The Crypto Daily – Movers and Shakers -18/09/19

Bitcoin continues to trail the majors as Stellar’s Lumen and Ripple’s XRP breakout to lead the way. Bitcoin could be about to catch up with the pack…
Bob Mason
Crypto00 567

Bitcoin fell by 0.73% on Tuesday. Following on from a 0.31% decline on Monday, Bitcoin ended the day at $10,214.1.

A bullish start to the day saw Bitcoin rise from an early intraday low $10,091 to a mid-morning intraday high $10,400.

While leaving the major support levels untested, Bitcoin also came up short of the first major resistance level at $10,432.33.

Hitting reverse in the late morning, Bitcoin slid to an afternoon low $10,163. In spite of the pullback, Bitcoin steered clear of the first major support level at $10,119.33.

Finding support late in the day, Bitcoin recovered to $10,200 levels to limit the downside on the day.

For the bulls, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors.

Ripple’s XRP and Stellar’s Lumen led the way on the day, with the pair rallying by 9.03% and by 8.44% respectively.

Ethereum and Binance Coin also found strong support, with gains of 5.24% and 3.95% respectively.

Bitcoin Cash ABC (+2.88%), Bitcoin Cash SV (+2.37%) and Litecoin (+1.91%) trailed the front runners.

Joining Bitcoin in the red were Monero’s XMR and EOS, which fell by 1.61% and by 0.55% respectively.

At the start of the week, the total crypto market cap fell to a low $263.3bn on Monday before striking a Tuesday high $271.45bn. At the time of writing, the total crypto market cap stood at $270.96bn.

Bitcoin’s dominance slid back to 67.9%, having hit 70.9% last week, as the likes of Ethereum and Ripple’s XRP found support.

This Morning

At the time of writing, Bitcoin was up by just 0.21% to $10,236. A mixed morning saw Bitcoin rise from an early morning low $10,208 to a high $10,278 before easing back.

Relatively range-bound through the early part of the day, Bitcoin left the major support and resistance levels untested.

Elsewhere, Ripple’s XRP and Stellar’s Lumen continued to lead the way, with early gains of 6.45% and 5.41% respectively.

Binance Coin and Ethereum also found strong support, rising by 2.58% and by 1.94% respectively.

Through the early morning, EOS and Monero’s XMR trailed the pack, both up by 1.07%.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$10,200 to support a run at the first major resistance level at $10,293.73.

With resistance at $10,300 pinning Bitcoin back on Tuesday, Bitcoin would need an early move through the first major resistance level to support a breakout.

Failure to break out from $10,200 levels early in the day, we would expect Bitcoin to come up short of $10,400 levels. The second major resistance level at $10,373.37 would likely limit any upside

Failure to steer clear of sub-$10,200 would bring the first major support level at $10,148.73 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,000 support levels, however. The second major support level at $10,083.37 would likely limit any the downside in the event of a sell-off.

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