The Crypto Daily – Movers and Shakers -20/11/19After a bearish start to the week, the majors find early support. A Bitcoin move through to $8,200 should provide further support.
Bitcoin fell by 0.66% on Tuesday. Following on from a 3.72% slide on Monday, Bitcoin ended the day at $8,164.9.
A mixed start to the day saw Bitcoin rise to an early morning intraday high $8,245.5 before hitting reverse.
Falling well short of the first major resistance level at $8,465.33, Bitcoin slid to an early afternoon intraday low $8,051.7.
In spite of the pullback, Bitcoin steered clear of the first major support level at $8,045.33.
In the late afternoon, Bitcoin struck a high $8,202.1 before easing back to sub-$8,100 levels.
Finding support late in the day, Bitcoin moved back through to $8,100 levels to limit the loss on the day.
For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has 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 mixed day for the majors on Tuesday.
Bitcoin Cash SV led the way down, sliding by 6.02%.
Binance Coin (-3.09%), Bitcoin Cash ABC (-2.35%), and EOS (-1.71%) also saw relatively heavy losses.
Ethereum (-1.16%), Litecoin (-1.18%), Stellar’s Lumen (-1.56%), and Tron’s TRX (-1.43%) saw more modest losses on the day.
Bucking the trend on the day was Ripple’s XRP, which rose by 0.95%.
The bearish start to the week saw the total crypto market cap fall from a Monday high $237.09bn to a Tuesday low $221.13bn. At the time of writing, the total market cap stood at $225.19bn.
Bitcoin’s dominance moved back through to 66% levels as some of the majors saw heavier losses on the day. Trading volumes did pick up, however, with 24-hour volumes hitting $80bn levels before easing back.
At the time of writing, Bitcoin was up by 0.23% to $8,183.3. A mixed start to the day saw Bitcoin fall to an early morning low $8,135.0 before striking a high $8,191.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was also a positive start to the day for the majors.
Binance Coin, Litecoin and Tron’s TRX led the way with gains of 1.02%, 1.14%, and 1.51% respectively.
Ripple’s XRP (+0.80%) and Stellar’s Lumen (+0.60%) also found support, while EOS (+0.15%) and Ethereum (+0.24%) trailed.
For the Bitcoin Day Ahead
Bitcoin would need to move back through the morning high $8,191.0 to support a run at the first major resistance level at $8,256.37.
Support from the broader market would be needed, however, for Bitcoin to break through to $8,200 levels.
Barring a broad-based crypto rebound, the first major resistance level and Tuesday’s high $8,245.5 would likely cap any upside.
Failure to move through to $8,191.0 levels could see Bitcoin spend another day in the red.
A fall through to sub-$8,100 levels would bring the first major support level at $8,062.57 into play.
Barring a crypto meltdown, however, Bitcoin should continue to steer clear of sub-$8,000 levels.
In the event of a broad-based sell-off, the second major support level at $7,960.23 could come into play…