The Crypto Daily – Movers and Shakers -25/10/19

It’s a mixed start to the day as investors recover from Wednesday’s sell-off. Bitcoin may well need to lead the way today to support further upside.
Bob Mason
Crypto00 567

Bitcoin fell by 0.54% on Thursday. Following on from 6.96% tumble on Wednesday, Bitcoin ended the day at $7,453.0.

A relatively bearish start to the day saw Bitcoin fall to a mid-morning intraday low $7,367.9 before finding support.

Bitcoin steered clear of the first major support level at $7,193.23 and the 62% FIB of $7,245.

Finding support in the late morning, Bitcoin struck an early afternoon intraday high $7,529.0.

Falling short of the first major resistance level at $7,934.33, Bitcoin eased back to $7,400 levels and a particularly range-bound 2nd half of the day.

For the bulls, the extended bullish trend remained intact in spite of sliding back to sub-$8,000 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 mixed day for the crypto majors on Thursday.

Bitcoin Cash SV led the way with an 8.44% rally that reversed Wednesday’s 7.1% loss.

Binance Coin (1.68%), Bitcoin Cash ABC (1.44%), Stellar’s Lumen (1.38%), and Ripple’s XRP (1.30%) also made solid gains.

While EOS (0.37%) and Litecoin (0.30%) managed to end the day in the green, Ethereum joined Bitcoin in the red, with a 1.08% loss.

After a choppy couple of days, it’s been a bearish week for the majority of the top 10. Bitcoin Cash SV bucks the trend in the current week, rising by 12.58%.

For the rest, Bitcoin (-9.78%), Litecoin (-9.64%), Ethereum (-8.44%), and Binance Coin (-8.34%) have seen the heaviest losses, Monday through Thursday.

Through the current week, the total crypto market cap rose to a Monday high $224.47bn before falling to a Wednesday low $202.69bn. At the time of writing, the total market cap stood at $205.66bn.

Bitcoin’s dominance slipped to 65% levels on Thursday after a trend-bucking loss on the day.

This Morning

At the time of writing, Bitcoin was up by 0.11% to $7,460.9. A relatively range-bound start to the day saw Bitcoin rise from an early morning low $7,452.8 to a high $7,463.2.

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

Elsewhere, Bitcoin Cash SV led the way, rising by 1.63%. EOS (0.25%), Ripple’s XRP (0.23%), Ethereum (0.17%), and Litecoin (0.14%) also saw green.

Stellar’s Lumen (-0.46%) and Bitcoin Cash ABC (-0.28%) bucked the trend in the 1st hour of the day.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to avoid sub-$7,450 levels to support a run at the first major resistance level at $7,532.03.

Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $7,529.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of the second major resistance level at $7,611.07.

Failure to steer clear of sub-$7,450 levels could see Bitcoin see red for a 5th consecutive day.

A fall back through to $7,300 levels would bring the first major support level at $7,370.93 into play.

Barring an extended sell-off through the day, Bitcoin should steer clear of the 62% FIB of $7,245.

In the event of another broad-based crypto sell-off, the second major support level at $7,288.87 and 62% FIB would likely limit any further downside.

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