Bitcoin Back in the Red and Holding on to $11000

Bitcoin Back in the Red and Holding on to $11000

Bitcoin continued on from last week’s 14.08% gain, with a 3.77% rise on Saturday, which saw Bitcoin hit an intraday high of $11,503.24 in the latter part of the day, with its intraday low $11,022.85 coming within the first hour of trading and just off an opening $11,032.81.

The moves through the day were in contrast to many of the cryptocurrency majors that struggled through much of the day, after hitting first major resistance levels in the early hours.

Unlike the rest of the cryptocurrency majors, Bitcoin was able to break through its first and second major resistance levels and close out the day above both, while failing to break through to $12,000.

With the bullish trend continuing through the day, Bitcoin managed to pass through a late in the day test of support on Saturday, with a fall to $11,220.20 reversing before touching its first major support level of $10,829 and 23.6% FIB Retracement Level of $11,105.5.

Bitcoin’s dominance held relatively steady, sitting at 41.7% at the time of writing, with Bitcoin ending the day with a market cap of $187.58bn.

There was nothing in the news to influence investor sentiment through the day and Bitcoin’s gains, which were far larger than its peers, will give the Bitcoin bulls new found hope of Bitcoin being able to make a recovery in the coming months, though much will continue to depend on how governments and central banks look to oversee the cryptomarket and what regulations are eventually imposed.

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BTC/USD 04/03/18 Hourly Chart

At the time of writing, Bitcoin was down 2.68% to $11,137.96, with a bearish trend having formed through the early part of Sunday morning.

It’s not the first weekend this year when Bitcoin has gone into reverse towards the end of the weekend, with investors keen to lock in profits before the start of a new week.

This morning’s intraday low $11,105.46 tested Bitcoin’s first major support level of $11,146.6, whilst also pulling back through its 23.6% FIB Retracement Level of $11,201.2.

The shift in sentiment could see Bitcoin pullback to its 38.2% FIB Retracement Level of $11,014.4, at which we will expect Bitcoin to find plenty of support, particularly with the $11,000 psychological support level, though any fall through $11,014.4 and Bitcoin may well end the weekend at sub-$11,000 levels again.

On the upside, with Bitcoin’s first resistance level sitting at $11,627, a move back through $11,201.2 and this morning’s intraday high $11,450 would be needed to buck the trend and support a late weekend rally.

It’s looking bearish for now however, with the Cboe Bitcoin Futures Friday closing price of $11,050 for the March contract providing little incentive for investors to jump in.

Elsewhere, Stellar’s Lumen was the only major cryptocurrency to sit positive territory at the time of writing, up 1.4%, with the rest of the majors in the red, with NEM’s XEM leading the way, down 5.24%.

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This article was originally posted on FX Empire

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