The Crypto Daily – Movers and Shakers -02/10/19

It’s a mixed start to the day for the majors. A Bitcoin move through to $8,400 levels could spur the crypto bulls into action.
Bob Mason
Bitcoin 1

Bitcoin slipped by just 0.03% on Tuesday. Following a 2.98% rally on Monday, Bitcoin ended the day at $8,334.9.

A bullish start to the day saw Bitcoin rally from an intraday low $8,228 to an early morning intraday high $8,539.3.

Bitcoin came within range of the first major resistance level at $8,566.3 before sliding back to $8,300 levels.

A second run at the first major resistance level in the late afternoon also fell short. Bitcoin bounced back to an afternoon high $8,536 before sliding to an afternoon low $8,277.

Steering clear of the major support levels on the day, Bitcoin recovered to $8,300 levels to close out the day flat.

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 steer clear of the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was mostly red across the crypto-board on Tuesday.

Stellar’s Lumen and Ripple’s XRP led the way down, sliding by 4.34% and 3.53% respectively.

Bitcoin Cash SV (-3.06%) and Ethereum (-2.80%) weren’t far behind on the day.

While EOS (-0.85%) and Litecoin (-0.52%) also saw red, Binance Coin bucked the trend on the day, rising by 0.19%.

Through the start of the month, the total crypto market cap fell back from a Monday high $226.12bn to a low $219.94bn before the majors found support. At the time of writing, the total market cap stood at $221.15bn.

Bitcoin’s modest loss on Tuesday led to a slight pickup in dominance. At the time of writing, Bitcoin’s dominance stood at 67.8%.

With October upon us, the next key period for Bitcoin and the crypto market is mid-month. This is the SEC’s deadline to approve or decline Bitwise Asset Management’s Bitcoin ETF proposal.

Both VanEck and SolidX had withdrawn their proposals back in September, which then leaves the Wilshire Phoenix proposal. The SEC deadline for the Wilshire Phoenix proposal is 28th December.

The Bitwise decision will set the tone. A positive outcome would likely lead to a 3rd submission by VanEck.

This Morning

At the time of writing, Bitcoin was down by 0.15% to $8,322.0. Range-bound through the early morning, Bitcoin recovered from an early morning low $8,305.0 to a high $8,364.9 before easing back.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Litecoin (+0.50%), Bitcoin Cash ABC (+0.30%), and Ethereum (+0.24%) bucked the trend early on.

It was red for the rest. Bitcoin Cash SV led the way down with a 1.5% loss, with Stellar’s Lumen (-1.08%) not far behind.

For the Bitcoin Day Ahead

Bitcoin would need to move back through the morning high $8,364.9 to $8,370 levels to support a run at the first major resistance level at $8,506.80.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $8,539.3 would likely limit any upside.

In the event of a breakout, the second major resistance level at $8,678.7 could come into play.

Failure to move through to $8,370 levels could see Bitcoin fall deeper into the red.

A fall back to through the morning low $8,305 would bring the first major support level at $8,195.5 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $8,056.10 on the day.

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