Yahoo Finance Bitcoin – A Hold onto $3,700 or a Sell-off…
Bitcoin gained 0.36% on Tuesday. Partially reversing a 1.78% slide from Monday, Bitcoin ended the day at $3,694.2.
Another bearish start to the day saw Bitcoin fall to an intraday low $3,645 to call on support at the first major support level at $3,652.07.
While managing to recover from the early reversal, Bitcoin struggled to break through to $3,700 levels until a late afternoon rally to an intraday high $3,728. Coming within range of the first major resistance level at $3,730.07, Bitcoin slipped back to sub-$3,700 levels by the day’s end.
Elsewhere
From the top 10 cryptos, EOS was the story of the day. A 7.49% rally saw EOS knock Litecoin off the number 4 spot by market cap. Litecoin’s 2.29% gain on the day was a distant second, with Monday’s 8.94% slide having done all of the damage.
Joining Bitcoin in positive territory were also Bitcoin Cash ABC, Bitcoin Cash SV, Ripple’s XRP, and Stellar’s Lumen.
Bucking the trend across the top 10 were Binance and Tron’s TRX. The market’s love affair with Tron was tested following a 12.9% slide in the week ending 3rd February, with Tron easing back from the January high $0.03585.
For Binance, some profit taking following last week’s 35.4% rally and 7 days in the green out of the last 8 was to be expected in the week. The rally, coming ahead of the FETCH.AI token sale being hosted by Binance’s Launchpad platform, saw Binance move into the top 10 over the weekend. Another slide could see Bitcoin Cash SV recover its number 10 spot, with Binance platform needing to host more token sales to take a run at the likes of Stellar’s Lumen and Tron’s TRX.
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At the time of writing, Bitcoin was up by just 0.18% to $3,700.8. A positive start to the day saw Bitcoin rise from a morning low $3,688.3 to an early morning high $3,711.2 before easing back. Whilst leaving the day’s major support and resistance levels untested, a break-back through to $3,700 levels was key early on, through resistance at $3,700 is evident.
For the day ahead
A hold onto $3,700 levels through the morning would support a move through the morning high $3,711.2 to bring the day’s first major resistance level at $3,733.13 into play.
We would expect Tuesday’s high $3,728 to pin Bitcoin back from a breakout to the second major resistance level at $3,772.07. Support from the broader market could bring $3,800 levels into play, however, should Bitcoin breakthrough Monday’s high $3,750 in the early part of the afternoon.
Failure to hold onto $3,700 levels through the morning could see Bitcoin hit reverse later in the day. A pullback through the morning low $3,688.3 would bring the day’s first major support level at $3,650.13 into play.
We would expect Bitcoin to steer clear of the second major support level at $3,606.07 and sub-$3,600 levels, however, barring a broad-based crypto sell-off.
This article was originally posted on FX Empire
