Yahoo Finance Bitcoin Finds Much Needed Love and Rekindles Hopes of $10,000
Bitcoin gained 5.79% on Tuesday, following Monday’s 2.16% rise, to end the day at $9,653.5. In contrast to Bitcoin Cash that struggled through the day, Bitcoin saw little red throughout the day, the morning’s $9,187.1 low coming within the first few hours. Bitcoin managed to avoid testing the day’s first major support level of $8,802.93 and 23.6% FIB Retracement Level of $8,363, supporting the latest bull trend and a Bitcoin rally through the day’s first major resistance level of $9,044.93 within the first hour.
Moves through the rest of the day saw Bitcoin break through the 2nd resistance level of $9,148.97 and 3rd resistance level of $9,390.97 with relative ease, the key move being Bitcoin’s hold above the 3rd resistance level by the close.
Bitcoin has managed to hold off a reversal to sub-$9,000 levels and the recovery has brought $10,000 back into play ahead of Bitcoin Cash’s hard fork, though Bitcoin will need broader market sentiment to remain upbeat to support such a move.
For the Bitcoin bulls, the trend bucking run on Tuesday will have been well received and should provide some support through the day ahead.
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At the time of writing, Bitcoin was up 0.23% to $9,669, with Bitcoin managing to buck the trend across the broader market in the early part of the morning.
Following a start of the day fall to a morning low $9,500, Bitcoin managed to draw in buyers to move through to a morning high $9,767.4 to bring the day’s first major resistance level of $9,869.97 into play, as the Bitcoin bulls go in search of $10,000 that would be a first since 7th March.
With Bitcoin steering clear of the day’s first major support level of $8,802.93 and 23.6% FIB Retracement Level of $8,979.2 early on, holding above $9,500 levels through the day will be key to continue supporting a buck trending run through the day, a move through to the morning’s high supporting another run at $10,000 levels.
The markets are going to need to be pretty bullish for Bitcoin to break through to $10,000 levels however, the latest bull trend that formed back at 6th April’s swing lo $6,500.2 looking tired without any positive news hitting the news wires to draw in investors sitting on the side lines.
Elsewhere, it was a sea of red, with Bitcoin Cash down 2.78%, Stellar’s Lumen down 3.4% and DASH down 4.2%, the moves early on coming off the back of a late sell-off on Tuesday.
Looking across at the Cboe Bitcoin Futures, the May contract was up $270 to $9,730, which could provide some much needed direction, the futures market having provided investors with little in the latest bull trend.
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This article was originally posted on FX Empire
