The Crypto Daily – The Movers and Shakers 19/06/19

The majors are looking for a bounce back from Tuesday’s sell-off. Can Bitcoin and the FED deliver?
Bob Mason
Crypto00 567

Bitcoin slid by 2.75% on Tuesday. Partially reversing a 4.1% gain from Monday, Bitcoin ended the day at $9,095.0.

A relatively choppy day saw Bitcoin slide from a start of a day intraday high $9,376.8 to a late intraday low $8,945.0.

Falling well short of the major resistance levels, Bitcoin fell through the first major support level at $9,063.47.

Support from the broader market led to a final hour recovery to $9,000 levels.

The Tuesday sell-off brought to an end a run of 6 consecutive days in the green.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was another mixed bag for the major cryptos.

Binance Coin and Litecoin bucked the trend on the day. While Litecoin eked out a 0.67% gain, Binance Coin rose by 1.45%. The rest of the pack saw red.

Leading the way down was Stellar’s Lumen, which slid by 5.48%. EOS (-5.13%), Ripple’s XRP (-4.83%) and Bitcoin Cash ABC (-4.48%) were not far behind on the day.

The reversal on the day came in spite of a lack of news events, with the Bitcoin bulls continuing to grab the headlines.

News of Facebook’s cryptocurrency Libra also did the rounds on the day, but would unlikely have had any material influence. The jury is still out on whether Facebook will be able to successfully launch a cryptocurrency and compete with the likes of Bitcoin.

In spite of the Tuesday reversal, the total crypto market cap avoided a pullback to sub-$280bn levels. At the time of writing, the total crypto market cap stood at $283.6bn.

Trading volumes eased back, however, falling back from $75bn levels on Sunday to sub-$60bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.69% to $9,157.5. A bullish start to the day saw Bitcoin rise from an early morning low $9,062.0 to a high $9,198.0.

In spite of the early moves, Bitcoin left the major support and resistance levels untested.

Elsewhere, Bitcoin Cash SV and Litecoin bucked the trend early, with declines of $1.24% and 0.58% respectively.

Leading the pack at the time of writing was Bitcoin. Binance Coin was close behind, up by 0.53%.

For the Day Ahead

Bitcoin would need to avoid a pullback to sub-$9,140 levels through the day to support a move back through to $9,300 levels.

Support from the broader market would be needed, however, for Bitcoin to break through the first major resistance level at $9,332.87.

In the event of a broad-based crypto rally, Bitcoin could take a run at Sunday’s high $9,490 and $9,500 levels before any pullback.

Failure to steer clear of sub-$9,140 levels could see Bitcoin hit reverse. A fall back through the morning low $9,062.0 would bring sub-$9,000 levels into play.

A broad-based crypto sell-off would likely see Bitcoin test the first major support level at $8,901.07 before any recovery.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$8,900 levels on the day.

For those looking to see if there’s any correlation between the cryptos and monetary policy, today could be the day.

With the FED expected to signal monetary policy easing later in the year will a more dovish FED deliver a boost to the majors?

Get Into Cryptocurrency Trading Today

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.