The Crypto Daily – Movers and Shakers -06/11/19

It’s a mixed start to the day for the majors, after Bitcoin’s trend-bucking loss on Tuesday. Another Bitcoin reversal could test the pack.
Bob Mason
Depositphotos_193678068_s-2019

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US