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The Crypto Daily – The Movers and Shakers 02/07/19
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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...
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.
About the Author
Bob Masonauthor
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.
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