Bitcoin fell by 2.14% on Wednesday. Following on from a 2.14% decline on Tuesday, Bitcoin ended the day at $8,016.0.
A relatively range-bound start to the day saw Bitcoin rise to an early morning intraday high $8,204.3 before hitting reverse.
Steering clear of the first major resistance level at $8,387.2, Bitcoin slid to a late intraday low $7,960.
Bitcoin fell through the first major support level at $8,047.50 before finding support.
A late move back through to $8,000 levels limited the downside on the day.
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 sea of red across the crypto board on Wednesday.
Binance Coin and Litecoin led the way down, sliding by 4.42% and by 3.76% respectively.
Ethereum (-3.36%) and Stellar’s Lumen (-3.06%) also sustained heavy losses on the day.
Bitcoin Cash ABC (-2.18%) and Ripple’s XRP (-1.76%) weren’t far behind.
Bitcoin Cash SV and EOS saw more modest losses of 1.52% and 1.10% respectively.
Through the early part of the week, the total crypto market cap slid from a Monday high $228.17bn to a Wednesday low $216.41bn before support kicked in. At the time of writing, the total market cap stood at $217.12bn.
Bitcoin’s dominance continued to sit at sub-67% levels in spite of Wednesday’s sell-off.
At the time of writing, Bitcoin was down by 0.67% to $7,962.0. A bearish start to the day saw Bitcoin fall from an early morning high $8,016.1 to a low $7,949.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Binance Coin bucked the trend early on, rising by 0.37%.
It was red for the rest of the pack, however, with Bitcoin Cash SV (-2.43%) leading the way down.
Bitcoin Cash ABC (-1.52%), EOS (-1.37%), Litecoin (-1.33%), Stellar’s Lumen (-1.13%), and Ripple’s XRP (-1.02%) were also deep in the red.
For the Bitcoin Day Ahead
For the day ahead, Bitcoin would need to move through to $8,060 levels to support the recovery of Wednesday’s losses.
Support from the broader market would be needed, however, for Bitcoin to break back through to $8,000 levels.
Barring a broad-based crypto rebound, Bitcoin will likely come up short of Wednesday’s high $8,204.3.
The first major resistance level at $8,160.2 would likely limit any upside.
Failure to move back through to $8,060 levels could see Bitcoin fall deeper into the red.
A fall back through the morning low $7,949.3 would bring the first major support level at $7,915.9 into play.
Barring an extended sell-off through the day, Bitcoin should steer well clear of the second major support level at $7,815.8.
This article was originally posted on FX Empire
More From FXEMPIRE:
- EUR/USD Daily Forecast – Euro Makes an Attempt at Important Resistance
- Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 17/10/19
- Divorce European Style
- AUD/USD and NZD/USD Fundamental Daily Forecast – Aussie Spikes Higher on Unemployment Rate Dip
- AUD/USD and NZD/USD Fundamental Daily Forecast – Aussie Spikes Higher as Unemployment Rate Improves Slightly
- Ethereum and Stellar’s Lumen Daily Tech Analysis – 17/10/19