The Crypto Daily – Movers and Shakers -30/10/19

The bulls continue to make gains but, with a mixed start to the day this morning, pressure could build if momentum is lost.
Bob Mason

Bitcoin rose by 2.34% on Tuesday. Partially reversing a 3.64% slide from Monday, Bitcoin ended the day at $9,445.5.

A bullish start to the day saw Bitcoin rally to an early morning intraday high $9,559.8 before hitting reverse.

Falling short of the first major resistance level at $9,710.80, Bitcoin slid to an early evening intraday low $9,100.0.

In spite of the reversal, Bitcoin steered clear of the first major support level at $8,978.7.

Finding support from the broader market late on, Bitcoin recovered to $9,400 levels to close out the day in the green.

While ending the day in the green, it was the first day in 4 that Bitcoin failed to break through the 38.2% FIB of $9,734.

For the bulls, the extended bullish trend remained intact in spite of failing to break out from 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 particularly bullish day for the majors on Tuesday.

Bitcoin Cash ABC and Tron’s TRX led the way, rallying by 8.46% and by 8.37% respectively.

Ethereum and Binance Coin also saw solid gains, rising by 4.98% and 4.31% respectively.

While the rest of the pack saw more modest gains, it was an impressive session for the crypto bulls.

EOS (+3.81%), Litecoin (+3.46%), Ripple’s XRP (+2.57%), and Stellar’s Lumen (+2.18%) also made good progress,

Following last week’s 40% plus rally, Bitcoin Cash SV trailed the pack, rising by 2.33%.

Through the start of the week, the total crypto market cap hit an early morning high $257.76bn on Monday before sliding to a Monday day low $246.38bn. A pullback through the afternoon on Tuesday saw the total crypto market cap fall back to sub-$250bn levels before support kicked in. At the time of writing, the total market cap stood at $251.85bn.

While Bitcoin’s dominance held steady 67% levels following Monday’s pullback, trading volumes eased back to sub-$100bn levels.

On the news front, reports from China of EOS and Tron coming out as the top-ranked blockchain projects delivered strong support. The Ministry of Industry released the rankings that garnered more attention than usual. The interest came following China Premier Xi’s recent support of blockchain tech.

A resurgent Tron’s TRX ousted Stellar’s Lumen to take the number 10 spot by market cap. Tron’s TRX is up by a whopping 52.5% for the current month.

Other notables in China’s blockchain top 10 included Ethereum ranked 3rd, Stellar’s Lumen ranked 10th. Bitcoin came in at number 11. From outside the top 10 by market cap, but on China’s top 10 included NULS (119), BitShares (66), STEEM (83), Lisk (56), QTUM (34), and NEO (18). Rankings by market cap are in () s.

The likes of EOS and Tron’s XRP made strong gains in the wake of Premier Xi’s comments and the rankings. The latest rankings didn’t deliver similar results elsewhere, however.

On Tuesday, in spite of the broad-based crypto rally STEEM, Qtum, Lisk, and BitShares ended the day in the red.

This Morning

At the time of writing, Bitcoin was down by 0.17% to $9,429.0. A relatively bearish start to the day saw Bitcoin fall from an early morning high $9,446.9 to a low $9,408.6.

Bitcoin left the major support and resistance levels untested.

Elsewhere, Binance Coin (-0.52%), Bitcoin Cash ABC (-0.50%), EOS (-0.42%), and Ethereum (-0.08%) also saw red.

Bitcoin Cash SV (+0.09%), Litecoin (+0.27%), Ripple’s XRP (+0.91%), and Stellar’s Lumen (+0.05%) found support early on.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,500 levels to support a run at the first major resistance level at $9,636.87.

Support from the broader market would be needed, however, for Bitcoin to break out from Tuesday’s high $9,559.8.

In the event of a broad-based crypto rally, Bitcoin would likely test selling pressure at the 38.2% FIB of $9,734.

Failure to move back through to $9,500 levels could see Bitcoin give up ground on the day.

A fall through to $9,360 levels would bring the first major support level at $9,177.07 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,000 levels.

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