The U.S Crypto Morning Session – June 14th, 2021
It’s been a mixed start to the week for Bitcoin and the broader crypto market. Following a bullish end to the week for the broader market on Sunday, Bitcoin was one of a few finding early support.
At the time of writing, Bitcoin, BTC to USD, was up by 0.81% to $39,316.0. A mixed start to the day saw Bitcoin rise to an early morning high $39,777.0 before hitting reverse.
Falling short of the day’s first major resistance level at $40,649, Bitcoin fell to an early low $38,732.0.
Steering well clear of the first major support level at $36,075, however, Bitcoin moved back through to $39,000 levels.
The Rest of the Pack
It’s been a mixed morning for the broader crypto market.
Through the morning, Bitcoin Cash SV (+4.89%) and Crypto.com Coin (+4.61%) found early support to join Bitcoin in the green.
It has been a bearish start for the rest of the majors, however.
At the time of writing, Polkadot and Cardano’s ADA were down by 3.11% and by 2.07% respectively to lead the way down.
Binance Coin (-1.78%), Litecoin (-1.80%), and Ripple’s XRP (-1.42%) also struggled early on.
Chainlink (-0.97%) and Ethereum (-0.61%) saw relatively modest losses, however.
Through the early hours, the crypto total market rose to an early morning high $1,628bn before falling to a low $1,591bn. At the time of writing, the total market cap stood at $1,607bn.
Bitcoin’s dominance fell to an early low 45.44% before rising to a high 45.89%. At the time of writing, Bitcoin’s dominance stood at 45.83%.
For the Day Ahead
Bitcoin would need to avoid a fall through the $37,724 pivot to support the run at the first major resistance level at $40,649.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $39,777.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Bitcoin could test resistance at the 38.2% FIB of $41,592 and at $42,000 levels before any pullback. The second major resistance level sits at $42,298.
A fall through to the $37,724 pivot would bring the first major support level at $36,075 into play.
Barring an extended sell-off through the afternoon, however, Bitcoin should steer clear of sub-$35,000 levels.
The second major support level sits at $33,150.
Looking beyond the support and resistance levels, the 50 EMA has pulled further away from the 100 and the 200 early on.
We have also seen the 100 EMA continue to pull away from the 200 EMA after yesterday’s bullish cross.
The indicators support a continued upward trend through the day and a run at the major resistance levels.
This article was originally posted on FX Empire
