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Bob Mason

Bitcoin fell by 1.08% on Tuesday. Partially reversing a 2.35% gain from Monday, Bitcoin ended the day at $9,339.7.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $9,504.1 before hitting reverse.

Falling short of the first major resistance level at $9,672.67, Bitcoin fell to a late morning intraday low $9,185.1.

Steering clear of the first major support level at $9,179.67, Bitcoin recovered to $9,400 levels before a late pullback into the red.

For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has 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 bullish day for the majors on Tuesday.

EOS and Bitcoin Cash SV led the way, rallying by 5.03% and by 4.94% respectively.

Stellar’s Lumen (+2.99%) and Litecoin (+2.85%) also saw solid gains on the day.

Binance Coin (+0.15%), Bitcoin Cash ABC (+0.88%), Ethereum (+1.41%), Ripple’s XRP (0.37%) saw more modest gains on the day.

On Tuesday, the total crypto market cap fell from a high $253.29bn to a low $248.63bn before recovering. At the time of writing, the total market cap stood at $251.41bn.

Bitcoin’s dominance fell back to 66% levels on the day, following Tuesday’s trend-bucking loss, while trading volumes hit $98bn levels before easing back.


This Morning

At the time of writing, Bitcoin was up by just 0.01% to $9,340.9. A relatively range-bound start to the day saw Bitcoin rise from an early morning low $9,332.3 to a high $9,354.5.

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

Elsewhere, Bitcoin Cash ABC (+0.08%), Bitcoin Cash SV (+0.24%), and EOS (+0.06%) also found early support.

It was a bearish start to the day for the rest of the majors, however. Stellar’s Lumen led the way down, falling by 1.02%.

Binance Coin (-0.61%), Ethereum (-0.38%), Litecoin (-0.36%), Ripple’s XRP (-0.42%) and Tron’s TRX (-0.38%) saw modest losses.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,345 levels to support a run at the first major resistance level at $9,500.83.

Support from the broader market would be needed, however for Bitcoin to break back through to $9,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $9,504.1 would likely limit any upside.

Failure to move through to $9,345 levels could see Bitcoin hit reverse.

A fall through to sub-$9,300 levels would bring the first major support level at $9,181.83 into play.

In the event of an extended sell-off, we would expect the second major support level at $9,023.97 to limit any downside on the day.

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