Bitcoin Dominates on a Mixed Day for the Majors on Wednesday

Bitcoin rallied by 4.6% on Wednesday. Reversing a 3.01% slide from Tuesday, Bitcoin ended the day at $11,999.

A particularly bullish morning saw Bitcoin rally from a start of a day intraday low $11,385 to an early afternoon intraday high $12,153.

Steering clear of the first major support level at $11,039, Bitcoin broke through the first major resistance level at $12,115.

A broad-based late afternoon crypto sell-off saw Bitcoin slide back to 11,500 levels before finding support.

Continuing to steer clear of the major support levels, Bitcoin bounced back to $12,000 levels late on.

At the end of the day, however, Bitcoin’s failed to hold onto $12,000 levels at the day’s end. The last time Bitcoin wrapped up the day at $12,000 was on 10th July.

A bullish start to the month left the extended bullish trend intact. Bitcoin’s hold above the 23.6% FIB of $11,275 reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2


Across the top 10 cryptos, it was a mixed bag for the majors.

Bucking the trend on the day were Litecoin, Bitcoin Cash SV, and Stellar’s Lumen. Litecoin led the way down, falling by 2.54%. Bitcoin Cash SV and Stellar’s Lumen saw more modest losses of 0.69%, and by 0.18% respectively.

Leading the way on the day was Binance Coin, which surged by 7.42%. Bitcoin Cash ABC and EOS also managed to find support, rising by 1.40% and by 0.99% respectively.

For the rest of the pack, the gains were minor. Ripple’s XRP rose by 0.13%, while Ethereum ended the day flat.

The upward bias across the majors saw the total crypto market cap rise from sub-$300bn levels to $309.8bn, at the time of writing.

Bitcoin’s gains on Wednesday also led to a rise in Bitcoin’s dominance to 68.9%.

While the news wires were on the quieter side on the day, Litecoin’s struggles came off the back of this week’s halving event. Bitcoin’s next up on the halving front, with the halving date forecasted to be on 17th May 2020.

If Litecoin’s 2019 rally is anything to go by, Bitcoin’s likely to find plenty of support, assuming there is no negative regulatory news.

Year-to-date, Litecoin had rallied by 390% to a late June’s current year high $146 and was up by 212% to last Sunday. Should Bitcoin see similar interest, it’s a projected return to $19,000 levels…

The one caveat, however, is that Litecoin and the broader market have been in recovery mode through the current year. Year-to-date, Bitcoin was up by 182% to last Sunday. That projects a less impressive pre-halving return to $15,000 levels, all other considerations aside.

This Morning

At the time of writing, Bitcoin was down by 0.59% to $11,928. A mixed start to the day saw Bitcoin rise to an early morning high $12,050 before falling to a low $11,898.

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

Elsewhere, Bitcoin Cash SV bucked the trend early on with a 0.54% rise. It was red for the rest of the majors, however, with Binance Coin giving up some of Wednesday’s gains, falling by 1.05%.

BTC/USD 08/08/19 Daily Chart


For the Bitcoin day ahead

Holding above $11,845 levels would support a move back through to the morning high $12,050. Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $12,306.33.

Barring a broad-based crypto rally, Wednesday’s high $12,153 would likely limit any upside on the day.

Failure steer clear of $11,845 levels could see Bitcoin slide deeper into the red. A fall through to $11,700 levels would bring the first major support level at $11,538.33 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the 23.6% FIB of $11,275.

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