The Crypto Daily – The Movers and Shakers 02/07/19

Bitcoin takes a hit early on to pin the major cryptos back into the red. A Bitcoin move through to $10,700 could bring relief for the bulls…
Bob Mason
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin saw red for a 3rd consecutive day to kick off the 3rd quarter on the back foot.

Bitcoin fell by 1.48% on Monday. Following on from a 9.33% slide on Sunday, Bitcoin ended the day at $10,640.

A relatively bullish start to the day saw Bitcoin rise from a morning low $10,641 to an early morning intraday high $11,231.

While falling well short of the first major resistance level at $11,806, Bitcoin came up against the 23.6% FIB of $11,275 before hitting reverse.

An afternoon sell-off saw Bitcoin slide to an early evening intraday low $10,088 before finding support.

The reversal saw Bitcoin fall through the first major support level before recovering to $10,600 levels.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of green across the crypto-board.

Leading the way on the day was EOS, which rallied by 4.96%. Close behind was Bitcoin Cash ABC, which rose by 4.11%.

Binance Coin and Ripple’s XRP also saw solid gains, rising by 3.86% and by 3.49% respectively. Bitcoin Cash SV (+1.00%), Ethereum (+1.25%), and Stellar’s Lumen (+2.04%) saw more modest gains on the day.

With Bitcoin bucking the trend to see red on the day, Bitcoin’s dominance fell back to 60% levels.

A choppy day for the crypto majors led the total crypto market cap to sub-$300bn levels before a late recovery.

At the time of writing, the total crypto market cap stood at $303.56bn.

Following a bullish month for Bitcoin, the pullback from $12,000 levels to test support at $10,000 will test investor resilience.

It wouldn’t be the first time that Bitcoin slid back from a momentum driven rally…

This Morning

At the time of writing, Bitcoin was down by 3.44% to $10,274.4. An early morning high $10,719 came up short of the first major resistance level at $11,796 before hitting reverse.

Bitcoin fell to a morning low $10,263 before steadying. In spite of the pullback, Bitcoin held above the first major support level at $10,075.

It was a sea of red across the crypto majors. Litecoin and Binance Coin were alongside Bitcoin at the time of writing. The pair were down by 3.26% and $3.14% respectively.

Bitcoin Cash SV saw a modest loss of just 0.48% through the early hours.

For the Day Ahead

Bitcoin would need to move back through to $10,700 levels to support a broad-based crypto market rebound.

A move through to $10,700 levels would bring $11,000 levels into play before any pullback.

Barring a broad-based crypto rally, the first major resistance level at $11,218 and 23.6% FIB of $11,275 would likely limit any upside.

In the event of a rebound, Bitcoin could test the second major resistance level at $11,796 before any pullback.

Failure to move back through to $10,700 levels could see Bitcoin struggle through the day. A slide through the morning low $10,263 would bring the first major support level at $10,075 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,000 support levels on the day.

In the event of a meltdown, the 38.2% FIB of $9,734 and second major support level at $9,510 should limit the damage.

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