The Crypto Daily – Movers and Shakers -07/11/19

It’s another mixed start to the day. An early Bitcoin move through to $9,370 levels would be a bullish signal…
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Bitcoin rose by 0.17% on Wednesday. Partially reversing a 1.08% fall from Tuesday, Bitcoin ended the day at $9,352.8.

A bullish start to the day saw Bitcoin rise from an early morning low $9,300.0 to a mid-morning intraday high $9,475.0.

Steering clear of the major support levels, Bitcoin came within range of the first major resistance level at $9,500.83.

A reversal through the late morning, however, saw Bitcoin fall to a late afternoon intraday low $9,278.0.

In spite of the pullback, Bitcoin steered clear of the first major support level at $9,181.83.

Finding support late in the day, Bitcoin moved back to $9,300 levels to close out the day in the green.

For the bulls, the extended bullish trend remained intact in spite of failing to break back through the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors on Wednesday.

Bitcoin Cash ABC and Ripple’s XRP led the way, with gains of 4.19% and 3.07% respectively.

Bitcoin Cash SV (+0.32%), Ethereum (+1.23%), Litecoin (+1.55%), and Tron’s TRX (+1.7%) also saw green.

Stellar’s Lumen and EOS bucked the trend, however, with losses of 6.36% and 0.64% respectively.

Binance Coin ended the day flat, with a 0.05% gain.

Through the current week, the total crypto market cap rose from a low $246.06bn to a Wednesday high $254.37 before easing back. At the time of writing, the total market cap stood at $253.38bn.

Bitcoin’s dominance held onto 66% levels on the day, following the minor gain on Wednesday, while trading volumes slipped back to sub-$90bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.07% to $9,359.7. A mixed first hour saw Bitcoin fall to an early morning low $9,340.1 before striking a high $9,359.8.

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

Elsewhere, Ripple’s XRP (+0.82%), EOS (+0.37%), and Ethereum (+0.20%) joined Bitcoin in the green.

It was red for the rest of the pack, however, with Tron’s TRX falling by 0.51% to lead the way down.

Binance Coin (-0.13%), Bitcoin Cash ABC (-0.10%), Bitcoin Cash SV (-0.31%), Litecoin (-0.10%), and Stellar’s Lumen (-0.11%) saw modest losses early on.

[fx-image src=https://www.tradingview.com/x/uWjwA7a3/ originalWidth=814 ratio=1.32 data-zoom-target=https://www.tradingview.com/x/uWjwA7a3/]

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,370 levels to support a run at the first major resistance level at $9,459.20.

Support from the broader market would be needed, however for Bitcoin to break back through to $9,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $9,475 would likely limit any upside.

In the event of a breakout, Bitcoin would likely revisit $9,500 levels before any pullback. The second major resistance level at $9,565.60 would likely pin Bitcoin back, however.

Failure to move through to $9,370 levels could see Bitcoin hit reverse.

A fall through the morning low $9,340.1 to sub-$9,300 levels would bring the first major support level at $9,262.2 into play.

Barring an extended sell-off through the day, Bitcoin should steer well clear of sub-$9,200 support levels.

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