This is the technological analysis of Bitcoin (BTC). We will look at the movements of the previous day and the support, resistance, pivot levels and Fibonacci levels today. In addition, we will analyze the market movements in general the day before and the key drivers of the market.
Movements of the previous day of Bitcoin (BTC)
Bitcoin, BTC to USD, fell 0.82% on Friday. Following a 5.73% drop on Thursday, Bitcoin ended the day at $ 47,208.
After a mixed start to the day, Bitcoin rose to an intraday afternoon high of $ 50,212 before reversing. Bitcoin broke the first major resistance level at $ 49,833 before sliding to a late intraday low of $ 47,051.
However, moving away from the first major support level at $ 46,397, Bitcoin pulled back to $ 47,200 levels to limit downside.
The short-term uptrend remained intact, despite the latest pullback to $ 41,000 levels. For bears, Bitcoin would need a sustained drop through the 62% FIB to $ 28,814 to form a short-term downtrend.
The rest of the pack
In the rest of the majors, it was another bearish session.
Link of the chain plummeted by 8.57% to lead the way down once again, with Cardano ADA (-6.12%), Ethereum (-4.99%), Ripple XRP (-7.13%) also registered strong losses.
Binance Coin (-3.15%), Bitcoin Cash SV (-1.95%), Crypto.com currency (-2.74%), Litecoin (-1.95%) and Polkadot (-0.87%) posted relatively modest losses, however.
In the current week, the total crypto market fell to a Monday low of $ 2.124 billion before climbing to a Tuesday night high of $ 2.417 billion. At the time of writing, the total market cap was $ 2,133.
Bitcoin's dominance rose to a Monday high of 41.96% before falling to a Thursday low of 39.95%. At the time of this writing, Bitcoin's dominance was 41.57%. Bitcoin's dominance last fell below 40% in mid-September.
This morning
At the time of writing, Bitcoin is down 0.53% at $ 46,957. A mixed start to the day saw Bitcoin rise to a morning high of $ 47,378 before dropping to a low of $ 46,872.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a bearish start to the day.
At the time of writing, Crypto.com Coin is down 5.08% to lead the way down.
For the Bitcoin day ahead
Bitcoin would need to move through the pivot of $ 48,157 to bring the first major resistance level into play at $ 49,263. However, broader market support would be needed for Bitcoin to break out of the $ 48,500 levels.
Barring an extended crypto rally, the first major resistance level and Friday's high of $ 50,212 would likely limit the upside. In the event of a prolonged rally, Bitcoin could test the second major resistance level at $ 51,318 before turning back.
If it does not move through the pivot of $ 48,157, the first major support level at $ 46,102 would come into play. Barring another extended sell-off on the day, Bitcoin should stay clear of the levels below $ 45,000 and the 38.2% FIB of $ 44,144. The second major support level at $ 45,000 should limit the downside.
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Is Article was originally published on FX Empire
