The Crypto Daily – The Movers and Shakers – 11/09/19

It’s a bearish start to the day for the majors. Bitcoin will need to steer clear of sub-$10,000 levels for the broader market to avoid another day in the red…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin slid by 1.9% on Tuesday. Following on from a 0.91% fall on Monday, Bitcoin ended the day at $10,121.

A bullish start to the day saw Bitcoin rise to an early morning intraday high $10,399 before hitting reverse.

Falling well short of the first major resistance level at $10,543.33, Bitcoin slid to an early evening intraday low $9,959.

The reversal saw Bitcoin slide through the first major support level at $10,104.33 to sub-$10,000 for the first time since 2nd August.

Finding late support from the broader market, Bitcoin recovered to $10,000 levels to limit the loss on the day.

For Bitcoin, the extended bullish trend remained intact. Bitcoin continued to hold above the 38.2% FIB of $9,734 having steered well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag.

Bucking the trend on the day was Litecoin, which rose by 1.19%.

It was red for the rest of the majors, however.

Monero’s XMR led the way down on the day, sliding by 4.09%. Stellar’s Lumen and EOS also saw heavy losses, the pair falling by 2.73% and by 2.49% respectively.

On the downside, Ethereum (-0.55%) and Ripple’s XRP (-0.21%) saw modest losses on the day.

A relatively bearish start to the week saw the total crypto market cap fall from a Monday high $267.95bn to a Tuesday low $258.63bn. At the time of writing, the total crypto market cap stood at $260.30bn.

Bitcoin’s dominance slipped back further to 69.5%, with Bitcoin amongst the bigger losers in the current week.

This Morning

At the time of writing, Bitcoin was down by 0.01% to $10,120. A particularly choppy start to the day saw Bitcoin rise to an early morning high $10,300 before hitting reverse.

Bitcoin came within range of the first major resistance level at $10,360.33 before falling to a low $10,080.

In spite of the pullback, Bitcoin steered clear of the first major support level at $9,920.33.

Elsewhere, Monero’s XMR led the way, up by 2.01% at the time of writing. Ethereum and Stellar’s Lumen joined Monero’s XMR in the green, with gains of 0.18% and 0.58% respectively.

The rest of the majors were in the red, with Bitcoin Cash SV (-1.50%) and EOS (-0.85%) leading the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,160 levels to support another run at the first major resistance level at $10,360.33.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,300.

Barring a broad-based crypto rally, Tuesday’s high $10,399 and first major resistance level would likely cap any upside.

In the event of a broad-based rebound, the second major resistance level at $10,599.67 could come into play.

Failure to move back through to $10,160 levels could see Bitcoin fall for a 4th consecutive day.

A pullback through the morning low $10,080 would bring the first major support level at $9.920.33 into play.

Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$9,900 levels.

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