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Bob Mason
Bitcoin 1

Bitcoin slipped by 0.27% on Tuesday. Partially reversing a 4.37% rally from Monday, Bitcoin ended the day at $8,205.0.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $8,362.0. Falling short of the first major resistance level at $8,464.33, Bitcoin fell back to a late morning low $8,171.3.

Steering clear of the major support levels, Bitcoin recovered to an afternoon high $8,280.2 before hitting reverse.

The reversal saw Bitcoin fall to a late intraday low $8,132.7 before finding support.

Holding above the first major support level at $7,891.43, Bitcoin recovered to $8,200 levels to limit the loss on the day.

For the bulls, the extended bullish trend remained intact in spite of the recent slide to sub-$8,000 levels. While falling back through the 38.2% FIB, Bitcoin 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 mixed for the majors on Tuesday.

Ripple’s XRP and Ethereum bucked the trend on the day, with gains of 0.54% and 0.29% respectively.

It was red for the rest of the pack, however, with Bitcoin Cash ABC falling by 1.33% to lead the way.

Litecoin (-0.97%), EOS (-0.60%), Stellar’s Lumen (-0.41%), Bitcoin Cash SV (-0.32%) and Binance Coin (-0.25%) saw modest losses on the day.

The moderate pullback came off the back of a particularly bullish start to the week that saw EOS and Ripple’s XRP lead the way, with gains of 9.56% and by 8.04% respectively.

Through the day, the total crypto market cap fell from a Tuesday high $225.01bn to a low $220.93bn before finding support. At the time of writing, the total market cap stood at $222.60bn.

Bitcoin’s dominance held back to sub-67% levels following a relatively range-bound day across the majors.

On the news front, there were no major events, with the SEC’s 13th October deadline on the Bitcoin ETF decision rapidly approaching.


This Morning

At the time of writing, Bitcoin was down by 0.14% to $8,193.9. A final hour pullback from Tuesday continued into Wednesday, with Bitcoin falling from a high $8,225 to a low $8,173.

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

Elsewhere, Stellar’s Lumen and Bitcoin Cash ABC led the way, rising by 0.76% and by 0.55% respectively. Ethereum was also in the green through the start of the day.

It was red elsewhere, however, with Bitcoin Cash SV (-0.64%), EOS (-0.33%) and Ripple’s XRP (-0.30%) on the way down.

Binance Coin (-0.11%) and Litecoin (-0.21%) saw more modest losses early on.

For the Bitcoin Day Ahead

Bitcoin would need to move through to $8,240 levels to support a run at the first major resistance level at $8,333.77.

Support would be needed from the broader market, however, for Bitcoin to break out from the morning high $8,225.

Barring an extended broad-based crypto rally, we would expect resistance at $8,300 to cap any upside.

Failure to move through to $8,240 levels could see Bitcoin spend another day in the red.

A fall back through the morning low $8,173 to $8,150 levels would bring the first major support level at $8,104.47 into play.

Barring a crypto meltdown later in the day, we would expect Bitcoin to steer clear of the second major support level at $8,003.93.

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