The Crypto Daily – The Movers and Shakers 07/08/19It’s all eyes on Bitcoin. A move through to $11,680 levels would be a green light for a broad-based crypto rally…
Bitcoin fell by 3.01% on Tuesday. Partially reversing a 7.76% rally from Monday, Bitcoin ended the day at $11,472.
A particularly choppy morning saw Bitcoin recover from an early morning low $11,563 to strike a late morning intraday high $12,325.
Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $12.184.33.
The move through to $12,000 levels for the 1st time since 11th July was short-lived, however.
Bitcoin slid back to $11,600 levels by late morning. Range-bound through the afternoon, Bitcoin managed to steer clear of sub-$11,500 levels before a late sell-off.
The late sell-off saw Bitcoin slide through the 23.6% FIB of $11,275 to an intraday low $11,249
Steering clear of the first major support level at $11,218, Bitcoin managed to move back through the 23.6% FIB to wrap up the day at $11,400 levels.
Bitcoin’s relatively modest loss on the day left Bitcoin’s dominance at 68% levels after a brief dip to 67% levels.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a sea of red for the majors.
EOS led the way down, with a 6.01% slide on Tuesday. Tron’s TRX (-4.73%), Bitcoin Cash ABC (-4.18%), Bitcoin Cash SV (-3.19%), and Stellar’s Lumen (-4.02%) weren’t far behind.
Ethereum and Stellar’s Lumen also saw relatively heavy losses, with the pair ending the day down by 3.05% and 3.42% respectively.
On the day, Litecoin and Binance Coin outperformed the pack with losses of 2.9% and 1.07% respectively.
The pullback on the day saw the total crypto market cap fall from a Tuesday high $319.93bn to $301.19bn at the time of writing.
While there were no major news events to drive the sell-off, the global financial markets may have had an impact.
Following the global equity market sell-off on Monday, a strengthening in the Yuan eased market tensions on Tuesday. This may have contributed to the pullback across the total crypto market through the 2nd half of the day…
At the time of writing, Bitcoin was up by 0.37% to $11,515. Recovering from an early morning low $11,385, Bitcoin struck a morning high $11,522.
A relatively range-bound first hour saw Bitcoin leave the major support and resistance levels untested.
Across the rest of the majors, Stellar’s Lumen (+0.12%), Binance Coin (+0.73%) and EOS (+0.58%) found early support.
It was red for the rest of the pack, however, all be it with minor losses. Bitcoin Cash SV led the way down, with a 0.52% fall at the time of writing.
For the Bitcoin Day Ahead
A move through to $11,680 levels would support a return to $12,000 levels on the day. Bitcoin would need the support of the broader market, however, to break through the first major resistance level at $12,115.
Barring another broad-based crypto rally, Bitcoin would likely fall short of the second major resistance level at $12,758. The first major resistance level and Tuesday’s high $12,325 would cap any upside on the day.
Failure to move through to $11,680 levels could see Bitcoin hit reverse later in the day. A fall through the morning low $11,385 would bring the first major support level at $11,039 into play.
Barring a crypto meltdown, Bitcoin should steer clear of sub-$11,000 levels, however.