The Crypto Daily – The Movers and Shakers 17/07/19It’s green across the crypto-board early on. Bitcoin will be the market barometer on the day. A move into the red would weigh on the majors.
Bitcoin joined the broader crypto market in the deep red on Tuesday.
Bitcoin tumbled by 12.9% on Tuesday. Reversing a 6.1% gain from Monday, Bitcoin ended the day at $9,423.8.
An early morning intraday high $11,011 saw Bitcoin fall well short of the first major resistance level at $11,292.6.
Bearish through the rest of the day, Bitcoin tumbled to a late intraday low $9,352.0. The extended sell-off saw Bitcoin slide through the first major support level at $10,114.6 and second major support level at $9,408.3.
Of greater significance was a fall through the 38.2% FIB of $9,734.
Bitcoin’s market cap fell from $196bn levels to $165bn levels before steadying.
The Rest of the Pack
For the rest of the top 10 cryptos, it was a sea of red across the crypto board on the day.
Leading the way down was Tron’s TRX, which tumbled by 17.29%. EOS and Bitcoin Cash SV weren’t far behind, with falls of 14.56% and 13.91% respectively.
Also seeing double digits losses were Ethereum (-12.84%), Binance Coin (-12.68%), Litecoin (-11.99%) and Bitcoin Cash ABC (-11.1%).
On the day, Ripple’s XRP had the most modest of losses. Ripple’s XRP fell by 5.71% on the day.
Bitcoin’s dominance stood at 66% at the time of writing, easing back from a Tuesday high 66.88%, Tuesday’s sell-off and modest gains this morning led to Bitcoin’s dominance hitting reverse.
Over the day, the total crypto market cap slid from a Tuesday high $290.48bn to a low $250.67bn. At the time of writing, the total market cap stood at $257.22bn.
At the time of writing, Bitcoin was up by 0.42% to $9,463.7. A mixed start to the day saw Bitcoin fall to a morning low $9,221.6 before rising to a high $9,615.
In spite of the choppy start to the day, Bitcoin left the major support and resistance levels untested early on. Bitcoin also came up short of the 38.2% FIB of $9,734.
Elsewhere, it was green across the crypto-board. Leading the way through the morning were Bitcoin Cash SV and Bitcoin Cash ABC, which were up by 3.55% and 2.60%.
Also finding strong support were Tron’s TRX (+2.39%), Binance Coin (+1.92%), and Ethereum (+1.65%).
Trailing the pack and moving alongside Bitcoin was Litecoin, which was up by just 0.14% at the time of writing.
For the Day Ahead
A move back through the 38.2% FIB of $9,734 to $9,900 levels would support a run at $10,000.
Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $10,505.87.
Barring an extended crypto rally through to the afternoon, Bitcoin would likely come up short of $10,000 levels.
Failure to move back through the 38.2% FIB of $9,734 could see Bitcoin hit reverse. A fall through the morning low $9,221.6 would bring sub-$9,000 levels into play before any recovery.
Barring another crypto meltdown, Bitcoin should steer clear of the first major support level at $8,846.87.