Bitcoin rose by 0.5% on Saturday. Partially reversing a 3.7% slide from Friday, Bitcoin ended the day at $8,319.6.
A relatively bullish start to the day saw Bitcoin rise from an early morning intraday low $8,325.9 to a morning high $8,394.
Leaving the major support and resistance levels untested, Bitcoin eased back to $8,320 levels before making a move.
Bitcoin rallied to an early afternoon intraday high $8,423.7 before pulling back.
Falling well short of the first major resistance level at $8,644.67, Bitcoin fell back to $8,310 levels before finding support.
Steering clear of sub-$8,300 levels late in the day was key.
For the current week, Saturday’s 0.5% gain contributed to a 5.54% increase, Monday through Saturday.
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to hold above the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag for the majors on Saturday.
Binance Coin and Bitcoin Cash SV led the way, with gains of 3.74% and 3.41% respectively.
Stellar’s Lumen (0.18%), EOS (0.29%), Bitcoin Cash ABC (1.56%), and Ripple’s XRP (1.84%) also saw green.
Litecoin and Ethereum bucked the trend on the day, with the pair falling by 0.36% and by 0.60% respectively.
For the current week, Monday through Saturday, it’s been a bullish week, however.
Binance Coin led the way, rallying by 14.07%.
Bitcoin Cash SV (8.13%), Ripple’s XRP (6.57%), Ethereum (5.69%), EOS (5.62%) and Stellar’s Lumen (5.44%) also saw solid gains.
Bitcoin Cash ABC and Litecoin trailed the pack in the week, with gains of 2.68% and 2.35% respectively.
Through the current week, the total crypto market cap rose from a Monday low $213.1bn to a Friday high $233.53bn. A bearish day on Friday, however, led to a pullback to sub-$230bn levels. At the time of writing, the total market cap stood at $224.61bn.
Bitcoin’s dominance held back to sub-67% levels with a number of the top 10 making solid gains in the week.
At the time of writing, Bitcoin was up by 0.4% to $8,353.0. A bullish start to the day saw Bitcoin rise from an early morning low $8,310 to a high $8,353.2.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Stellar’s Lumen and Binance Coin led the way with gains of 2.03% and 1.98% respectively.
Bitcoin Cash ABC bucked the trend early on, falling by 0.49%.
For the Bitcoin Day Ahead
For the day ahead, Bitcoin would need to steer clear of sub-$8,330 levels to support a bullish day ahead.
A move back through the morning high $8,353.2 would bring the first major resistance level at $8,405.37 into play.
Bitcoin would need the support of the broader market, however, to break through to $8,400 levels.
In the event of a broad-based crypto rally, the second major resistance level at $8,491.13 would come into play.
Failure to steer clear of sub-$8,330 levels could see Bitcoin test the first major support level at $8,252.17 before any recovery.
Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $8,184.73.
This article was originally posted on FX Empire