The Crypto Daily – Movers and Shakers -04/10/19Bitcoin tests support levels early and could visit sub-$8,000 should a recovery to $8,260 levels fail to materialize,
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.
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.