Bitcoin and the Pack See Red as Momentum Fades

It’s back in the red for Bitcoin and the pack. A move through to $10,600 levels would signal a recovery of Wednesday’s losses.
Bitcoin and Litecoin over dollar banknotes.

Bitcoin slipped by 0.48% on Wednesday. Partially reversing a 2.93% gain from Tuesday, Bitcoin ended the day at $10,590.

Bearish through the morning, Bitcoin slipped from an early morning high $10,669 to an early afternoon intraday low $10,410.

In spite of the reversal, Bitcoin left the major support levels untested on the day.

Finding support through the late afternoon, Bitcoin rallied to a late intraday high $10,849 before sliding back to sub-$10,600 levels.

The first major resistance level at $10,841 capped the upside before Bitcoin fell back into the red.

Bitcoin’s run of 5 consecutive days in the green came to an end with late Wednesday’s pullback.

For the bulls, the extended bullish trend remained intact. While Bitcoin broke back through the 38.2% FIB, Bitcoin has also continued to hold well above the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red across the crypto board.

Litecoin and Binance Coin led the way on the day, falling by 2.95% and 2.82% respectively.

Ethereum (-2.38%), Stellar’s Lumen (-2.08%), and Bitcoin Cash ABC (-1.93%), also saw relatively heavy losses.

Ripple’s XRP (-1.62%), EOS (-1.4%), Monero’s XMR (-1.21%), and Bitcoin Cash SV (-0.85%) saw more modest losses on the day.

Mid-way through the first week of September, it’s been a mixed bag for the majors. Bitcoin and Monero’s XMR stand out, with gains of 10.11% and 9.82% respectively.

At the other end of the spectrum, Stellar’s Lumen and EOS struggled, with losses of 1.26% and 0.56% respectively…

Since the start of the week, the total crypto market cap has risen from a Monday low $251.32bn to a day high $272.75bn on Tuesday before easing back to Wednesday low $265.5bn. At the time of writing, the total crypto market cap stood at $267.25bn.

Bitcoin’s solid start to the month continued to support the rise in dominance to 70%. At the time of writing. Bitcoin’s dominance last stood at 70.7%.

This Morning

At the time of writing, Bitcoin was down by 0.43% to $10,544. A bearish start to the day saw Bitcoin fall from an early morning high $10,608 to a low $10,517 before finding support.

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

Elsewhere, Monero’s XMR bucked the trend in the early hours, rising by 0.23%. It was red for the rest of the pack. Bitcoin Cash SV and Litecoin led the way down, with losses of 0.65% and 0.49% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,620 levels to support a run at the first major resistance level at $10,822.67.

Barring a broad-based crypto rebound, Bitcoin would likely leave the major resistance levels untested on the day.

Bitcoin would need the support of the broader market, however, to break out from the morning high $10,608.

A break out would bring the first major resistance level at $10,822.67 and Wednesday’s high $10,849 into play.

Failure to move back through to $10,620 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $10,517 to $10,400 levels would bring the first major support level at $10,383.67 into play.

Barring an extended sell-off through the day, we would expect Bitcoin to steer clear of sub-$10,300 levels, however.

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