TECHNICAL INDICATORS ARE BULLISH, WITH BITCOIN SITTING ABOVE THE 50 DAY EMA
The bullish start to the day saw bitcoin go up to $ 21,587 before retreating.
Falling into the First Level of Great Resistance at $ 21,593, bitcoin dropped to below $ 20,902.
Bitcoin has received $ 21,000 support to get back and finish the day in a good place.
A pickup in the investor risk appetite was brought to bitcoin for support on Saturday. On Friday, the NASDAQ 100 rallied 3.34%, pushing demand for cryptos.
We expect the relationship between the NASDAQ 100 and bitcoin to remain strong on Monday.
Bitcoin Fear & Greed Index
This morning, the Fear & Greed Index held firmly at 14/100.
While sitting deep in the middle of the "Extreme Fear" area, the Index continued its recovery from the June 19 low of 6/10. At 14/1100, the Index shows investors' fears for another bitcoin conversion, with resistance of $ 22,000 proving to be key.
The transition to bitcoin at 25/100 and in the "Terror Zone" will support the bitcoin run at $ 30,000. The Index last visited the “Terror Zone” on May 5th.
The lower risks of bitcoin and the wider market still exist, with Fed monetary policy, fears of a recession, and possible changes in the control of current crypto headwinds.
Bitcoin (BTC) Price action
At the time of writing, BTC has risen 0.95% to $ 21,679.
A mixed start to the day saw bitcoin go down to a low start at $ 21,276 before hitting a high $ 21,750.
Bitcoin came up with the First Major Resistance Level at $ 21,739 before retreating.
Avoiding the $ 21,320 pivot will leave the First Large Opposition Level at $ 21,739 playable.
BTC will need a lot of support to avoid falling back to $ 21,500.
The extended meeting will test the Second Level of Resistance at $ 22,007 and resistance at $ 22,500. Third Major Resistance Level sits at $ 22,691.
Falling with a pivot will bring the First Big Support Level to $ 21,054 to play. In the event of another extended sale, bitcoin could test the Second Major Support Level at $ 20,636 and support it at $ 20,500.
The Third Level of Great Support remains at $ 19,951.
If you look at the EMAs and the 4 hour candlestick chart (below), it was a bearish signal. This morning, bitcoin sits above the 50-day EMA, currently $ 21,262.
The 50-day EMA has been reduced to a 100-day EMA. The 100-day EMA has been reduced from the 100-day EMA, the price of bitcoin is negative.
A refund of $ 22,000 will bring the 100-day EMA, currently $ 22,653, active.
In the event of a fall in the 50-day EMA, bitcoin will test Major Levels of Support.