What a day today, with Bitcoin surging above 56000 which is our new 5 Month High. Eventually Bitcoin gave up those gains to revert back to 54500 area. In terms of Support immediate levels are 53000 & round 50000. We will be adding more on dips for 59500 immediate topside target. Lets look at some other important levels
Bitcoin Levels to Watch
Bitcoin is hovering above recently broken 53000 area resistance. Any positive ETF News will push Bitcoin first towards the 59500 area and subsequent towards the ATH with a potential breakout above ATH towards 78000 & 83000 Zone. A round number of 100,000 is always on the cards considering the fascination of Bitcoin HODLers for 100K & a Million Value!
Alternate View based on Resistance on TOTAL Marketcap chart
Looking at this chart, we can clearly see a third tap of 2.45T Area resistance. Any rejection here and breakdown below the support trendline will be catastrophic in short term. Keep an eye on this Chart for any breakdown clues if you are long Bitcoin or ALT coins
CNBC thinks this time its different
Major News stories for the Day
Coins on the Move
FANTOM / FTM
Support : 1.60 / 1.80 / 2.03
Resistance : 2.61 / 2.93 / 3.33
HARMONY / ONE
Support : 0.16 / 0.185 / 0.21
Resistance : 0.37 / 0.47 / 0.76
Support : 15 / 18 / 21
Resistance : 26 / 33 / 41
Support & Resistance Levels
This is a lifeline for any Day Trader or Swing Trader. If you want to become a self sufficient trader this is where you need to start. In simple words, Support / Resistance level means an area or a location where Buyers and Sellers meet and exchange goods. They feel this is a reasonable and probably the best price for buyers to buy and sellers to sell. When such areas are broken its called breakout or breakdown.
A Breakout or Breakdown suggests, now either Sellers or Buyers are in control of the price and they don’t have an agreement as to what’s a good area to do business. If you are new and not familiar with this terminology, we recommend you to check our Beginners Level I or Level II course to start getting familiar with these terms.