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The Crypto Daily – Movers and Shakers -16/10/19

It’s a mixed start to the day following Tuesday’s sell-off. A Bitcoin move back to $8,300 levels would signal a rebound…
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

Bitcoin slid by 2.14% on Tuesday. Reversing a 0.78% gain from Monday, Bitcoin ended the day at $8,191.1.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $8,439.7 before hitting reverse.

Falling short of the first major resistance level at $8,456.37, Bitcoin fell to a late afternoon intraday low $8,100.

The sell-off saw Bitcoin fall through the first major support level at $8,255.47 and second major support level at $8,140.93.

Finding support late in the day, Bitcoin broke back through the second major support level to $8,200 levels.

Negative sentiment across the broader market ultimately weighed, however, with Bitcoin easing back to sub-$8,200 levels.

It was Bitcoin’s lowest closeout since 6th October’s $7,883.

For the bulls, the extended bullish trend remained intact in spite of hovering 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 mixed bag across the crypto board on Tuesday.

Binance Coin and Bitcoin Cash SV bucked the trend on the day, rising by 0.49% and by 2.30% respectively.

It was deep red for the rest of the majors, however.

EOS led the way down, with a 6.34% loss

Litecoin, Bitcoin Cash ABC, and Ethereum also saw heavy losses on the day. Litecoin slid by 4.08%, with Ethereum and Bitcoin Cash ABC falling by 3.36% and 3.21% respectively.

Ripple’s XRP (-3.14%) and Stellar’s Lumen (-2.04%) saw more modest losses on the day.

Through the early part of the week, the total crypto market cap rose from a Monday low $223.92bn to a high $228.17bn before hitting reverse. The Tuesday sell-off saw the total market cap fall to a current week low $221.83bn before support kicked in. At the time of writing, the total market cap stood at $222.65bn.

Bitcoin’s dominance continued to sit at sub-67% levels in spite of Tuesday’s sell-off.


This Morning

At the time of writing, Bitcoin was down by 0.11% to $8,181.7. A bearish start to the day saw Bitcoin fall from an early morning high $8,191.1 to a low $8,156.8.

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

Elsewhere, Bitcoin Cash SV and Bitcoin Cash ABC found early support, rallying by 2.87% and 1.72% respectively.

EOS (+0.33%), Litecoin (+0.62%), and Ripple’s XRP (+0.65%) were also in the green at the time of writing.

Ethereum and Binance Coin struggled at the start of the day, however, with losses of 0.43% and 0.42% respectively.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,240 levels to support a run at the first major resistance level at $8,387.2.

Support from the broader market would be needed, however, for Bitcoin to break out from $8,200 levels.

Barring a broad-based crypto rebound, the first major resistance level would likely pin Bitcoin back from $8,400 levels.

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

A fall back through Tuesday’s low $8,100 would bring the first major support level at $8,047.5 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$8,000 support levels on the day.

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