The Crypto Daily – The Movers and Shakers 27/06/19Bitcoin joins the majors in the red in the early hours. A move through to $12,780, however, would signal a return to $13,000 levels…
It was another day for the Bitcoin bulls.
Bitcoin rallied by 9.7% on Wednesday. Following on from a 6.03% gain on Tuesday, Bitcoin ended the day at $12,876.
It was a 9th consecutive day of gains for the Bitcoin bulls.
Bullish through most of the day, Bitcoin rallied from an early intraday low $11,684.5 to a late intraday high and new swing hi $13,764.
Steering well clear of the major support levels, Bitcoin broke through the major resistance levels before a late sell-off.
The late sell-off saw Bitcoin slide back to $11,780 levels before bouncing back.
A late recovery saw Bitcoin break back through to $12,000 levels to close out the day with solid gains.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was another mixed bag for the rest of the pack.
Joining Bitcoin in the green on the day were Ethereum and Bitcoin Cash ABC, with gains of 5.77% and 1.90% respectively.
It was red for the rest of the top 10. Leading the way down were Bitcoin Cash SV and EOS. The pair fell by 7.93% and 6.04% respectively.
Litecoin and Stellar’s Lumen also saw relatively heavy losses, falling by 3.6% and by 2.35% respectively.
Ripple’s XRP and Binance Coin saw more modest losses of 1.27% and 0.95% respectively.
The moves through Tuesday saw Bitcoin’s dominance hit 63% levels.
Bitcoin drove the total crypto market cap to $370bn levels on the day, up from $336.68bn on Tuesday.
The Bitcoin rally also drew in sidelined investors. 24-hour trading volumes jumped from $71bn levels to $130bn levels on the day.
At the time of writing, Bitcoin was down by 2.45% to $12,561.0. A choppy start to the day saw Bitcoin hit a morning high $13,242 before sliding to a morning low $12,371.
In spite of the choppy start, Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a sea of red across the majors. Stellar’s Lumen was down by 3.54% at the time of writing. Bitcoin Cash ABC (-2.52%), Binance Coin (-2.77%), and Bitcoin Cash SV (-2.04%) were also deep in the red.
Through the early hours, Ethereum saw the most modest of losses, down by 1.25%.
For the Day Ahead
Bitcoin would need to move back through to $12,780 levels to support another break through to $13,000 levels.
Following the recent string of gains, however, Bitcoin would need support from the broader market to break out from this morning’s high $13,242.
Barring a return to $13,000 levels by the early afternoon, Bitcoin would likely come up short of the first major resistance level at $13,865.17.
Failure to move back through to $12,780 levels could see Bitcoin fall deeper into the red. A fall through the morning low $12,371 would bring sub-$12,000 levels into play.
Barring a crypto meltdown, however, the first major support level at $11,785.67 should limit the downside on the day.