The Crypto Daily – Movers and Shakers -23/10/19

It’s a bearish start to the day for the majors. A Bitcoin move through to $8,140 levels would signal the start of a rebound…
Bob Mason
Bitcoin 1

Bitcoin slid by 2.3% on Tuesday. Following on from a 0.20% decline on Monday, Bitcoin ended the day at $8,054.0.

A relatively bullish start to the day saw Bitcoin rise to a mid-day intraday high $8,333.0 before hitting reverse.

Coming within range of the first major resistance level at $8,349.47, Bitcoin slid to a late intraday low $8,034.9.

The sell-off saw Bitcoin slide through the first major support level at $8,159.97 and the second major support level at $8,076.13.

While steering clear of sub-$8,000 levels on the day, Bitcoin failed to move back through the major support levels ahead of the day end.

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 red across the crypto board on Tuesday.

Bitcoin Cash SV led the way, sliding by 6.55%, following an 18% surge on Monday.

Bitcoin Cash ABC (-2.36%), Litecoin (-2.34%), and Ethereum (-1.75%) also saw relatively heavy losses.

Stellar’s Lumen (-1.43%). EOS (-1.18%), Ripple’s XRP (-0.78%), and Binance Coin (-0.22%) saw modest losses on the day.

Through the early part of the week, the total crypto market cap rose to a high $224.47bn before falling to a day low $216.90, at the time of writing.

Bitcoin’s dominance continued to sit at sub-67% levels, with Tuesday’s relatively heavy loss pinning back Bitcoin back.

This Morning

At the time of writing, Bitcoin was down by 0.67% to $8,000.6. A bearish start to the day saw Bitcoin fall from an early morning high $8,074.5 to a low $7,966.9 before finding support.

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

Elsewhere, it was also a bearish start for the rest of the majors. Bitcoin Cash ABC (-3.10%), Bitcoin Cash SV (-2.55%), and Ethereum (-2.45%) led the way down.

Binance Coin (-2.04%), Stellar’s Lumen (-1.61%), and Litecoin (-1.59%) also saw relatively heavy losses early on.

Ripple’s XRP and EOS saw more modest losses, with the pair down by 0.98% and by 0.71% respectively.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,140 levels to support a run at the first major resistance level at $8,246.57.

Support from the broader market would be needed, however, for Bitcoin to break through to $8,100 levels.

Barring a broad-based crypto rebound, the first major resistance level and Monday’s high $8,333.0 would likely limit any upside.

Failure to move through to $8,140 levels could see Bitcoin take another hit the day.

A fall back through to sub-$8,000 levels would bring the first major support level at $7,948.47 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of the second major support level at $7,843.63.

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