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The Crypto Daily – The Movers and Shakers 17/07/19

By:
Bob Mason

It'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 1

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.

This Morning

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.

BTC/USD 17/07/19 Daily Chart

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.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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