The Crypto Daily – Movers and Shakers -24/10/19

The bears are back in town, with Bitcoin under more stress in the early part of the day. A Bitcoin move through to $7,640 would signal a rebound…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin tumbled by 6.96% on Wednesday. Following on from a 2.3% slide on Tuesday, Bitcoin ended the day at $7,493.7.

Relatively range-bound through the morning, Bitcoin fell from an early morning intraday high $8,074.5 to an early morning low $7,961.7 before finding support.

Steering clear of the major support levels, Bitcoin recovered to $8,000 levels before getting hit by a broad-based crypto meltdown.

The broad-based crypto sell-off saw Bitcoin slide to a late afternoon intraday low $7,333.4 before finding support.

Bitcoin fell through the major support levels. In spite of the reversal, Bitcoin managed to steer clear of the 62% FIB of $7,245, however.

Through the latter part of the day, Bitcoin moved back through to $7,500 levels to limit the losses on the day. In spite of the late support, Bitcoin failed to break back through the third major support level at $7,544.53.

For the bulls, the extended bullish trend remained intact in spite of sliding back to sub-$8,000 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 another day in the red across the crypto board on Wednesday.

Binance Coin (-8.50%), Bitcoin Cash ABC (-7.55%), Bitcoin Cash SV (-7.10%), and Litecoin (-7.23%) led the way down.

EOS (-6.16%), Ethereum (-5.12%), Ripple’s XRP (-6.10%) and Stellar’s Lumen (-5.80%) also saw heavy losses, however.

Through the early part of the week, the total crypto market cap rose to a Monday high $224.47bn before falling to a Wednesday low $202.69bn. At the time of writing, the total market cap stood at $204.43bn.

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

This Morning

At the time of writing, Bitcoin was down by 0.47% to $7,458.6. A mixed start to the day saw Bitcoin rise to an early morning high $7,510.2 before falling to a low $7,412.6.

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

For the rest of the top 10, it was also a bearish start to the day.

Ripple’s XRP and Bitcoin Cash ABC led the way down, with losses of 1.39% and 1.0% respectively.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $7,640 levels to support a run at the first major resistance level at $7,934.33.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $7,510.2.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of a return to $8,000 levels.

Failure to move through to $7,640 levels could see Bitcoin slide deeper into the red on the day.

A fall back through to $7,300 levels would bring the 62% FIB of $7,245 into play before any recovery.

Barring an extended sell-off through the day, Bitcoin should steer clear of the first major support level at $7,193.23.

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