

Barring an extended broad-based crypto sell-off, Bitcoin should stand clear of the 23.6% Fibo retrace of $11,275 on the day.

Pay attention, it is your money and so your responsibility

Have a terrific Holiday week.