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After a bullish end to the week for Bitcoin and the broader market on Sunday, it was a particularly bullish morning for the crypto majors this morning.
At the time of writing, Bitcoin, BTC to USD, was up by 8.97%to $38,591.0.
A mixed start to the day saw Bitcoin fall to an early morning low $35,233.0 before making a move.
Steering clear of the first major support level at $34,386, Bitcoin rallied to an early morning current day high $39,777.0.
Bitcoin broke through the day’s major resistance levels to test resistance at $40,000 before briefly easing back to sub-$38,500 levels.
In spite of the pullback, however, Bitcoin avoided a fall back through the third major resistance level at $38,031.
The Rest of the Pack
It has also been a mixed morning for the broader crypto market.
Through the morning, Chainlink was up by 14.76% to lead the way.
Cardano’s ADA (9.92%), Ethereum (+7.24%), Litecoin (+8.06%), and Ripple’s XRP (+9.06%) also found strong support.
Binance Coin (+5.52%), Bitcoin Cash SV (+4.58%), and Crypto.com Coin (+6.87%) trailed the front runners, however.
Through the morning, Polkadot bucked the trend, falling by 1.12%.
Through the early hours, the crypto total market fell to an early morning low $1,407bn before rising to a high $1,546bn. At the time of writing, the total market cap stood at $1,519bn.
Bitcoin’s dominance fell to an early low 46.93% before rising to a high 48.66%. At the time of writing, Bitcoin’s dominance stood at 47.63%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall through the third major resistance level at $38,031 to support another run at the 38.2% FIB of $41,592.
Support from the broader market would be needed, however, for Bitcoin to breakout from the early morning high $39,777.0.
Barring an extended crypto rally, the resistance at $40,000 would likely continue to cap the upside.
In the event of another extended crypto rally, Bitcoin could test resistance at the 38.2% FIB of $41,592. Bitcoin last visited $42,000 levels back on 22nd May.
A fall through the third major resistance level at $38,031 to sub-$37,000 levels would bring the second major resistance level at $36,473 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels.
The first major resistance level at $35,944 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs this morning.
We also saw the 100 EMA pull away from the 200 EMA adding further support to Bitcoin and the crypto bulls.
A further widening of the 50 and 100 EMAs from the 200 EMA this afternoon would bring the 38.2% FIB into play.
Key going into the afternoon will be for Bitcoin to break back through to $39,000 levels, however.
Following last week’s gains, Bitcoin would need to avoid the day’s $34,915 pivot else face a sharp pullback.
This article was originally posted on FX Empire
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