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After a bullish day for the majors on Wednesday, it’s been a mixed start to the day for Bitcoin and the broader crypto market on Thursday.
At the time of writing, Bitcoin, BTC to USD, was down by 0.90% to $33,388.1. A mixed start to the day saw Bitcoin rise to an early morning current day high $33,869.0 before hitting reverse.
Falling well short of the first major resistance level at $35,049, Bitcoin slid to a mid-morning current day low $32,343.0.
Steering clear of the first major support level at $32,061, Bitcoin moved back through to $33,000 levels to limit the morning losses.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Ethereum bucked the trend early on, falling by 1.03% to join Bitcoin in the red.
It’s been a bullish morning for the rest of the majors, however.
Bitcoin Cash SV and Cardano’s ADA led the way through the morning, with gains of 6.08% and 6.96% respectively.
Binance Coin (+2.72%), Crypto.com Coin (+3.22%), Litecoin (+2.34%), and Ripple’s XRP (+1.94%) also found relatively strong support.
Chainlink (+0.97%) and Polkadot (+0.20%) trailed the front runners, however.
Through the early hours, the crypto total market rose to an early morning high $1,346bn before falling to a low $1,286bn. At the time of writing, the total market cap stood at $1,334bn.
Bitcoin’s dominance rose to an early high 47.20% before falling to a low 46.74%. At the time of writing, Bitcoin’s dominance stood at 46.86%.
For the Day Ahead
Bitcoin would need to move back through the $33,420 pivot to support a run at the first major resistance level at $35,049.
Support from the broader market would be needed, however, for Bitcoin to break back through to $34,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended crypto rally, Bitcoin could test resistance at $37,000 levels. The second major resistance level sits at $36,408.
Failure to move back through the $33,420 pivot would bring the first major support level at $32,061 back into play.
Barring crypto meltdown through the afternoon, however, Bitcoin should steer clear of sub-$30,000 support levels. The second major support level at $30,432 should limit the downside.
Looking beyond the support and resistance levels, the 50 EMA has failed to narrow on the 100 and the 200 through the morning, supporting the morning pullback.
We have also seen the 100 EMA flat on the 200 EMA adding further downward pressure.
A narrowing of the 50 EMA on the 100 EMA, however, would bring $35,000 levels into play.
Key going into the afternoon will be a move through Wednesday’s high $34,778 to give the bulls a run at $37,000 levels.
This article was originally posted on FX Empire
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