The Crypto Daily – The Movers and Shakers 14/08/19

Bitcoin is under pressure early on. A move back through to $11,060 levels would signal the start of a recovery…
Bob Mason

Bitcoin slid by 4.44% on Tuesday. Following on from a 1.48% fall on Monday, Bitcoin ended the day at $10,904.

A bullish start to the day saw Bitcoin strike an early morning intraday high $11,468 before hitting reverse.

Falling well short of the first major resistance level at $11,572.67, Bitcoin slid to a late afternoon intraday low $10,800.

The sell-off saw Bitcoin fall through the first major support level at $11,247.67 and second major support level at $11,091.33.

Of greater significance was a fall back through the 23.6% FIB of $11,275 to return to sub-$11,000 levels.

For the bulls, the only highlight was Bitcoin steering clear of the third major support level at $10,766.33.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red for the majors.

Monero’s XMR saw the heaviest loss of the day, sliding by 6.27%. BNB also saw deep red on the day, falling by -2.62%.

Tron’s TRX (-1.38%), Stellar’s Lumen (-1.58%), Litecoin (-1.46%), Ethereum (-1.28%), and EOS (-1.44%) saw more modest losses.

Bucking the trend on the day were Bitcoin Cash ABC and Bitcoin Cash SV, which rose by 5% and 0.35% respectively.

With Bitcoin on the back foot, Bitcoin’s dominance slipped back to 67.9% at the time of writing.

A bearish start to the week for the crypto majors saw the total crypto market cap fall from $299.69bn to a current week low $284.64bn. At the time of writing, the total crypto market cap stood at $284.9bn.

This Morning

At the time of writing, Bitcoin was down by 0.93% to $10,802.9. A bearish start to the morning saw Bitcoin fall from a morning high $10,909 to a low $10,772.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, Bitcoin Cash ABC continued to defy gravity, rising by 0.54%. Stellar’s Lumen (+0.34%), EOS (+0.04%), and Bitcoin Cash SV (0%) also managed to avoid the red.

For the rest of the pack, the reversal continued, however. Tron’s TRX led the way down in the early hours, falling by 0.82%.

For the Bitcoin Day Ahead

A move back through to $11,060 would support the recovery of Tuesday’s losses. Bitcoin would need to strike $11,150 levels, however, to bring the 38.2% FIB of $11,275 into play.

Support from the broader market would be needed, for Bitcoin to take a run at the first major resistance level at $11,314.67.

In the event of a broad-based crypto rebound, Tuesday’s high $11,468 would likely cap any upside on the day.

Failure to move through to $11,060 levels could see Bitcoin give up more ground. A fall through the morning low $11,772 would bring the first major support level at $10,646.67 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $10,389.33.

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