The Crypto Daily – Movers and Shakers -24/09/19

After a Monday crypto meltdown, the majors found support through the first hour. Holding onto early gains will be key going into the late morning…

Bitcoin fell by 3.54% on Monday. Reversing a 0.42% gain from Sunday, Bitcoin ended the day at $9,702.6.

Another bearish start to the day saw Bitcoin fall from an early intraday high $10,077 to a mid-day low $9,884.9.

The reversal saw Bitcoin fall through the first major support level at $9,922.13 before finding support.

Bitcoin recovered to $9,990 levels before sliding to a late intraday low $9,610.3.

The sell-off saw Bitcoin fall through the first major support level and second major support level at $9,789.27.

Of greater significance was a second fall through the 38.2% FIB of $9,734. While finding support to move back through to $9,700 levels, Bitcoin failed to break back through the second major support level and 38.2% FIB.

For the bulls, the extended bullish trend remained intact in spite of just 2 days in the green out of 11. While having fallen back through the 38.2% FIB, Bitcoin continued to steer well clear of 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 for the majors.

Litecoin and Stellar’s Lumen led the way down, with losses of 8% and 7.55% respectively. Binance Coin (-5.35%), Bitcoin Cash ABC (-3.84%), Bitcoin Cash SV (-5.38%), and Ethereum (-4.91%), also saw heavy losses.

On the day, EOS (-3.69%) and Ripple’s XRP (-3.84%) saw the lightest losses.

There were no major news events to cause the reversal on the day, with Litecoin struggling once more to hold onto current levels. It’s been downhill since the halving event and a sharp sell-off late in the day weighed on the broader market.

Through the start of the week, the total crypto market cap slid from a high $265.45bn to a low $255.09bn. At the time of writing, the total market cap stood at $256.66bn.

Bitcoin’s dominance held onto 68% levels, with the broader market seeing steeper losses on the day.

This Morning

At the time of writing, Bitcoin was up by 0.63% to $9,764.2. A relatively bullish first hour of the day saw Bitcoin rise from an early morning low $9,612.9 to a high $9,772.

While steering clear of the major support and resistance levels, Bitcoin broke back through the 38.2% FIB of $9,734.

Elsewhere, it was a broadly positive start to the day, with only Bitcoin Cash ABC (-0.46%) in the red at the time of writing.

Following Monday’s crypto meltdown, Bitcoin Cash SV led the way early on, rising by 1.11%, with Litecoin up by 0.98%.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,800 levels to support a run at the first major resistance level at $9,982.97.

Support from the broader market would be needed, however, for Bitcoin to break through to $9,900 levels on the day.

Barring an extended crypto rally, Bitcoin would likely come up short of Monday’s high $10,077.

Failure to move back through to $9,800 levels could see Bitcoin take another hit on the day.

A fall through the 38.2% FIB of $9.734 would bring the first major support level at $9,516.27 into play.

Barring another crypto meltdown, however, Bitcoin should steer clear of sub-$9,500 levels on the day.

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