Daily Video Tech Analysis of Bitcoin, Ethereum, Litecoin, and Ripple’s XRP
Bitcoin, BTC to USD, slid by 5.01% on Friday. Following a 1.26% loss on Thursday, Bitcoin ended the day at $53,687.
After mixed morning, Bitcoin rose to an early afternoon intraday high $57,599 before hitting reverse. Coming up against the first major resistance level at $57,324, Bitcoin slid to a late intraday low $51,333.
The extended sell-off saw Bitcoin fall through the day’s major support levels and the 23.6% FIB of $53,628.
Finding late support, however, Bitcoin broke back through the third major support level at $53,487 and the 23.6% FIB to end the day at $53,600 levels.
The near-term bullish trend remained intact, in spite of the latest pullback to $51,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day on Friday.
In the current week, the crypto total market rose to a Wednesday high $2,712bn before sliding to a Friday low $2,329bn. At the time of writing, the total market cap stood at $2,438bn.
Bitcoin’s dominance rose to a Monday high 43.01% before falling to a Friday low 41.07%. At the time of writing, Bitcoin’s dominance stood at 41.69%.
At the time of writing, Bitcoin was up by 0.22% to $53,805. A bullish start to the day saw Bitcoin rise from an early morning low $53,567 to a high $53,823.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV (+0.11%) and Litecoin (+0.20%) joined Bitcoin in positive territory early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Crypto.com Coin was down by 4.17% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the $54,206 pivot to bring the first major resistance level at $57,080 into play. Support from the broader market would be needed, however, for Bitcoin to break back through to $57,000 levels.
Barring an extended crypto rally, the first major resistance level and Friday’s high $57,599 would likely cap the upside.
In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $60,472. Bitcoin would need plenty of support, however, to breakout from $58,500 levels.
Failure to move through the $54,206 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $50,814 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$49,000 levels. The second major support level sits at $47,940.