The Crypto Daily – Movers and Shakers -29/10/19

It’s a positive start to the majors. Following a final hour sell-off, however, Bitcoin will need to move through to $9,470 levels to support a rebound.
Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

Bitcoin slid by 3.64% on Monday. Reversing a 3.2% gain from Sunday, Bitcoin ended the day at $9,225.7.

A bullish start to the day saw Bitcoin strike an early morning intraday high $9,948.9 before hitting reverse.

Bitcoin broke through the 38.2% FIB of $9,734 and the first major resistance level at $9,890.07 early on.

The reversal saw Bitcoin fall back to a mid-day low $9,300 before finding support.

Steering clear of the first major support level at $9,187.37, Bitcoin recovered to $9,400 levels before a final hour sell-off.

A broad-based final hour sell-off saw Bitcoin fall to an intraday low $9,216.8 before steadying.

For the bulls, the extended bullish trend remained intact in spite of failing to break out from 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 Monday.

Binance Coin and Bitcoin Cash ABC led the way, gaining by 3.15% and 0.62% respectively.

The late sell-off saw Stellar’s Lumen (-1.16%), Ethereum (-1.25%), and Bitcoin Cash SV (-1.70%) give up gains in the final hour to end the day in the red.

It was bearish for EOS (-1.35%), Litecoin (-3.47%), and Ripple’s XRP (-1.46%), which struggled throughout the day.

Through the start of the week, the total crypto market cap hit an early morning high $257.76bn before sliding to a day low $246.38bn. At the time of writing, the total market cap stood at $246.70bn.

While Bitcoin’s dominance eased back to 67% levels following Monday’s pullback, trading volumes picked up.

Having fallen to sub-$60bn levels on Friday, 24-hour trading volumes hit $156bn levels on Sunday. Through Monday, there was still plenty of interest, however, with volumes peaking at $126bn levels on the day.

This Morning

At the time of writing, Bitcoin was up by 0.44% to $9,266.4. A mixed first hour saw Bitcoin rise from an early morning low $9,223.6 to a high $9,310.9 before easing back.

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

Elsewhere, it was a sea of green across the crypto board, with Stellar’s Lumen (+1.33%), Binance Coin (+1.15%), and Litecoin (+1.12%) leading the way.

Bitcoin Cash ABC (+0.14%), Bitcoin Cash SV (+0.26%), EOS (+0.27%), Ripple’s XRP (+0.37%), and Ethereum (+0.41%) saw modest gains early.

[fx-image src=https://www.tradingview.com/x/M5tlrdYT/ originalWidth=761 ratio=1.23 data-zoom-target=https://www.tradingview.com/x/M5tlrdYT/]

For the Bitcoin Day Ahead

Bitcoin would need to move through to $9,470 levels to support a run at the first major resistance level at $9,710.8.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,310.9.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of Monday’s high $9,948.9 and $10,000 levels.

The first major resistance level and the 38.2% FIB of $9,734 would likely limit any upside.

Failure to move through to $9,470 could see Bitcoin hit reverse. A fall back through to $9,100 levels would bring the first major support level at $8,978.7 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$8,900 levels on the day.

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