Bitcoin (BTC) finds support although indicators suggest it may be temporary

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This is the technical analysis for Bitcoin (BTC). 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. Please see the end of the article for a full video technical analysis, including an overview of the EMAs.

Previous Bitcoin Movements

Bitcoin, from BTC to USD, rose 1.54% on Saturday. Partially reversing a 3.10% drop from Friday, Bitcoin ended the day at $ 46,873.

A bearish start to the day saw Bitcoin fall to an early morning intraday low of $ 45,523. Avoiding the first major support level at $ 45,134, Bitcoin hit an intraday high of $ 47,483 late in the morning. However, below the first major resistance level at $ 46,633, Bitcoin fell back to levels below $ 46,500 before finding support.

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 short-term downtrend.

The rest of the pack

In the rest of the majors, it was a bullish session.

Chainlink rallied 6.87% to lead the way, with Litecoin (+ 3.31%) and Ripple’s XRP (+ 3.74%) also finding strong support.

Binance Coin (+1.58%), Bitcoin Cash SV (+1.34%), Cardano’s ADA (+1.97%), Crypto.com Coin (+1.22%), Ethereum (+ 2.21% ) and Polkadot (+ 1.89%) lag behind the leading runners, however.

During the current week, the total crypto market has fallen to a low of $ 2,054 billion on Monday before hitting a high of $ 2,303 billion on Thursday. At the time of writing, the total market cap was $ 2.194 billion.

Bitcoin’s dominance peaked at 42.25% on Tuesday before falling to a low of 40.22% on Saturday. At the time of writing this article, Bitcoin’s dominance stands at 40.33%.

This morning

As of this writing, Bitcoin was down 0.05% to $ 46,848. A mixed start to the day saw Bitcoin peaking at $ 46,920 early in the morning before falling to $ 46,783.

Bitcoin left major support and resistance levels untested early on.

The story continues

Elsewhere, it was a mixed start to the day.

Cardano’s ADA (+ 0.08%) and Litecoin (+ 0.05%) quickly dodged red.

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

At the time of writing this article, Crypto.com Coin was down 1.34% to lead the way.

For Bitcoin Day Ahead

Bitcoin should avoid the $ 46,626 pivot to bring into play the first major resistance level at $ 47,730. However, broad market support would be needed for Bitcoin to break out of the $ 47,500 levels.

Barring a prolonged crypto rally, the first major resistance level and resistance at $ 48,000 would likely cap the upside. In the event of a prolonged rally, Bitcoin could test resistance at $ 50,000 levels before any pullbacks. The second major resistance level is located at $ 48,586.

A fall through the pivot of $ 46,626 would bring into play the first major support level at $ 45,770. Unless there is an extended sell-off on that day, however, Bitcoin is expected to avoid levels below $ 44,000. The second major support level at $ 44,666 and the FIB at 38.2% at $ 44,144 should limit the decline.

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

This article originally appeared on FX Empire

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