It's a mixed start to the day in what's been a bearish week for the majors. A Bitcoin move through to $7,230 would signal support.
Bitcoin fell by 1.97% on Thursday. Partially reversing a 9.89% rally from Wednesday, Bitcoin ended the day at $7,181.8.
A bearish start to the day saw Bitcoin slide from an early morning intraday high $7,417.1 to late morning intraday low $7,079.7.
Steering clear of the day’s major support and resistance levels, Bitcoin recovered to $7,200 levels before easing back to a range-bound end to the day.
Following a particularly choppy few days, a relatively calm 2nd half of the day would have been welcomed by ll…
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of Bitcoin’s hold onto $7,000 levels.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was also a bearish day for the majors.
Tezos led the way down, sliding by 5.18%. Ethereum (-3.54%), Ripple’s XRP (-4.21%), Stellar’s Lumen (-.3.18%), and Tron’s TRX (-3.95%) also saw heavy losses.
Binance Coin (-2.13%), Bitcoin Cash SV (-2.11), and Litecoin (-2.65%) also struggled.
Bitcoin Cash ABC and EOS saw more modest losses of 1% and 0.53% respectively.
Through the start of the week, the crypto total market cap rose to a Monday high $195.00bn before sliding to a Wednesday low $175.14bn. At the time of writing, the total market cap stood at $191.23bn.
Bitcoin’s dominance held onto 68% levels on Thursday, with the broader market seeing heavier losses. Trading volumes were also on the rise, with volumes hitting $108bn levels before easing back to sub-$100bn levels.
At the time of writing, Bitcoin was down by 0.02% to $7,180.1. A range-bound start to the day saw Bitcoin rise to an early morning high $7,188.3 before falling to a low $7,180.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Binance Coin (-0.53%), Bitcoin Cash SV (-0.20%), EOS (-0.13%), and Ripple’s XRP (-0.45%) also saw early red.
Ethereum (+0.03%), Litecoin (+0.05%), Stellar’s Lumen (+0.10%), and Tezos (+1.56%) found early support.
Bitcoin would need to move through to $7,230 levels to support a run at the first major resistance level at $7,372.7.
Support from the broader market would be needed, however, for Bitcoin to break out from $7,100 levels.
Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin back from Thursday’s high $7,417.1
Failure to move through to $7,230 levels could see Bitcoin slide deeper into the red. A fall through to sub-$7,100 levels would bring the first major support level at $7,035.3 into play.
Barring an extended sell-off, however, Bitcoin should steer clear of sub-$7,000 support levels on the day.
In the event of a sell-off, the second major support level at $6,888.8 should limit any downside.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.