2018-7-22 18:21 |
Bitcoin gained 0.96% on Saturday, partially reversing the week’s only loss on Friday, to end the day at $7,403.4, with Bitcoin up 16.64% for the current week.
Bitcoin recovered through to a mid-morning $7,356.2 high that fell short of the first major resistance level at $7,587.63, before pulling back to test support at $7,300 through the late morning.
An afternoon rally saw Bitcoin break out from the 23.6% FIB Retracement Level once more, easing immediate concerns of a tumble and a reversal of the near-term bullish trend, formed back at 24th June’s swing lo $5,755.
Bitcoin stuck an intraday high $7,459 in the late afternoon and, while Bitcoin fell short of testing the day’s first major resistance level at $7,587.63, moving back through to $7,400 levels was key for the Bitcoin bulls, a pullback through the 23.6% FIB Retracement Level of $7,230 likely to see Bitcoin back at sub-$7,000 levels.
Failure to move back through $7,460 could see Bitcoin come under pressure later in the day, with a pullback through the morning low $7,329.1 bringing $7,200 levels and the day’s first major support level at $7,263.13 into play before any recovery.
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