After a bearish day for the crypto majors on Sunday, it has been a bullish morning for Bitcoin and the broader crypto market.
At the time of writing, Bitcoin, BTC to USD, was up by 4.28% to $45,669.0.
A mixed start to the day saw Bitcoin fall to an early morning low $42,790.0 before finding support.
Bitcoin fell through the first major support level at $42,797 before rallying to a late morning current day high $45,833.1.
Bitcoin broke through the first major resistance level at $44,929 to test resistance at $46,000 before easing back.
While easing back, however, Bitcoin continued to hold above the first major resistance level.
The Rest of the Pack
It has been a bullish morning for the broader crypto market.
Bitcoin Cash SV (+4.53%), Chainlink (+4.08%), and Ripple’s XRP (+4.73%) led the way through the morning.
Binance Coin (+3.76%), Cardano’s ADA (+2.99%), Crypto.com Coin (+2.20%), Ethereum (+3.73%), and Litecoin (+2.91%) also found strong support.
Polkadot (+0.75%) trailed the front runners, however.
Through the early hours, the crypto total market fell to an early morning low $1,699bn before rising to a high $1,818bn. At the time of writing, the total market cap stood at $1,815bn.
Bitcoin’s dominance fell to an early low 47.08% before rising to a high 47.44%. At the time of writing, Bitcoin’s dominance stood at 47.25%.
For the Afternoon Ahead
Bitcoin would need to avoid a fall back through the first major resistance level to bring the second major resistance level at $46,064 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $45,833.1.
Barring an extended crypto rally through the afternoon, the second major resistance level would likely cap any upside
In the event of an extended rally, however, Bitcoin should target $47,000 levels before any pullback. The third major resistance level sits at $48,014.
A fall back through the first major resistance level and through the $44,114 pivot would bring the first major support level at $42,979 into play.
Barring an extended sell-off on the day, Bitcoin should steer clear of sub-$42,000 levels. The second major support level at $42,164 should limit the downside.
Looking beyond the support and resistance levels, we saw a bullish cross this morning. The 50 EMA crossed through the 200 EMA, while also pulling away from the 100 EMA. We also saw the 100 EMA narrow on the 200 EMA. This delivered strong support through the morning.
A continued widening of the 50 EMA from the 100 and the 200 EMAs this afternoon would bring $47,000 levels into play.
Key going into the afternoon will be for Bitcoin to avoid a fall back through to sub-$45,000 levels.
This article was originally posted on FX Empire
