The Crypto Daily – Movers and Shakers -22/10/19

It’s a mixed start to the day for Bitcoin and the pack. A Bitcoin move through to $8,270 levels would signal a broad-based crypto rally.

Bitcoin fell by 0.20% on Monday. Partially reversing a 3.35% gain from Sunday, Bitcoin ended the day at $8,243.8.

Relatively range-bound through the morning, Bitcoin rose from an early morning low $8,227.6 to late morning high $8,312.6.

Steering clear of the major support and resistance levels, Bitcoin struck a mid-afternoon intraday high $8,371.3.

Falling short of the first major resistance level at $8,424.6, Bitcoin slid to a late afternoon intraday low $8,181.8.

Bitcoin steered clear of the first major support level at $8,009.2 to move back through to $8,200 levels.

For the bulls, the extended bullish trend remained intact in spite of hovering at sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin 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 start to the week.

Bitcoin Cash SV led the way, surging by 18.4%, with Bitcoin Cash ABC rising by 3.94% to come in a distant 2nd.

Stellar’s Lumen and EOS also found support, with gains of 1.65% and 0.07% respectively.

The rest of the pack joined Bitcoin in the red, with Binance Coin falling by 1.24% to lead the way down.

Ethereum (-0.64%), Litecoin (-0.44%), and Ripple’s XRP (-0.58%) saw relatively modest losses on the day.

Through the day, the total crypto market cap rose to a high $224.41bn before falling to a day low $221.92. At the time of writing, the total market cap stood at $222.84bn.

Bitcoin’s dominance continued to sit at sub-67% levels, with Monday’s loss pinning back Bitcoin back.


This Morning

At the time of writing, Bitcoin was down by 0.46% to $8,205.7. A bearish start to the day saw Bitcoin fall from an early morning high $8,243.9 to a low $8,205.4.

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

Elsewhere, Bitcoin Cash SV continued to make ground, rising by 2.37%. Ripple’s XRP and Stellar’s Lumen also saw green, with the pair up by 0.14% and 0.31% respectively.

It was red for the rest of the pack, however. Binance Coin (-0.90%), Bitcoin Cash ABC (-0.56%), EOS (-0.52%), Ethereum (-0.28%), and Litecoin (-0.27%) all saw red early on.

[fx-image src= originalWidth=761 ratio=1.3 data-zoom-target=]

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,270 levels to support a run at the first major resistance level at $8,349.47.

Support from the broader market would be needed, however, for Bitcoin to break through to $8,300 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $8,371.3 would likely limit any upside.

Failure to move through to $8,270 levels could see Bitcoin struggle throughout the day.

A fall through to sub-$8,200 levels would bring the first major support level at $8,159.97 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of the second major support level at $8,076.13.

Most Recent

Top Articles