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The Crypto Daily – Movers and Shakers -17/10/19

Bob Mason

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.

This Morning

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

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