The Day Ahead It is a quiet Sunday session, with no US economic indicators for investors to consider. However, investors should monitor updates from W
The Day Ahead
It is a quiet Sunday session, with no US economic indicators for investors to consider. However, investors should monitor updates from Washington on US debt ceiling negotiations.
Progress toward a debt ceiling deal would support BTC and the broader market. US President Joe Biden and Speaker of the House Kevin McCarthy could hold further talks today.
However, investors should track the crypto news wires for SEC v Ripple updates and Binance and Coinbase (COIN)-related news.
Bitcoin (BTC) Price Action
This morning, BTC was up 0.26% to $27,196. A bullish start to the day saw BTC rise from an early low of $27,090 to a high of $27,297. BTC briefly broke through the First Major Resistance Level (R1) at $27,242.
BTC Technical Indicators
Resistance & Support Levels
BTC needs to avoid the $27,052 pivot to retarget the First Major Resistance Level (R1) at $27,242 and the morning high of $27,297. A return to $27,250 would signal an extended bullish session. The crypto news wires and US debt ceiling-related news should be crypto-friendly to support an extended rally.
In the event of an extended rally, BTC would likely test the Second Major Resistance Level (R2) at $27,357 and resistance at $27,500. The Third Major Resistance Level (R3) sits at $27,662.
A fall through the pivot would bring the First Major Support Level (S1) at $26,937 into play. However, barring an event-fueled sell-off, BTC should avoid sub-$26,500. The Second Major Support Level (S2) at $26,747 should limit the downside. The Third Major Support Level (S3) sits at $26,442.
Looking at the EMAs and the 4-hourly candlestick chart (below), it was mixed signals. BTC sat below the 100-day EMA ($27,451). The 50-day EMA narrowed to the 100-day EMA, while the 100-day EMA eased back from the 200-day EMA, sending mixed signals.
A move through R1 ($27,242) would support a breakout from R2 ($27,357) to target 100-day EMA ($27,451) and $27,500. However, a fall through the 50-day EMA ($27,137) would bring S1 ($26,937) into view. A fall through the 50-day EMA would be a bearish signal.
amp.fxempire.com