The Crypto Daily – The Movers and Shakers 04/07/19It’s back into the red for the broader market, as Bitcoin struggles at $12,000. Expect Bitcoin to provide the majors with direction on the day…
Bitcoin led the way on Wednesday, providing much-needed support to the broader market at the turn of the quarter.
Bitcoin rallied by 10.09% on Wednesday. Following on from a 2.29% gain from Tuesday, Bitcoin ended the day at $11,982.
A bullish start to the day saw Bitcoin rally from an intraday low $10,876 to a mid-morning high $11,584.
Bitcoin broke through the 23.6% FIB of $11,275 and first major resistance level at $11,323.93 before hitting reverse.
Bitcoin fell back through the 23.6% FIB to sub-$11,000 levels before bouncing back to $11,500 levels.
A relatively choppy afternoon saw Bitcoin find support at the 23.6% FIB of $11,275 before a late in the day rally.
The late rally saw Bitcoin rise from an afternoon low $11,038 to a late intraday high $12,025.
Bitcoin broke through the 23.6% FIB, first major resistance level at $11,323.93 and second major resistance level at $11,762.87.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a sea of green across the crypto-board.
Coming in a distant second to Bitcoin was Ethereum, which gained 3.62%. Bitcoin Cash SV (+3.03%), Litecoin (+2.69%), EOS (+2.39%), Bitcoin Cash ABC (+2.25%), Tron (+2.14%) and Binance Coin (+2.10%) also made solid gains on the day.
For Stellar’s Lumen, a modest 1.52% gain on the day saw the gap widen with Tron sitting at the number 10 spot by market cap.
The Bitcoin rally on the day led to Bitcoin’s dominance rising back to 62% levels. At the time of writing, Bitcoin’s dominance stood at 63.1%
The total crypto market cap rose from $315bn levels to $337.4bn on Wednesday, supported by Bitcoin’s break out.
At the time of writing, Bitcoin was down by 1.08% to $11,852. A mixed start to the day saw Bitcoin rise to a morning high $12,065 before falling to a morning low $11,808.
Bitcoin left the major resistance and support levels untested in the early hours.
Elsewhere, Binance Coin bucked the trend at the time of writing, rising by 0.31%.
For the rest of the pack, it was back in the red. Leading the way was EOS, which was down by 2.25%.
Litecoin (-1.38%), Ethereum (-1.26%) and Tron (-1.21%) were also deep in the red in the early hours.
Amongst the cryptos in reverse, Bitcoin Cash SV saw the most modest loss, down by 0.02% at the time of writing.
For the Day Ahead
Bitcoin would need to hold onto $11,800 levels through the morning to support a rebound later in the day.
A move through the morning high $12,065 would bring the first major resistance level at $12,379.33 into play.
Bitcoin would need the support of the broader market, however, to break out from the morning high.
Failure to hold onto $11,800 levels could see Bitcoin cough up Wednesday’s gains. A fall through to sub-$11,630 levels would bring the 23.6% FIB of $11,275 into play.
Barring a crypto meltdown, the first major support level at $11,230.33 should limit any downside in the event of an extended sell-off.