Bitcoin’s on the Move Early. A Hold onto $10,000 Will be Key for the Majors

Bitcoin leads the way early on. Holding onto $10,000 through the morning would support the broader market.
Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 0.91% on Wednesday. Following on from a 4.57% slide from Tuesday, Bitcoin ended the day at $9,769.

A choppy morning saw Bitcoin slide to an early morning low $9,579 before finding support. The pullback saw Bitcoin fall through the 38.2% FIB of $9,734 and first major support level at $9,675.

Finding support from the broader market, Bitcoin bounced back to an early afternoon intraday high $9,922.26.

While Bitcoin managed to move back through the 38.2% FIB of $9,734, Bitcoin came up short of the first major resistance level at $10,186.

An afternoon reversal saw Bitcoin slide back through the 38.2% FIB and first major support level to an intraday low $9,534.1.

Finding support late on, Bitcoin recovered to $9,700 levels to limit the downside on the day.

It was also on the second time in since late June that Bitcoin fell short of $10,000 levels.

In spite of falling short of $10,000 levels, the extended bullish trend remained intact. Bitcoin will need to avoid a sell-off from the 38.2% FIB of $9,734, however, to maintain the extended bullish trend.

Elsewhere

Across the top 10 cryptos, it was a mixed bag for the majors.

Binance Coin and Tron’s TRX joined Bitcoin in the red on the day, with losses of 1.87% and 0.83% respectively.

It was a day in the green for the rest of the pack. EOS led the way on the day, rallying by 10.35%.

Litecoin (+4.92%), Ripple’s XRP (+2.41%), Bitcoin Cash ABC (+2.39%) and Ethereum (+2.18%) also saw solid gains.

Bitcoin Cash SV trailed the pack, rising by just 0.48%.

Bitcoin’s dominance fell back from 65% levels to 64.26% following Bitcoin’s loss on the day. In spite of the mixed day for the majors, the total market cap recovered from sub-$270bn levels to a high $279.80bn before easing back. At the time of writing, the total market cap stood at $277.75bn

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This Morning

At the time of writing, Bitcoin was up by 3.12% to $10,074.0. A particularly bullish start to the day saw Bitcoin rally from a morning low $9,733.3 to a high $10,188 before easing back.

The early morning rally saw Bitcoin break through the 38.2% FIB of $9,734, first major resistance level at $9,949.7 and second major resistance level at $10,130.4.

It was a mixed start to the day for the rest of the crypto majors. Bitcoin Cash SV (-1.97%), Tron’s TRX (-1.26%), EOS (-1.17%) and Litecoin (-0.13%) saw red in the early hours.

Ethereum (+2.49%), Bitcoin Cash ABC (+1.91%), and Binance Coin (+1.86%) saw a solid start to the day, whilst Ripple’s XRP trailed with a 0.48% gain at the time of writing.

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For the day ahead

Bitcoin would need to hold above the first major resistance level at $9,949.7 to support upward momentum through the day.

Barring an extended crypto rally through the day, however, Bitcoin will likely come up short of the third major resistance level at $10,518.9.

Failure to hold above the first major resistance level at $9,949.7 could see Bitcoin test support at the 38.2% FIB of $9,734 before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of the first major support level at $9,561.2 on the day.

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