After a bullish weekend for bitcoin and the market in general on Sunday, this morning was a particularly bullish morning for the crypto majors.
at the time of writing, bitcoin, btc to usd, is up 8.97% to $38,591.0.
Reading: Bitcoin price prediction bulls target $40000 and beyond
A mixed start to the day saw bitcoin drop to an early morning low of $35,233.0 before taking a step.
Away from the first major support level at $34,386, bitcoin hit an early morning high of $39,777.0.
bitcoin broke through major resistance levels on the day to test resistance at $40,000 before briefly pulling back to levels below $38,500.
However, despite the pullback, bitcoin avoided falling back to the third major resistance level at $38,031.
the rest of the package
The morning was also mixed for the broader crypto market.
As of this morning, chainlink is up 14.76% to lead the way.
cardans ada (+9.92%), ethereum (+7.24%), litecoin (+8.06%) and ripples xrp (+9.06%) also found strong support.
binance coin (+5.52%), bitcoin cash sv (+4.58%) and crypto.com coin (+6.87%), however, lagged behind.
throughout the morning, polkadot reversed the trend, falling 1.12%.
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In the early morning hours, the total crypto market fell to a low of $1.407 billion before reaching a high of $1.546 billion. at the time of writing, the total market capitalization was $1,519 million.
bitcoin dominance fell to a low of 46.93% before reaching a high of 48.66%. At the time of writing this article, bitcoin’s dominance is 47.63%.
for the evening to come
bitcoin should avoid a drop from the third major resistance level at $38,031 to support another 38.2% fibonacci of $41,592.
However, it would take broad market support for bitcoin to break above the morning high of $39,777.0.
Barring a prolonged crypto rally, the $40,000 resistance would likely continue to cap the upside.
In the event of another prolonged crypto rally, bitcoin could test resistance at the 38.2% fib of $41,592. bitcoin last hit $42,000 levels on May 22.
the story continues
A drop from the third major resistance level at $38,031 to levels below $37,000 would bring into play the second major resistance level at $36,473.
However, barring an afternoon sell-off, bitcoin should avoid levels below $35,000.
The first major resistance level at $35,944 should cap the downside.
Beyond support and resistance levels, we saw the 50 ema move further away from the 100 and 200 ema this morning.
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We have also seen the 100 ema move away from the 200 ema and add additional support to bitcoin and crypto bulls.
A further extension of the 50 and 100 emas from this afternoon’s 200 emas would put the 38.2% lie into play.
however, the key of the afternoon will be for bitcoin to return to $39,000.
after last week’s gains, bitcoin is expected to avoid the $34,915 pivot days, if not a sharp pullback.
this article originally appeared on fx empire
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sources
1/ https://google.com/
2/ https://finance.yahoo.com/news/bitcoin-price-prediction-bulls-target-111317675.html
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