The Crypto Daily – Movers and Shakers -04/10/19

Bitcoin tests support levels early and could visit sub-$8,000 should a recovery to $8,260 levels fail to materialize,
Bob Mason

Bitcoin fell by 1.83% on Thursday. Reversing a 0.03% decline on Wednesday, Bitcoin ended the day at $8,261.1.

A positive start to the day saw Bitcoin rise to an early morning intraday high $8,440 before hitting reverse.

Falling short of the first major resistance level at $8,492.27, Bitcoin slid to an early afternoon intraday low $8,084.1.

The reversal saw Bitcoin fall through the first major support level at $8,265.27 and second major support level at $8,115.63.

Finding support through the 2nd half of the day, Bitcoin broke back through the major resistance levels to $8.300 levels before easing back.

The first major support level at $8,265.27 limited the downside at the end of the day.

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 red across the crypto-board on Thursday.

Ethereum (-3.23%), EOS (-2.88%), and Ripple’s XRP (-2.61%) led the way down on the day.

Things were not much better for Stellar’s Lumen (-1.91%), Bitcoin Cash SV (-1.76%) and Binance Coin (-1.45%).

On the day, Litecoin managed to buck the trend, with a 0.02% gain, with Bitcoin Cash ABC falling by just 0.1%.

Through the start of the month, the total crypto market cap fell back from a Tuesday high $225.96bn to a Thursday low $216.56bn before the majors found support. At the time of writing, the total market cap stood at $218.07bn.

In spite of Bitcoin’s pullback on Thursday, Bitcoin’s dominance continued to hover at 67% levels.

This Morning

At the time of writing, Bitcoin was down by 1.28% to $8,155. A particularly bearish morning saw Bitcoin slide from an early morning high $8,264.9 to a mid-morning low $8,032.7

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $8,083.47 early on.

Elsewhere, EOS and Ripple’s XRP bucked the trend through the morning, with gains of 0.49% and 1.02% respectively.

It was red for the rest of the pack, however, with Bitcoin Cash SV (-2.35%), Stellar’s Lumen (-1.01%) and Bitcoin Cash ABC (-0.99%) seeing the heaviest losses on the day.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,260 levels to support a run at the first major resistance level at $8,439.37.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $8,264.9.

Barring a broad-based crypto rally, the first major resistance level at $8,439.37 and Thursday’s high $8,440 would likely cap any upside.

Failure to move back through to $8,260 levels could see Bitcoin fall deeper into the red.

A pullback through the first major support level at $8,083.47 would bring sub-$8,000 levels into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,905.83.

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