The Crypto Daily – Movers and Shakers -20/09/19After a particularly choppy day on Thursday, the majors are in for another test early on. Another slide may not find the same support.
Bitcoin rose by 1.14% on Thursday. Reversing a 0.3% fall on Wednesday, Bitcoin ended the day at $10,301.
A particularly bearish start to the day saw Bitcoin slide from an early morning high $10,208 to an early morning intraday low $9,655.
Steering clear of the major resistance levels, Bitcoin tumbled through the major support levels. More significantly, Bitcoin slid through the 38.2% FIB of $9,734, in what was a crypto meltdown.
Finding support through the late morning, Bitcoin broke back through the 38.2% FIB.
Through the 2nd half of the day, Bitcoin rallied to a late intraday high $10,487. Bitcoin broke through the first major resistance level at $10,271.67 and second major resistance level at $10,358.33 before easing back.
For the bulls, the extended bullish trend remained intact in spite of just 1 day in the green out of 8. While testing support at the 38.2% FIB on the day, Bitcoin continued to steer well clear of the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed day for the majors.
Ethereum joined Bitcoin in the green, recovering from a 4.4% slide in the early hours to close out the day with a 5% gain. Bitcoin Cash ABC also managed to close out the day in the green, rising by 0.45%.
It was red for the rest of the pack, however, which failed to recover from a broad-based crypto meltdown in the early hours.
Monero’s XMR led the way down, sliding by 6.35%.
Stellar’s Lumen (-2.72%), Ripple’s XRP (-3.84%), EOS (-2.81%), Bitcoin Cash SV (-2.87%), and Binance Coin (-2.79%), also saw heavy losses.
Litecoin saw more modest l.23% loss on the day.
Through Thursday, the total crypto market cap slid from a current week high $273.58bn on Wednesday to a Thursday current week low $261.55bn. At the time of writing, the total crypto market cap stood at $273.01bn.
Bitcoin’s dominance moved back through to 67.6% on Thursday, as the broader market sank into the red.
At the time of writing, Bitcoin was up by 0.11% to $10,312. A slow start to the morning saw Bitcoin rise from an early morning low $10,300 to a high $10,340.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash ABC joined Bitcoin in the green, with an early 0.28% gain.
It was red again for the rest of the majors, however. Ripple’s XRP led the way down with a 1% loss.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to Thursday’s high $10,487 to bring the first major resistance level at $10,640.33 into play.
Through the early part of the day, Bitcoin would need support from other broader market, however, to break out from $10,340.
Following Thursday’s sell-off and rebound, an early move could spur Bitcoin into action.
Failure to move back through to Thursday’s high could see Bitcoin come under pressure. A fall through to $10,100 levels would bring the first major support level at $9,808.33 into play.
Barring another crypto meltdown, however, we would expect Bitcoin to steer clear of the 38.2% FIB of $9,734.