Bitcoin and the Majors Take a Dive as the Bears Fight Back

Cryptomania

Bitcoin tumbled by 5.99% on Wednesday. Following on from a 1.33% fall on Tuesday, Bitcoin ended the day at $10,147.

A particularly bearish morning saw Bitcoin slide from a start of a day intraday high $10,825 to a mid-day intraday low $9,824.

Falling shy of the first major resistance level at $10,995.4, Bitcoin slid through the major support levels on the day.

In spite of the sell-off, however, Bitcoin steered clear of the 38.2% FIB of $9,734, supporting a partial recovery.

Bitcoin managed to move back through the third major support level at $9,971.7 to $10,000 levels late on.

Closing out the day at $10,000 levels was the only positive as the broader market went into meltdown mode.

Wednesday’s loss took a large bite out of Bitcoin’s August gains. For the current month, Bitcoin was up by just 0.58% and was the only major in positive territory in August.

Bitcoin’s hold above the 38.2% FIB of $9,734 reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was red across the crypto-board.

Monero’s XRM and EOS were the worst performers on the day, with losses of 6.11% and 4.71% respectively.

Bitcoin Cash SV (-4.44%), Ethereum (-4.68%), BNB (-4.2%), and Bitcoin Cash ABC (-3.64%) also saw particularly heavy losses.

On the day, Litecoin (-2.56%), Stellar’s Lumen (-2.78%) and Ripple’s XRP (-3.14%) suffered the lightest of losses in the meltdown.

Bitcoin’s strong heavy loss on the day led to a fall in dominance back to sub-69% levels.

The broad-based crypto meltdown led the total market cap from $279bn levels to a day low $258.49bn before support kicked in. At the time of writing, the total crypto market cap stood at $263.63bn.

24-hr volumes climbed from $48bn levels at the start of the day to $62bn levels as investors responded to the sell-off.

This Morning

At the time of writing, Bitcoin was down by 0.8% to $10,066.  Within the first hour, Bitcoin rose to an early high $10,163 before pulling back to an early morning low $10,056.

Bitcoin left the major support and resistance levels untested in the 1st hour.

Elsewhere, it was a mixed bag for the top 10. Tron’s TRX led the was, rising by 1.19%. EOS. (+0.62%). Binance Coin (+0.36%), and Ripple’s XRP (+0.21%) were also in the green early on.

It was red for the rest of the majors, however, with Stellar’s Lumen and Bitcoin Cash ABC seeing the heaviest losses. At the time of writing, the two were down by 2.8% and by 1.11% respectively.

BTC/USD 22/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to avoid a fall back through to sub-$10,000 levels to support a move back into the green. A return to $10,265 levels would bring the first major resistance level at $10,706.67 into play.

Bitcoin would need the support of the broader market, however, to break out from $10,100 levels.

Barring a broad-based crypto rebound, however, Bitcoin will likely come up short of $10,500 levels on the day.

Failure to hold onto $10,000 levels could see Bitcoin test support at the 38.2% FIB of $9,734 before any recovery.

Barring another crypto meltdown, the first major support level at $9,705.67 should limit any downside on the day.

Bitcoin Fuels a Bullish Start to the Week for the Majors

Cryptomania

Bitcoin rallied by 5.9% on Monday. Partially reversing a 10.74% slide from last week, Bitcoin ended the day at $10,938.

A bearish start to the day saw fall to an early morning intraday low $10,280 before making a move. Steering clear of the major support levels, Bitcoin struck a late morning high $10,863.

The rally saw Bitcoin break through the first major resistance level at $10,548.13 and second major resistance level at $10,764.07.

Through the 2nd half of the day, Bitcoin found support at sub-$10,700 levels before striking a final hour intraday high $10,946.

The late move saw Bitcoin break back through and hold above the second major resistance level at $10,764.07.

It was Bitcoin’s first visit to $10,900 levels since last Wednesday.

Bucking the trend from the broader market, Bitcoin holds onto positive territory for the current month, in spite of last week’s sell-off, which leaves the extended bullish trend intact. For the month of August, Bitcoin was up by 8.43%, with only Monero’s XMR (+11.36%) and Binance Coin (+3.67%) also seeing green.

Bitcoin’s hold onto $10,000 levels reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

Across the top 10 cryptos, it was green for the majority.

Bitcoin Cash SV led the way on the day, rallying by 5.29%. Ethereum and Binance Coin also saw solid gains. The pair ended the day up by 3.89% and 3.19% respectively.

It was less impressive for Litecoin and EOS which reversed losses late in the day. Litecoin rose by 1.14%, while EOS gained 0.85%.

Bucking the trend on the day was Ripple’s XRP, which failed to find support from the broader market to end the day down by 0.59%.

Bitcoin’s strong response to last week’s sell-off led to a rise in dominance to 69.1%.

Upward momentum across the majors, largely driven by Bitcoin, also led to a total market cap recovery from $269bn levels to $282bn levels.

24-hr volumes were on the lighter side, however, briefly visiting $51bn levels before easing back to $50bn levels. That’s well below $136bn levels hit in June…

This Morning

At the time of writing, Bitcoin was down by 0.12% to $10,925. A mixed first hour saw Bitcoin strike a high $10,993 before easing back. Coming up against resistance at $11,000, Bitcoin eased back to a low $10,905 before finding support.

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

Elsewhere, it was a mixed start to the day. Bitcoin Cash SV led the way with a trend-bucking 1.52% gain. Stellar’s Lumen and Tron’s TRX also avoided red, with both up by 0.16% at the time of writing.

It was a bearish start for the rest of the majors, however. Litecoin saw the heaviest loss in the first hour, down by 1.15% at the time of writing.

BTC/USD 20/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to hold onto $10,900 levels through the morning to support a run at the first major resistance level at $11,174.67.

Support from the broader market would be needed, however, for Bitcoin to break through to $11,000 levels.

In the event of another Bitcoin break out, the 23.6% FIB of $11,275 and second major resistance level at $11,411.33 would likely come into play.

Failure to hold onto $10,900 levels could see Bitcoin slide deeper in the red.

Barring a fall through to $10,720 levels, Bitcoin should steer well clear of the first major support level at $10,490.67.

Bitcoin Continues to Buck the Trend in August. Can it Hold on?

Bitcoin 1

Bitcoin fell by 1.48% on Monday. Partially reversing a 2.25% gain from Sunday, Bitcoin ended the day at $11,404.

Bearish through the morning, Bitcoin slid from an early intraday high $11,585 to a mid-day intraday low $11,260.

The sell-off saw Bitcoin fall through the 23.6% FIB of $11,275 and first major support level at $11,257.93.

Finding support through the early afternoon, Bitcoin moved back through the 23.6% FIB to $11,400 levels before easing back.

Bucking the trend from the broader market, it’s been bullish month leaving the extended bullish trend intact. Bitcoin’s hold onto $11,000 levels reaffirmed the bullish trend formed at mid-December’s swing lo $3,215.2

Elsewhere

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

Tron’s TRX bucked the trend on the day, gaining 0.28%, whilst the rest of the majors joined Bitcoin in the red.

Litecoin’s troubles continued with a 4.59% slide to lead the way down on the day. Stellar’s Lumen (-2.45%) and Ethereum (-2.29%) weren’t far behind with relatively heavy losses.

For EOS (-1.74%), Bitcoin Cash SV (-1.7%) and Bitcoin Cash ABV (-1.63%), the trio also struggled on the day.

Ripple’s XRP and Binance Coin saw modest losses of 0.87% and 0.23% respectively.

Following on from another bearish start to the week, August looks set to deliver for a 2nd consecutive month to the bears.

Litecoin leads the way, sliding by 13.28%, with Stellar’s Lumen not far behind, falling by 9.53%. The August pullback saw Stellar’s Lumen fall out of the crypto top 10, having briefly replaced Tron’s TRX.

Monero’s XRM joined the top-10 in the last few days, supported by a 12.92% current month rally.

Bitcoin’s dominance stood at 68.8% at the time of writing, with a bearish start to the week weighing on the crypto majors.

The total crypto market cap eased back from a Monday high $298.5bn to $295.55bn at the time of writing.

While the news wires remain relatively silent on the regulatory front, geopolitical risk looks to have provided Bitcoin with support.

This Morning

At the time of writing, Bitcoin was flat at $11,404. A choppy start to the day saw Bitcoin rise from an early morning low $11,378 to a high $11,468 before easing back.

In spite of the choppy start, Bitcoin left the major support and resistance levels untested.

Elsewhere, Stellar’s Lumen and Binance Coin bucked the trend, with gains of 0.15% and 0.11% respectively.

It was red for the rest of the crypto majors, however. EOS led the way down in the early hours, falling by 1.81%, with Litecoin and Bitcoin Cash ABC not far behind. The pair were down by 1.32% and 1% respectively.

BTC/USD 13/08/19 Daily Chart

For the Bitcoin day ahead

Bitcoin would need to move through to $11,420 levels to support a run at the first major resistance level at $11,572.67.

Support from the broader market would be needed, however, for Bitcoin to break out from $11,400 levels.

Barring a broad-based crypto rally, the first major resistance level and Monday’s high $11,585 would likely cap any upside.

In the event of a crypto rally, Bitcoin would likely visit $11,600 levels before any pullback.

Failure to move through to $11,420 levels could see Bitcoin slide back into the red. A fall through the morning low $11,378 would bring the 23.6% FIB of $11,275 into play.

Barring a crypto meltdown, the first major support level at $11,257.93 should limit any downside on the day.

Bitcoin Dominates on a Mixed Day for the Majors on Wednesday

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

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

Elsewhere

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.

Bitcoin Hits $11,900 as the Bulls Look to Set the August Pace

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 7.76% on Monday. Following on from a 1.4% gain on Sunday, Bitcoin ended the day at $11,824.

A particularly bullish morning saw Bitcoin rally from an early intraday low $10,973 to a mid-morning high $11,840.

Steering well clear of the major support levels, Bitcoin broke through the first major resistance level at $11,184 and second major resistance level at $11,395.

Of greater significance on the day was a breakthrough and hold above the 23.6% FIB of $11,275.

A more range-bound 2nd half of the day saw Bitcoin strike an intraday high $11,939 before easing back. The third major resistance level at $11,941 capped the upside on the day.

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

Elsewhere

Across the top 10 cryptos, it was a Bullish start to the week for the majors.

Litecoin, EOS, and Ethereum were Bitcoin’s closest rivals on the day. Litecoin and EOS  gained 5.33% and 5.35% respectively, while Ethereum rose by 4.43%.

Bitcoin Cash ABC (+2.54%), Bitcoin Cash SV (+1.7%), and Tron’s TRX (+2.23%) also found strong support on the day.

While there were no trend-buckers on the day, Stellar’s Lumen (+1.45%), Ripple’s XRP (+1%) and Binance Coin (+1.49%) trailed the pack.

The broad-based crypto rally saw the total crypto market cap bounce back to $300bn levels. At the time of writing, the total market cap stood at $309.41bn.

Bitcoin’s surge towards $12,000 also led to a rise in Bitcoin’s dominance to from 66% levels 67.9% at the time of writing.

On the Crypto News Wires, crypto mom, SEC Commissioner Hester Peirce continued to support the crypto space on Monday. Talking at a digital asset conference, Peirce called once more for the SEC to give the crypto space room to evolve.

While the chatter was a positive, the timing of the latest crypto rally coincided with risk aversion across the global financial markets. The U.S – China trade war left the global indexes on the back foot following last week’s sell-off. The Dow tumbled by 2.9% alone on Monday to leave the index down by 4.3% for the current month.

While the likes of Bitcoin are not considered safe havens, times of strife have driven buyer demand in recent times. Of interest in the coming days will be whether there is further evidence of support from the escalation in the U.S – China trade war.

This Morning

At the time of writing, Bitcoin was down by 0.13% to $11,809.1. A bearish start to the day saw Bitcoin fall from a morning high $11,830 to a low $11,671.

Bitcoin steered clear of the major support and resistance levels early on.

BTC/USD 06/08/19 Daily Chart

For the Bitcoin day ahead

A move back through the morning high $11,830 would bring $12,000 levels into play. Bitcoin would need the support of the broader market, however, to take a run at the first major resistance level at $12,184.33.

Barring another broad-based crypto rally, Bitcoin would likely come up short of the second major resistance level at $12,544.67

Failure to move back through the morning high could see Bitcoin slide back through to the morning low $11,671.

In the event of a more material pullback, a slide through to $11,570 would bring 23.6% FIB of $11,275 into play.

Barring a crypto meltdown, the first major support level at $11,218.33 should limit any downside on the day.

Bitcoin Ends a Bearish Month on a High as the Majors Hit Reverse Today

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 5.2% on Wednesday. Following on from a 0.9% gain on Tuesday, Bitcoin ended the day at $10,088.

A particularly bullish first half of the day saw Bitcoin rally from an early intraday low $9,575.5 to an intraday high $10,120.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,764.53 and second major resistance level at $9,940.07.

Of greater significance on the day was a breakthrough the 38.2% FIB of $9,734.

Relatively range-bound through the latter part of the day, Bitcoin eased back to $9,900 levels before closing out the day at $10,088.

It was Bitcoin’s first close out at $10,000 levels since 22nd July.

In spite of the end of the month rally, Bitcoin ended July with a 6.59% loss.

Despite the bearish month, the extended bullish trend remained intact. Bitcoin will need to continue to avoid a material pullback from the 38.2% FIB of $9,734 to maintain the extended bullish trend.

Elsewhere

Across the top 10 cryptos, it was a Bullish end to the month for the majors.

Litecoin led the way on the day, rallying by 9.48%. EOS and Ethereum also saw solid gains on the day, rising by 5.33% and 4.24% respectively.

Binance Coin (+2.78%), Bitcoin Cash ABC (+2.04%) and Tron’s TRX (+1.36%) also found support at the month-end.

Bucking the trend on the day were Stellar’s Lumen and Bitcoin Cash SV. While Bitcoin Cash SV ended the day flat, Stellar’s Lumen fell by 0.14%.

There was no trend-bucking in the month of July, however, with all of the top 10 cryptos hitting reverse.

Tron’s TRX (-29.56%), Ethereum (-23.34%), Bitcoin Cash SV (-23.39%) and EOS (-23.34%) saw the heaviest losses in July.

Things were not much better for Stellar’s Lumen (-19.34%), Litecoin (-18.96%), Ripple’s XRP (-18.85%), and Bitcoin Cash ABC (-17.1%).

Binance Coin fared better than the pack with a 12.86% loss for the month.

Over the month, news of Facebook’s Libra coin plans added pressure to the majors. Notable in the month was Litecoin’s sell-off, which came in spite of this month’s halving event.

This Morning

At the time of writing, Bitcoin was down by 1.01% to $9,985.9. A mixed start to the day saw Bitcoin rise to an early morning high $10,167.

Falling short of the first major resistance level at $10,280.17, Bitcoin fell back to a mid-morning low $9,875.0.

Bitcoin managed to hold above the first major support level at $9,735.67 and 38.2% FIB of $9.734 in the early pullback.

Elsewhere, Binance Coin bucked the trend through the morning, up by 1.55% at the time of writing. It was red for the rest of the crypto majors, with EOS leading the way down with a 3.61% loss.

Bitcoin Cash SV (-2.96), Bitcoin Cash ABC (-2.98) and Ethereum (-2.54%) weren’t far behind.

BTC/USD 01/08/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $10,000 levels to support a rebound later in the day. A move back through the morning high $10,167 would bring the first major resistance level at $10,280.17 into play.

Bitcoin would need the support of the broader market, however, to break back through to $10,100 levels.

Barring a broad-based crypto rebound, Bitcoin would likely come up short of Wednesday’s high $10,120.

Failure to move back through to $10,000 levels could see Bitcoin take a bigger hit on the day. A pullback through the morning low $9,875.0 would bring the 38.2% FIB of $9,734 and the first major support level at $9,735.67 into play.

In the event of an extended sell-off through the day, Bitcoin would likely test the second major support level at $9,383.33 before any recovery.

Bitcoin Sees Red Early. Avoiding sub-$9,000 Will be Key for the Majors

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 0.13% on Monday. Partially reversing a 0.56% gain from Sunday, Bitcoin ended the day at $9,507.

A particularly bullish start to the day saw Bitcoin strike an early morning intraday high $9,663.6 before hitting reverse.

The early rally saw Bitcoin fall short of the first major resistance level at $9,730.87 and 38.2% FIB of $9,734.

Sliding back through the morning, Bitcoin fell to a late morning intraday low $9,376.7. Steering well clear of the first major support level at $9,204.27, Bitcoin recovered to an afternoon high $9,656.6.

Pressure from the broader market ultimately weighed, with Bitcoin pulling back into the red late in the day.

In spite of falling short of $10,000 levels, the extended bullish trend remained intact. Bitcoin will need to avoid a material pullback from the 38.2% FIB of $9,734 to maintain the extended bullish trend.

Elsewhere

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

Leading the way down on the day were Stellar’s Lumen and Binance Coin, which slid by 3.03% and by 2.92% respectively.

Bitcoin Cash SV (-2.55%), Bitcoin Cash ABC (-1.88%) and EOS (-1.65%) weren’t far behind on the day.

While Ripple’s XRP joined Bitcoin with a modest loss of just 0.51%, Litecoin bucked the trend on the day, rising by 0.14%.

The moves through the start of the week saw Bitcoin’s dominance hover at 62.5% levels on the day.

A bearish start to the week weighed on the total crypto market cap, however, which fell from $266bn levels to $261bn levels on Monday.

There were no major news events to provide direction on the day. The broader market looked towards Bitcoin for cues, which continued to struggle at $9,500 levels.

Key on the day, for Bitcoin, was a hold above the major support levels, though falling short of the 38.2% FIB could test investor resilience in the coming days.

This Morning

At the time of writing, Bitcoin was down by 0.51% to $9,458.7. A mixed start to the day saw Bitcoin rise to an early morning high $9,532.3 before falling to a low $9,380.

In spite of the choppy start to the day, Bitcoin left the major support and resistance levels untested early on.

Across the rest of the pack, Bitcoin Cash SV bucked the trend early on, rising by 0.5%. It was red for the rest of the majors. Leading the reversal were Binance Coin and Ethereum, which were down by 1.54% and 1.42% respectively.

BTC/USD 30/07/19 Daily Chart

For the day ahead

Bitcoin would need to move back through to $9,550 levels to support a run at the first major resistance level at $9,704.63.

Support from the broader market would be needed, however, for Bitcoin to break out from $9,500 levels.

Barring a broad-based crypto rally, the first major resistance level and the 38.2% FIB of $9,734 would likely limit any upside on the day.

Failure to move through to $9,550 levels could see Bitcoin fall deeper into the red. A fall through the morning low $9,380 would bring the first major support level at $9,343.03 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $9,179.07.

Bitcoin’s on the Move Early. A Hold onto $10,000 Will be Key for the Majors

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 0.91% on Wednesday. Following on from a 4.57% slide from Tuesday, Bitcoin ended the day at $9,769.

A choppy morning saw Bitcoin slide to an early morning low $9,579 before finding support. The pullback saw Bitcoin fall through the 38.2% FIB of $9,734 and first major support level at $9,675.

Finding support from the broader market, Bitcoin bounced back to an early afternoon intraday high $9,922.26.

While Bitcoin managed to move back through the 38.2% FIB of $9,734, Bitcoin came up short of the first major resistance level at $10,186.

An afternoon reversal saw Bitcoin slide back through the 38.2% FIB and first major support level to an intraday low $9,534.1.

Finding support late on, Bitcoin recovered to $9,700 levels to limit the downside on the day.

It was also on the second time in since late June that Bitcoin fell short of $10,000 levels.

In spite of falling short of $10,000 levels, the extended bullish trend remained intact. Bitcoin will need to avoid a sell-off from the 38.2% FIB of $9,734, however, to maintain the extended bullish trend.

Elsewhere

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

Binance Coin and Tron’s TRX joined Bitcoin in the red on the day, with losses of 1.87% and 0.83% respectively.

It was a day in the green for the rest of the pack. EOS led the way on the day, rallying by 10.35%.

Litecoin (+4.92%), Ripple’s XRP (+2.41%), Bitcoin Cash ABC (+2.39%) and Ethereum (+2.18%) also saw solid gains.

Bitcoin Cash SV trailed the pack, rising by just 0.48%.

Bitcoin’s dominance fell back from 65% levels to 64.26% following Bitcoin’s loss on the day. In spite of the mixed day for the majors, the total market cap recovered from sub-$270bn levels to a high $279.80bn before easing back. At the time of writing, the total market cap stood at $277.75bn

This Morning

At the time of writing, Bitcoin was up by 3.12% to $10,074.0. A particularly bullish start to the day saw Bitcoin rally from a morning low $9,733.3 to a high $10,188 before easing back.

The early morning rally saw Bitcoin break through the 38.2% FIB of $9,734, first major resistance level at $9,949.7 and second major resistance level at $10,130.4.

It was a mixed start to the day for the rest of the crypto majors. Bitcoin Cash SV (-1.97%), Tron’s TRX (-1.26%), EOS (-1.17%) and Litecoin (-0.13%) saw red in the early hours.

Ethereum (+2.49%), Bitcoin Cash ABC (+1.91%), and Binance Coin (+1.86%) saw a solid start to the day, whilst Ripple’s XRP trailed with a 0.48% gain at the time of writing.

BTC/USD 25/07/19 Daily Chart

For the day ahead

Bitcoin would need to hold above the first major resistance level at $9,949.7 to support upward momentum through the day.

Barring an extended crypto rally through the day, however, Bitcoin will likely come up short of the third major resistance level at $10,518.9.

Failure to hold above the first major resistance level at $9,949.7 could see Bitcoin test support at the 38.2% FIB of $9,734 before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of the first major support level at $9,561.2 on the day.

Bitcoin’s on the Back Foot as the Bears Target sub-$10,000

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin fell by 2.29% on Monday. Following on from a 1.59% decline on Sunday, Bitcoin ended the day at $10,328.

A particularly choppy morning saw Bitcoin fall from $10,670 levels to a morning low $10,400 before finding support.

Steering clear of the major support levels, Bitcoin struck a late morning intraday high $10,690 before hitting reverse.

A bearish second half of a day saw Bitcoin slide to an early evening intraday low $10,299. The reversal saw Bitcoin fall through the first major support level at $10,308.93.

Finding support from the broader market, Bitcoin recovered to $10,300 levels to limit the downside on the day.

In spite of the sell-off that kicked in on 10th July, the extended bullish trend remained intact. Bitcoin will need to steer clear of the 38.2% FIB of $9,734, however, to avoid a resumption of the extended bearish trend.

Elsewhere

Across the top 10 cryptos, Binance Coin bucked the trend on Monday, with a gain of 1.12%. For the rest of the pack, it was a day in the red.

Tron’s TRX led the way down, sliding by 8.94%. Bitcoin Cash SV (-4.85%), EOS (-4.7%), Litecoin (-4.66%) and Ethereum (-3.8%) also saw heavy losses on the day.

Bitcoin’s dominance continued to hover at 65% levels in spite of Bitcoin’s loss on the day. The broad-based crypto sell-off left the total market cap down at $280.27bn at the time of writing.

Trading volumes stood at $53.29bn at the time of writing, easing back from $77bn levels hit during the Monday session.

This Morning

At the time of writing, Bitcoin was down by 1.55% to $10,168. A bearish start to the day saw Bitcoin fall from a morning high $10,330.9 to a low $10,151.0.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $10,188.0.

Elsewhere, Bitcoin Cash SV bucked the trend early on in the day, rising by 2.82%. It was red for the rest of the pack. Following solid gains from Monday, Tron’s TRX led the way down, falling by 4.36% at the time of writing.

Litecoin (-2.37%), EOS (-1.65%) and Binance Coin (-1.52%) were also under pressure through the morning.

Bitcoin Cash ABC (-0.95%), Ripple’s XRP (-1.05%), and Ethereum (-1.26%) saw more modest losses early on.

BTC/USD 23/07/19 Daily Chart

For the day ahead

Bitcoin would need to move back through the first major support level at $10,188 to $10,440 levels to support an afternoon rally.

Support from the broader market would be needed, however, for Bitcoin to break out from Monday’s high $10,328.

Barring a broad-based crypto rebound later in the day, Bitcoin would likely come up short of the first major resistance level at $10,579.

Failure to move through to $10,440 levels would see Bitcoin struggle on the day. A fall through the morning low $10,151 would bring the second major support level at $10,048 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$10,000 support levels on the day.

Bitcoin and the Majors See Volatility Spike to Test Investor Resilience

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rose by 2.79% on Wednesday. Partially reversing a 12.9% tumble from Tuesday, Bitcoin ended the day at $9,682.6.

A relatively bearish start to the day saw Bitcoin fall to a late morning intraday low $9,084.7 before finding support.

Steering well clear of the first major support level at $8,846.87, Bitcoin bounced back to a late afternoon intraday high $9,975.

In spite of the afternoon rally, Bitcoin came up short of the first major resistance level at $10,505.87. Of greater significance, however, was a move back through the 38.2% FIB of $9,734, before a final hour pullback.

Wednesday’s gain was just the 3rd in the last 8-days as the bears look to claw their way back.

In spite of the sell-off that kicked in on 10th July, the extended bullish trend remained intact. Bitcoin will need to steer clear of the 62% FIB of $7,245 and move back through to $10,000 levels to avoid a resumption of the extended bearish trend.

Elsewhere

Across the top 10 cryptos, it was a sea of green for the majors, with Litecoin leading the way ahead of this summer’s halving event.

Litecoin surged by 13.19% on the day, with Binance Coin and Tron’s TRX not far behind, rallying by 10.66% and 9.18% respectively.

Bitcoin Cash SV (7.83%), Ethereum (6.49%), Ripple’s XRP (5.33%) and EOS (4.82%) also saw solid gains on the day.

Bitcoin Cash ABC trailed the pack on the day, rising by just 1.97%

Bitcoin’s dominance held onto 65% levels in spite of Bitcoin’s modest gains on the day. The broad-based crypto rally led the total market cap from a Wednesday low $248.42bn to $270.53bn at the time of writing.

Trading volumes stood at $82.23bn at the time of writing, easing back from $94bn levels hit during the Wednesday session.

This Morning

At the time of writing, Bitcoin was up by 1.99% to $9,875.6. A bearish start to the day saw Bitcoin fall to an early morning low $9,560.3.

Steering well clear of the first major support level at $9,186.53, Bitcoin struck a morning high $10,000 before easing back.

Whilst coming up short of the first major resistance level at $10,076.83, Bitcoin broke through the 38.2% FIB of $9,734.

Elsewhere, Bitcoin Cash ABC and Bitcoin Cash SV were leading the way, with gains of 4.95% and 7.83% respectively.

Tron’s TRX (4.32%), Litecoin (3.52%) and Ethereum (+3.56%) were also on move early on.

Ripple’s XRP trailed the pack through the morning, rising by just 1.1% at the time of writing.

BTC/USD 18/07/19 Daily Chart

For the day ahead

Bitcoin would need to hold above the 38.2% FIB of $9,734 to bring $10,000 levels back into play.

Support from the broader market would be needed, however, to give Bitcoin a run at the first major resistance level at $10,076.83.

In the event of an extended crypto rally, Bitcoin could eye up the second major resistance level at $10,471.07 before any pullback.

Failure to hold above the 38.2% FIB of $9,734 could lead to a slide through to sub-$9,600 levels. A fall through to $9,570 levels would bring the first major support level at $9,186.53 into play.

Barring a crypto meltdown, however, the 38.2% FIB of $9,734 should limit the downside on the day.