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Bitcoin Tech Analysis – Recap and Mid-Day Review – 08/07/19

Bitcoin rose by 1.85% on Sunday. Following on from a 2.56% gain on Saturday, Bitcoin ended the week up 6.34% to $11,485.

On the day, a relatively range-bound morning saw Bitcoin fall to an intraday low $11,110 before finding support. The pullback saw Bitcoin fall through the 23.6% FIB of $11,275 before recovering to $11,300 levels.

A second pullback in the afternoon, saw Bitcoin fall back through the 23.6% FIB before striking an intraday high $11,620.

On the day, while Bitcoin fell short of the major resistance levels, Bitcoin’s move back through the 23.6% FIB was key.

The bullish end to the week contributed to yet another weekly gain and there have been numerous since the start of the year.

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Since the start of the year, Bitcoin has seen just 8 weeks in the red, which has given Bitcoin a 200% gain year-to-date.

All of this in spite of a pullback from 26th June’s current year high $13,764.

Bitcoin’s dominance held onto 62% levels. Bitcoin’s market cap has also found support, recovering from sub-$200bn levels on Sunday to $211.17bn at the time of writing.

For the Bitcoin bulls, the near-term bullish trend, formed at mid-December’s swing lo $3,215.2 remained intact. Bitcoin has continued to find support at the 23.6% FIB of $11,275.

This Morning,

At the time of writing, Bitcoin was up by 3.49% to $11,886.0. Range-bound through the early morning, Bitcoin fell from a start of a day $11,547 to a morning low $11,310 before making a move.

Steering clear of the 23.6% FIB of $11,275 and the first major support level at $11,190, Bitcoin rallied to a late morning high $12,040.

Bitcoin broke through the first major resistance level at $11,700 and second major resistance level at $11,915 to hit $12,000 levels before easing back.

For the Rest of the Day

A hold above the first major resistance level at $11,700 would support another break through the second major resistance level at $11,915.

Bitcoin would need the support of the broader market, however, to break out from the morning high $12,040.

Barring a broad-based crypto rally, Bitcoin would likely come up short of the third major resistance level at $12,425.

In the event of a crypto rally, expect Bitcoin to take a run at $13,000 levels. This morning’s divergence has set the bulls up for a big afternoon if the rest the majors can recover.

Failure to hold above the first major resistance level at $11,700 would see Bitcoin cough up the morning gain.

A pullback through to sub-$11,400 levels would bring the 23.6% FIB of $11,275 into play before any recovery.

Barring a crypto meltdown, we would expect Bitcoin to steer clear of the first major support level at $11,190.

In the event of a meltdown, sub-$11,000 support levels could come into play before any recovery. We would expect the second major support level at $10,895 to limit any downside in the event of a sell-off.

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The article was written by Bharat Gohri, Chief Market Analyst at easyMarkets

This article was originally posted on FX Empire

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