The Crypto Daily – The Movers and Shakers 03/07/19

Bitcoin is on the move early following a trend-bucking gain on Tuesday. A move through the 23.6% FIB should signal a bullish day ahead.
Bob Mason
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin continued its trend-bucking form on Tuesday to end a string of losses at the turn of the quarter.

Bitcoin rose by 2.29% on Tuesday. Reversing a 1.48% fall from Monday, Bitcoin ended the day at $10,885.

A bearish start to the day saw Bitcoin slide from a morning high $10,719 to a late morning intraday low $9,728.2.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $10,075 to test support at the 38.2% FIB of $9,734 before bouncing back.

Rallying through the afternoon, Bitcoin struck a late intraday high $10,965 before easing back.

In spite of the afternoon rally, Bitcoin fell well short of the first major resistance level at $11,218. It was Bitcoin’s first visit to sub-$10,000 levels since 21st June.

The Rest of the Pack

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

Leading the way down was Binance Coin, which slid by 3.65%. Also seeing heavy losses were Litecoin (-3.26%), Tron (-2.89%), Bitcoin Cash ABC (-2.59%), and EOS (-2.37%).

Ethereum and Bitcoin Cash SV saw more modest losses of 0.84% and 0.48% respectively.

For Stellar’s Lumen, things haven’t improved since falling out of the top ten with a 2.16% loss on the day.

With Bitcoin bucking the trend to see green on the day, Bitcoin’s dominance moved back to 61% levels.

The total crypto market cap recovered from sub-$290 levels on Tuesday to end the day at $313.2bn.

This Morning

At the time of writing, Bitcoin was up by 2.73% to $11,182 as the bulls look to restore order. Moves within the first hour saw Bitcoin rise from a low $10,876 to a high $11,200 before easing back.

While leaving the major support and resistance levels untested early on, Bitcoin came within range of the 23.6% FIB of $11,275.

Elsewhere, it was a mixed start to the day for the majors. Ethereum tracked Bitcoin early on, with a 1.01% gain. Tron (+0.94%), Bitcoin Cash SV (+1.03%), and Litecoin (+1.18%) also made solid gains.

Bucking the trend in the early hours, however, was Binance Coin with a 0.31% loss.

For the Day Ahead

Bitcoin would need to move through the 23.6% FIB of $11,257 to bring the first major resistance level at $11,323.93 into play.

Having failed to touch $11,000 levels on Tuesday, the early move should support a bullish day ahead.

An early break through the first major resistance level would bring $11,500 levels into play.

Bitcoin would need the support of the broader market, however, to take a run at the second major resistance level at $11,762.87.

Failure to move through the 23.6% FIB could see Bitcoin hit reverse. A fall back through to $10,500 levels would bring the first major support level at $10,087.13 into play.

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

Get Into Cryptocurrency Trading Today

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US