Advertisement
Advertisement

The Crypto Daily – Movers and Shakers -18/10/19

By:
Bob Mason
Published: Oct 18, 2019, 01:31 UTC

It's a mixed start to the day. Bitcoin would need to steer clear of sub-$8.060 levels to support further upside on the day.

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin rose by 0.95% on Thursday. Partially reversing a 2.14% fall from Wednesday, Bitcoin ended the day at $8,092.3.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,949.3 before finding support.

Steering clear of the first major support level at $7,915.9, Bitcoin struck a late intraday high $8,150.5.

Bitcoin came within range of the first major resistance level at $8,160.2 before easing back to sub-$8,100 levels.

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 green across the crypto board on Thursday.

Ripple’s XRP and Stellar’s Lumen led the way with gains of 6.33% and 5.64% respectively.

Litecoin and Binance Coin also saw solid gains, with the pair rising by 4.65% and by 4.45% respectively.

While Bitcoin Cash SV (+2.63%) and Bitcoin Cash ABC (+2.19%) also made ground, Ethereum (+1.58%) and EOS (+0.71%) trailed on the day.

In spite of Thursday’s gains, it’s been a mixed week for the majors. Ripple’s XRP and Stellar’s Lumen led the way with gains of 8.83% and 6.09% respectively.

EOS (-5.01%), Litecoin (-2.69%), Bitcoin (-2.56%), Ethereum (-2.10%), and Bitcoin Cash ABC (-1.81%) saw red.

Binance Coin and Bitcoin Cash SV managed to find support, with gains of 1.48% and 3.95% respectively.

Through the early part of the week, the total crypto market cap slid from a Tuesday high $228.17bn to a Wednesday low $216.42bn before support kicked in. At the time of writing, the total market cap stood at $220.996bn.

Bitcoin’s dominance continued to sit at sub-67% levels, with the current week losses pinning Bitcoin back.

This Morning

At the time of writing, Bitcoin was up by 0.23% to $8,110.7. A relatively bullish start to the day saw Bitcoin rise from an early morning low $8,081.0 to a high $8,120.0.

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

Elsewhere, Bitcoin Cash ABC and Binance Coin joined Bitcoin in the green, with gains of 0.89% and 0.47% respectively.

It was red for the rest of the top 10, however, with Ripple’s XRP (-0.82%) and Litecoin (-0.71%) leading the way down.

BTC/USD 18/10/19 Daily Chart

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to steer clear of sub-$8,060 levels to support further upside on the day.

A move back through the morning high $8,120 would support a run at the first major resistance level at $8,178.77.

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

In the event of a broad-based crypto rebound, the second major resistance level at $8,265.23 would come into play.

Failure to steer clear of sub-$8,060 levels could see Bitcoin struggle throughout the day.

A fall through to $8,050 levels would bring the first major support level at $7,977.57 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$7,900 support levels on the day.

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.

Did you find this article useful?

Advertisement