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Bob Mason
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Bitcoin slipped by 0.13% on Thursday. Partially reversing a 4.91% rally from Wednesday, Bitcoin ended the day at $8,596.0.

A relatively bearish start to the day saw Bitcoin rise to a mid-morning intraday high $8,683.9 before hitting reverse.

Falling well short of the first major resistance level at $8.835.6, Bitcoin fell to a mid-day intraday low $8,472.0.

Holding above the first major support level at $8,263.0, Bitcoin recovered to an afternoon high $8,630.7 before easing back into the red.

For the bulls, the extended bullish trend remained intact in spite of sitting at sub-$9,000 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 a sea of red for the majors on Thursday.

Bitcoin Cash SV led the way, with a loss of 4.17%. EOS (-3.98%), Bitcoin Cash ABC (-3.75%), Ripple’s XRP (-3.66%) and Stellar’s Lumen (-3.13%) also saw heavy losses.

Litecoin (-2.56%), Binance Coin (-1.01%) and Ethereum (-0.76%) saw more modest losses on the day.

Through the day, the total crypto market cap slipped from a day high $231.87bn to a low $227.69bn before finding support. At the time of writing, the total market cap stood at $230.25bn.

Bitcoin’s dominance held back to sub-67% levels in spite of Thursday’s more moderate loss.


This Morning

At the time of writing, Bitcoin was down by 0.49% to $8,554.1. A bearish start to the day saw Bitcoin fall from an early morning high $8,608.9 to a low $8,520.6.

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

Elsewhere, Stellar’s Lumen and EOS bucked the trend early, with the gains of 0.15% and 0.87% respectively.

It was red for the rest of the pack, however. Binance Coin led the way down, falling by 1.13%.

For the Bitcoin Day Ahead

For the day ahead, a move back through to $8,590 levels would support a run at the first major resistance level at $8,695.03.

Bitcoin would need the support of the broader market, however, to break out from the morning high $8,608.9.

Barring a broad-based crypto rebound, we would expect Bitcoin to come up short of $8,700 levels on the day.

In the event of a crypto rally, the second major resistance level at $8,795.87 would likely come into play.

Failure to move back through to $8,590 levels could see Bitcoin slide deeper into the red.

A fall through the morning low $8,520.6 would bring the first major support level at $8,484.03 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$8,400 support levels on the day.

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