It's a bearish start to the day. A Bitcoin move back through to $19,500 should support the pack.
Bitcoin, BTC to USD, rose by 0.92% on Tuesday. Following on from a 0.53% gain on Monday, Bitcoin ended the day at $19,459.0.
It was a mixed start to the day. Bitcoin rose to an early morning high $19,570.0 before hitting reverse.
Bitcoin broke through the first major resistance level at $19,418 and the second major resistance level at $19,555.
The reversal saw Bitcoin slide to a mid-morning intraday low $19,070.0 before making a move.
Finding support at the first major support level at $19,077, Bitcoin rallied to a late afternoon intraday high $19,607.0.
Bitcoin broke back through the first major resistance level at $19,418 and the second major resistance level at $19,555.
A choppy end to the day, however, saw Bitcoin fall back through the major resistance levels to sub-$19,400 before ending the day at $19,450 levels.
The near-term bullish trend remained intact, supported by the recovery to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,095 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Tuesday.
Ripple’s XRP slid by 5.85% to lead the way down once more.
Cardano’s ADA (-3.08%), Binance Coin (-1.70%), Chainlink (-1.17%), and Litecoin (-1.24%) also struggled.
It was a bullish day for the rest of the majors, however
Bitcoin Cash SV (+0.95%), Crypto.com Coin (+2.14%), Ethereum (+0.46%), and Polkadot (+6.00%) bucked the trend on the day.
For the current week, the crypto total market cap fell to a Monday low $545.05bn before rising to a Tuesday high $566.22bn. At the time of writing, the total market cap stood at $554.81bn.
Bitcoin’s dominance fell to a Monday low 64.21% before rising to a Tuesday high 64.85%. At the time of writing, Bitcoin’s dominance stood at 64.80%.
At the time of writing, Bitcoin was down by 0.50% to $19,361.0. A mixed start to the day saw Bitcoin rise to an early morning high $19,481.0 before falling to a low $19,317.8.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day.
Bitcoin Cash SV was up by 0.97% to buck the trend early on.
It was a bearish start for the rest of the majors, however.
At the time of writing, Chainlink and Ripple’s XRP were down by 2.19% and by 2.16% to lead the way down.
Bitcoin would need to move back through the pivot level at $19,379 to bring the first major resistance level at $19,687 into play.
Support from the broader market would be needed for Bitcoin to break out from Tuesday’s high $19,607.0.
Barring an extended crypto rally, the first major resistance level and resistance at $19,700 would likely cap any upside.
In the event of an extended crypto rally, the second major resistance level at $19,916 and resistance at $20,000 could come into play.
Failure to move back through the $19,379 pivot would bring the first major support level at $19,150 into play.
Barring an extended crypto sell-off, Bitcoin should steer clear of the second major support level at $18,842.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.