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

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.
Bob Mason
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.

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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.