The Crypto Daily – The Movers and Shakers 10/07/19Bitcoin is on the move once more as the broader market looks to play catch up. The bulls will be eyeing $14,000…
Bitcoin was on the move once more on Tuesday. Bucking the trend from across the broader market, Bitcoin rose by 2.09% to end the day at $12,558. The Tuesday gains came off the back of a 7.1% rally on Monday.
On the day, a bullish start to the day saw Bitcoin rally to a mid-morning intraday high $12,814.6.
Bitcoin broke through the first major resistance level at $12,686 before sliding to a late morning intraday low $12,102.
Steering well clear of the first major support level at 11,613, Bitcoin found support through the afternoon to move back into positive territory late on.
For the current week, Bitcoin was up by 9.34%, with Bitcoin’s market cap rising from $218bn levels to $228bn levels on the day.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag on the day. Bitcoin Cash SV and Tron’s TRX joined Bitcoin in the green on the day, with gains of 2.67% and 0.56% respectively.
It was red for the rest of the pack, with Litecoin leading the way down, falling by 3.17%.
Binance Coin (-3.04%), Ripple’s XRP (-2.01%), Ethereum (-1.7%) and EOS (-1.2%) also saw relatively heavy losses on the day.
Bitcoin Cash ABC saw a more modest loss of just 0.44S% on the day.
Bitcoin’s dominance rose to 64% levels off the back of the current week gains. At the time of writing, Bitcoin’s dominance stood at 64.7%.
The total crypto market cap slipped from a Tuesday low high $354.77bn to a low $342.4bn before recovering back to $354bn levels at the time of writing.
At the time of writing, Bitcoin was up by 3.51% to $12,999. A particularly bullish start to the day saw Bitcoin rally from a morning low $12,540 to a high $13,103 before easing back.
The early rally saw Bitcoin break through the first major resistance level at $12,881.07 to hit $13,000 levels for the first time since 26th June.
Elsewhere, Tron’s TRX bucked the trend early on, falling by 0.29%. It was green for the rest of the top 10, however.
Ethereum, Bitcoin Cash SV and Binance Coin were the front runners, whilst trailing Bitcoin. Ethereum was up by 1.4% at the time of writing. Bitcoin Cash SV and Binance Coin were up by 1.28% and 1.11% respectively.
For the Day Ahead
Bitcoin would need to hold above the first major resistance level at $12,881.07 to support upward momentum through the day.
A move back through the morning high $13,103 would bring the second major resistance level at $13,204.13 into play.
Following Tuesday’s trend-bucking moves, Bitcoin would need the broader market to find support to begin a move towards $14,000 levels.
Failure to hold above the first major resistance level at $12,881.07 could see Bitcoin hit reverse.
A fall through the morning low $12,540 to sub-$12,490 levels would bring the first major support level at $12,168.47 into play.
Barring a crypto meltdown, however, we would expect Bitcoin to steer clear of sub-$12,500 levels on the day.