Bitcoin is so close to the threshold mark of $4000 but is playing in the waves just below. Bitcoin gained 0.12% on Tuesday which erased the minor fall of 1.13% on Monday and ended the day at $3,954.1.
Bitcoin slid to an early morning intraday low of $3,895.2 and the early sell-off saw Bitcoin go below the first major support level at $3,912.67 to near the second major support level at $3,871.83. But bulls being bulls the currency ended the day on a strong high of $3,979.5. This was just $40 short of the days first major resistance level of $4,001.77.
Other Crypto Performances for the Day
A green market is trending for all the top 10 cryptos, however some have made bigger gains than others. it was a sea of green across the board, though some fared better than others.
As has been the case over the last week Binance is leading the field with a remarkable gain of 6.26% on Tuesday. Last Thursday the coin saw new swing hi at $15.91, the pull back to $13 made investors less than excited leading up to Tuesday’s bounce back. The coin is the only one of the 10 top cryptos to form a bullish trend, coming off a supportive fundraising platform.
Litecoin also proved its metal and managed to find its feet following Monday’s sell-off. The week started out on shaky ground as it fell short of the 23.6% FIB of $60. Although Litecoin has been having upward momentum it is finding it difficult to shake the bearish sentiment in the marketplace.
Making minor gains and trailing the top 10 were Ripple’s XRP and Ethereum, seeing less than 1% gains on the day.
At the time of writing, Bitcoin was at $3,965.8 from an early morning start of $3,952.1 but still left the major support and resistance levels untested for now.
Support from the broader market would be needed for Bitcoin to breakthrough to $4,000 levels. Unless we see a major broad-based crypto rally, it seems unlikely that the second major resistance level at $4,027.23 will be touched at this point. The good news is that unless there is a major event in the cryptocurrency market it is unlikely Bitcoin will fall below the second major support level at $3,858.63.
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