It’s a bearish start for the majors. A Bitcoin move back through to $12,000 levels should provide support.
Bitcoin, BTC to USD, fell by 2.79% on Tuesday. Reversing most of a 3.18% rally from Monday, Bitcoin ended the day at $11,954.5.
It was a mixed start to the day. Bitcoin rose to an early morning intraday high $12,402.0 before hitting reverse.
Falling short of the first major resistance level at $12,616.33, Bitcoin tumbled to an early afternoon intraday low $11,811.5.
Bitcoin fell through the first major support level at $11,846.83 before briefly revisiting $12,000 levels.
A bearish end to the day left Bitcoin back at sub-$12,000 levels and in the deep red.
The near-term bullish trend remained intact, supported by the latest move through to $12,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
The Rest of the Pack
Across the rest of the majors, it was a bearish day for the majors on Tuesday.
Bitcoin Cash ABC (-4.99%), Bitcoin Cash SV (-3.83%), EOS (-5.35%), Ripple’s XRP (-3.98%), Stellar’s Lumen (-4.90%), Tezos (-5.07%), and Tron’s TRX (-5.15%) led the way down.
Binance Coin (-2.21%), Cardano’s ADA (-2.42%), Ethereum (-2.13%), Litecoin (-2.62%), and Monero’s XMR (-0.28%) saw relatively modest losses on the day.
At the start of the week, the crypto total market rose to a Monday high $384.00bn before sliding to an early Wednesday low $349.40bn. At the time of writing, the total market cap stood at $352.81bn.
Bitcoin’s dominance fell to a Monday low 59.97% before rising to a Wednesday morning high 61.61%. At the time of writing, Bitcoin’s dominance stood at 61.39%.
At the time of writing, Bitcoin was down by 1.76% to $11,744.0. A mixed start to the day saw Bitcoin rise to an early morning high $12,022.5 before sliding to a low $11,650.0.
Bitcoin fell through the first major support level at $11,710.0 early on.
Elsewhere, it was also a bearish start to the day for the crypto majors.
At the time of writing, Tron’s TRX was down by 6.66% to lead the way down.
For the Bitcoin Day Ahead
Bitcoin would need to move through the pivot level at $12,056 to support a run at the first major resistance level at $12,301.
Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $12,022.5.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a crypto breakout, Bitcoin could test resistance at $12,500 before any pullback.
Failure to move through the $12,056 pivot level would bring the first major support level at $11,710 back into play.
Barring another extended crypto sell-off, however, Bitcoin should avoid sub-$11,500 support levels. The second major support level sits at $11,466.