Bitcoin struggles at $ 50,500. A move to $ 51,500, however, would support a breakout

0

This is the technical analysis for Bitcoin. We’ll look at yesterday’s moves and today’s support, resistance, pivot levels and Fibonacci levels. Additionally, we’ll take a look at the broader market movements the day before and all of the major market drivers.

Previous Bitcoin Movements

Bitcoin, from BTC to USD, rose 0.26% on Tuesday. After gaining 2.10% on Monday, Bitcoin ended the day at $ 50,634.

After a relatively bullish morning, Bitcoin hit an intraday high of $ 51,970 by mid-afternoon before reversing. Hitting the first major resistance level at $ 51,945, Bitcoin slipped to an intraday low of $ 50,095.

Well away from the first major support level at $ 48,124, however, Bitcoin found late support to end the day at $ 50,600.

The short-term uptrend remained intact, despite the latest pullback to $ 41,000. For bears, Bitcoin would need a sustained decline through the 62% FIB of $ 28,814 to form a near-term bearish trend.

The rest of the pack

In the rest of the majors, the day was mixed on Tuesday.

Crypto.com Coin jumped 19.90% to lead the way, with Bitcoin Cash SV (5.95%), Chainlink (+ 6.18%) and Polkadot (+ 8.12%) finding strong support.

Litecoin (+ 0.24%) also joined Bitcoin in positive territory.

It was, however, a bearish day for the rest of the majors.

Cardano’s ADA fell 3.02% to lead the way on the downside.

Binance Coin (-1.61%), Ethereum (-1.01%) and Ripple’s XRP (-1.26%) also struggled.

At the start of the week, the total crypto market fell to a low of $ 2.124 billion on Monday before hitting a high of $ 2.416 billion on Tuesday night. At the time of writing, the total market cap was $ 2.30 billion.

Bitcoin’s dominance peaked at 41.96% on Monday before falling to a low of 40.65% on Tuesday. At the time of writing this article, Bitcoin’s dominance stands at 41.22%.

This morning

At the time of writing, Bitcoin was down 0.49% at $ 50,386. A mixed start to the day saw Bitcoin peaking at $ 50,700 early in the morning before dropping to $ 50,386.

Bitcoin left major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down 6.63% to lead the way.

For Bitcoin Day Ahead

Bitcoin is expected to break through the $ 50,900 pivot to bring into play the first major resistance level at $ 51,704. However, broad market support would be needed for Bitcoin to break out of the $ 51,500 levels.

Barring a prolonged crypto rally, the first major resistance level and Tuesday’s high of $ 51,970 would likely cap the upside.

In the event of a prolonged rally, Bitcoin could test 23.6% FIB of $ 53,628 before slowing down. The second major resistance level is located at $ 52,775.

Failure to break through the $ 50,900 pivot would bring into play the first major support level at $ 49,829. Unless another extended sell off that day, Bitcoin is expected to avoid levels below $ 49,000. The second major support level at $ 49,025.

Daily technical analysis of Bitcoin, Ethereum, Litecoin and Ripple’s XRP


Source link

Share.

About Author

Comments are closed.