The bulls continued to make ground in the current month, with Bitcoin looking set to add to last week’s gains.
Bitcoin slid by 4.87% on Saturday, however. Following on from a 1.32% fall on Friday, Bitcoin ended the day at $11,311.4.
A bullish start to the day saw Bitcoin strike an early morning intraday high $12,011 before hitting reverse.
Falling short of the first major resistance level at $12,091, Bitcoin slumped to a late morning intraday low $11,208.
Bitcoin fell through the first major support level at $11,697 and second major support level at $11,503. Of greater significance was a fall through the 23.6% FIB of $11,275.
Finding support through the early afternoon, Bitcoin managed to recover to $11,400 levels before easing back.
While struggling late in the day, Bitcoin managed to hold above the 23.6% FIB of $11,275 at the day end.
For the current week, a bearish 2nd half of the week left Bitcoin with just a 3.08% gain, Monday through Saturday.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.
Ethereum and Binance Coin joined Bitcoin in the red on the day, with losses of 2% and 0.61% respectively.
It was green for the rest of the pack, with EOS and Tron’s TRX leading the day. The pair gained 3.86% and 2.01% respectively.
Stellar’s Lumen (+1.95%) also saw solid gains on the day. Bitcoin Cash ABC (+0.83%), Bitcoin Cash SV (+0.72%) and Ripple’s XRP (+0.73%) trailed.
For the current week, it was a bearish week for the crypto majors.
Bucking the trend for the current week was Binance Coin, which was up by 7.54% Monday through Saturday.
It was red for the rest of the pack, however, going into Sunday.
Stellar’s Lumen (-11.27%), Tron’s TRX (-9.38%), Litecoin (-8.4%), and Ethereum (-7.52%) led the way down. It wasn’t much better for the remaining few, however.
Bitcoin Cash ABC (-5.67%), Ripple’s XRP (-6.21%), EOS (-3.99%), Bitcoin Cash SV (-6.82%) all saw heavy losses.
Bitcoin’s dominance stood at 68.8% at the time of writing, supported by the upward momentum from the week. Bitcoin’s dominance had hit 69.92% before Saturday’s late morning sell-off, however.
The total crypto market cap hit reverse in the week, falling back from a Tuesday high $318.97bn to $295.31bn at the time of writing.
At the time of writing, Bitcoin was up by 0.91% to $11,414. A bullish start to the day saw Bitcoin rise from a morning low $11,282 to a high $11,440.
Bitcoin steered clear of the major support and resistance levels early on. Of greater significance was a hold above the 23.6% FIB of $11,275, however.
Elsewhere, it was a sea of green across the crypto board. EOS led the way early on, rising by 2.77%. Bitcoin Cash SV (+2.33%), Ethereum (+2.03%), Tron’s TRX (+1.97%), Bitcoin Cash ABC (+1.29%) and Litecoin (+1.53%) were also on the move.
Trailing the pack early on were Binance Coin (+0.23%), Ripple’s XRP (+0.43%) and Stellar’s Lumen (+0.72%).
For the Bitcoin Day Ahead
Bitcoin would need to move through to $11,510 levels to support a run at the first major resistance level at $11,812.27.
Support from the broader market would be needed, however, for Bitcoin to move back through to $12,000 levels.
Barring a broad-based crypto rally, resistance at $12,000 and Saturday’s high $12,011 would cap any upside.
In the event of a crypto breakout, Bitcoin could revisit $12,100 levels before any pullback.
Failure to move through to $11,510 levels could see Bitcoin hit reverse. A fall through the 23.6% FIB of $11,275 would bring the first major support level at $11,009.27 into play.
Barring a crypto meltdown, however, Bitcoin should continue to steer clear of sub-$11,000 levels.
This article was originally posted on FX Empire
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