The Crypto Daily – Movers and Shakers -10/12/19

Bitcoin slid by 2.45% on Monday. Reversing a 1.54% gain from last week, Bitcoin ended the day at $7,379.5.

A mixed start to the day saw Bitcoin fall from an early morning high $7,584.1 to a late morning low $7,491.6.

Steering clear of the first major support level at $7,458.8, Bitcoin rallied to a mid-afternoon intraday high $7,748.7.

The rally saw Bitcoin break through the first major resistance level at $7,645.2 and second major resistance level at $7,725.8.

Bitcoin’s visit to $7,700 levels was brief, however, with Bitcoin sliding to a late intraday low $7,306.2.

The sell-off saw Bitcoin fall through the first major support level at $7,458.8 and second major support level at $7,353.0.

In spite of finding support late in the day, Bitcoin failed to break back through the first major support level. A move through the second major support level did limit the downside, however.

The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside last week.

For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a bearish day for the majors.

EOS, Bitcoin Cash ABC and Stellar’s Lumen led the way down, with losses of 3.16% and 2.81% and 2.73% respectively.

Things were not much better elsewhere, however.

Binance Coin (-1.79%), Bitcoin Cash SV (-1.71%), Ethereum (-2.25%), Litecoin (-2.54%), and Ripple’s XRP (-2.38%) also saw heavy losses.

Through the day, the crypto total market cap rose to a day high $206.02bn before sliding to a low $199.97bn. At the time of writing, the total market cap stood at $200.46bn.

By historical standards, it wasn’t the biggest slide, but it was notable, with investors quick to cash in any upside.

Bitcoin’s dominance held at sub-67% levels on the day. The late sell-off failed to draw investors in, however, with trading volumes seeing only a marginal rise from $50bn levels to hit $57bn highs before easing back.

This Morning

At the time of writing, Bitcoin was up by 0.06% to $7,383.8. A mixed start to the day saw Bitcoin fall from to an early morning low $7,356.1 before hitting a high $7,383.8.

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

Elsewhere, Bitcoin Cash ABC (+0.17%) joined Bitcoin in the green.

It was a bearish start for the rest of the pack, however, with Binance Coin falling by 0.70% to lead the way down.

BTC/USD 10/12/19 Daily chart

For the Bitcoin Day Ahead

Bitcoin would need to move through to $7,480 levels to support a run at the first major resistance level at $7,650.0.

Support from the broader market would be needed, however, for Bitcoin to break back through to $7,600 levels.

Barring a broad-based crypto rally, we would expect Resistance at $7,500 to leave Bitcoin short of $7,600 levels today.

Failure to move through to $7,480 levels could see Bitcoin spend a second consecutive day in the red.

A fall back through the morning low $7,356.1 would bring the first major support level at $7,207.57 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of second major support level at $7,035.63.

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