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Bitcoin – Does Red at the Start of the 3rd Quarter Spell Trouble?

Bob Mason
Updated

Bitcoin slipped by just 0.66% on Sunday, following Saturday’s 2.95% gain, to end the week up 3.28% to $6,349.6.

A start of the day intraday high $6,439.9 saw Bitcoin fall short of the first major resistance level at $6,559.67 before easing back to bring sub-$6,300 support levels into play, through a relatively range bound morning that saw Bitcoin hit a morning low $6,318.8.

An early afternoon pullback saw Bitcoin fall to an intraday low $6,260 before recovering through the late evening back through to $6,300 levels, the day’s low holding above the first major support level at $6,209.37.

While Bitcoin managed to buck the broader market trend through the week, pulling out a gain following a number of weekly losses, the Bitcoin bulls failed to take control of the reins, with Bitcoin continuing to fall well short of the 23.6% FIB Retracement Level of $6,757.

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Interestingly, the debate over price action will rage on, as Bitcoin finds continued support in the current extended bearish trend, in spite of the harsh reality that Bitcoin may ultimately be left on the side lines in favour of other altcoins that may ultimately prove to be a more viable alternative to fiat money.

Things may change down the track and perhaps even sooner should governments and regulators deliver a list of cryptocurrencies that are classified as currencies and not securities, Bitcoin perhaps the only major that has the greatest certainty of making the list from an investor perspective.

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At the time of writing, Bitcoin was down 0.26% to $6,333.1, in what’s been yet another relatively range bound start to the day.

A reversal through the early morning saw Bitcoin fall to an morning low $6,275, holding above the day’s first major support level at $6,259.77, to recover through to $6,300 levels and a morning high $6,369 before easing back, the day’s high falling short of the first major resistance level at $6,439.67.

For the day ahead, a move back through $6,349.83 would support a run at $6,400 levels and the day’s first major resistance level at $6,439.67, though we can expect Bitcoin to face stern resistance at $6,400 levels as the day goes on, with the broader market seeing plenty of red in the early part of the day.

Failure to move back through $6,349.83 to take a run at $6,400 levels could see Bitcoin pullback to sub-$6,300 levels to bring the day’s first major support level at $6,259.77 into play, from which we would expect a partial recovery, with Bitcoin likely to avoid sub-$6,200 levels, barring materially negative news hitting the wires.

The bad news is coming, or so investors believe and until it’s been washed through, it’s going to be a challenge for Bitcoin to take a run at the 23.6% FIB Retracement Level of $6,757 to move back through to $7,000 levels near-term, supporting the extended bearish trend formed at 5th May’s swing hi $9,999.

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This article was originally posted on FX Empire

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