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The Crypto Daily – Movers and Shakers -17/10/19

By:
Bob Mason
Published: Oct 17, 2019, 05:14 UTC

It's a bearish start to the day for the majors, as the bears continue to wipe away gains from the early part of the year.

Bitcoin 1

Bitcoin fell by 2.14% on Wednesday. Following on from a 2.14% decline on Tuesday, Bitcoin ended the day at $8,016.0.

A relatively range-bound start to the day saw Bitcoin rise to an early morning intraday high $8,204.3 before hitting reverse.

Steering clear of the first major resistance level at $8,387.2, Bitcoin slid to a late intraday low $7,960.

Bitcoin fell through the first major support level at $8,047.50 before finding support.

A late move back through to $8,000 levels limited the downside on the day.

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 sea of red across the crypto board on Wednesday.

Binance Coin and Litecoin led the way down, sliding by 4.42% and by 3.76% respectively.

Ethereum (-3.36%) and Stellar’s Lumen (-3.06%) also sustained heavy losses on the day.

Bitcoin Cash ABC (-2.18%) and Ripple’s XRP (-1.76%) weren’t far behind.

Bitcoin Cash SV and EOS saw more modest losses of 1.52% and 1.10% respectively.

Through the early part of the week, the total crypto market cap slid from a Monday high $228.17bn to a Wednesday low $216.41bn before support kicked in. At the time of writing, the total market cap stood at $217.12bn.

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

This Morning

At the time of writing, Bitcoin was down by 0.67% to $7,962.0. A bearish start to the day saw Bitcoin fall from an early morning high $8,016.1 to a low $7,949.3.

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

Elsewhere, Binance Coin bucked the trend early on, rising by 0.37%.

It was red for the rest of the pack, however, with Bitcoin Cash SV (-2.43%) leading the way down.

Bitcoin Cash ABC (-1.52%), EOS (-1.37%), Litecoin (-1.33%), Stellar’s Lumen (-1.13%), and Ripple’s XRP (-1.02%) were also deep in the red.

BTC/USD 17/10/19 Daily Chart

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,060 levels to support the recovery of Wednesday’s losses.

Support from the broader market would be needed, however, for Bitcoin to break back through to $8,000 levels.

Barring a broad-based crypto rebound, Bitcoin will likely come up short of Wednesday’s high $8,204.3.

The first major resistance level at $8,160.2 would likely limit any upside.

Failure to move back through to $8,060 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $7,949.3 would bring the first major support level at $7,915.9 into play.

Barring an extended sell-off through the day, Bitcoin should steer well clear of the second major support level at $7,815.8.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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