A mixed start to the day saw Bitcoin rise to an early morning intraday high $34,407.0 before hitting reverse.
Falling short of the first major resistance level at $35,238 Bitcoin fell to a late afternoon intraday low $32,228.0.
Bitcoin fell through the first major support level at $33.136 and the 23.6% FIB of $33,008.
Finding late afternoon support, Bitcoin broke back through the 23.6% FIB and first major support level to end the day at $33,138.0.
The near-term bullish trend remained intact, in spite of the recent sell-off. For the bears, Bitcoin would need to slide through the 62% FIB of $18,504 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a mixed day on Sunday.
It was a bearish day for the rest of the majors, however.
Crypto.com Coin slid by 6.35% to lead the way down.
Cardano’s ADA (-5.44%), Chainlink (-4.45%), and Ethereum (-4.79%) also saw relatively heavy losses.
It was also a mixed week for the crypto majors.
Binance Coin (+6.02%) also joined Bitcoin in the green.
It was a bearish week for the rest of the majors, however.
Crypto.com Coin and Polkadot slid by 14.74% and by 12.59% respectively to lead the way down.
Bitcoin Cash SV (-1.33%) and Cardano’s ADA (-2.51%) saw relatively modest losses, however.
In the week, the crypto total market cap fell to a Wednesday low $847.51bn before rising to a Friday high $1,136.27bn. At the time of writing, the total market cap stood at $959.01bn.
While leaving the major support and resistance levels untested, Bitcoin fell through the 23.6% FIB of $33,008.
Elsewhere, it was a bearish start to the day.
For the Bitcoin Day Ahead
Bitcoin would need to move through the 23.6% FIB of $33,008 and the pivot level at $33,258 to bring the first major resistance level at $34,287 into play.
Support from the broader market would be needed for Bitcoin to break back through to $34,000 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $34,407.0 would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $35,437.
Failure to move through the 23.6% FIB and the $33,258 pivot would bring the first major support level at $32,108 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of sub-$31,000 levels. The second major support level at $31,079 should limit the downside.
This article was originally posted on FX Empire
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