The Crypto Daily – Movers and Shakers -08/11/19

It’s a mixed start to the day for the majors, following a pullback on Wednesday. Bitcoin will need to steer clear of sub-$9,220 to support the majors.
Bob Mason
Bitcoin 1

Bitcoin fell by 1.56% on Thursday. Reversing a 0.17% gain from Wednesday, Bitcoin ended the day at $9,209.2.

A bullish start to the day saw Bitcoin strike an early morning intraday high $9,387.1 before hitting reverse.

Falling short of the first major resistance level at $9,459.2, fell to a late morning low $9,150.0 before finding support.

Bitcoin fell through the first major support level at $9,262.2 and the second major support level at $9,171.6.

A move back through the second major support level to $9,200 levels came before a late slide to an intraday low $9,051.6.

Bitcoin fell back through the second major support level at $9,171.6 before bouncing back to $9,200 levels.

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 bearish day for the majors on Thursday.

Ripple’s XRP led the way down, sliding by 6.50%.

Bitcoin Cash SV (-4.63%), Litecoin (-4.33%), EOS (-4.00%), Bitcoin Cash ABC (-3.79%), and Stellar’s Lumen (-3.55%) also saw heavy losses.

Binance Coin (-1.45%), Ethereum (-2.48%), and Tron’s TRX (-2.54%) saw more modest losses on the day.

Through the current week, the total crypto market cap rose from a low $246.06bn to a Wednesday high $254.37 before easing back. At the time of writing, the total market cap stood at $249.39bn.

Bitcoin’s dominance held onto 66% levels on the day, while trading volumes slipped back to sub-$80bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.30% to $9,236.9. A mixed start to the day saw Bitcoin fall to an early morning low $9,182.9 before striking a high $9,239.0.

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

Elsewhere, Tron’s TRX (+0.71%), Litecoin (+0.70%), Stellar’s Lumen (+0.64%). and Ethereum (+0.63%) also found early support.

Binance Coin (+0.09%), Bitcoin Cash SV (+0.16%), and EOS (+0.20%) saw minor gains early on.

Bucking the trend early, however, were Bitcoin Cash ABC (-0.54%) and Ripple’s XRP (-0.37%).

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$9,220 levels to support a run at the first major resistance level at $9,380.33.

Support from the broader market would be needed, however for Bitcoin to break back through to $9,300 levels.

Barring a broad-based crypto rally, the Thursday’s high $9,387.1 and first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Bitcoin would likely revisit $9,400 levels before any pullback.

Failure to steer clear of sub-$9,220 levels could see Bitcoin hit reverse.

A fall through the morning low $9,182.9 would bring the first major support level at $9,044.83 into play.

Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$9,000 support levels.

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