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

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.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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