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The Crypto Daily – Movers and Shakers -18/10/19

Bob Mason

Bitcoin rose by 0.95% on Thursday. Partially reversing a 2.14% fall from Wednesday, Bitcoin ended the day at $8,092.3.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,949.3 before finding support.

Steering clear of the first major support level at $7,915.9, Bitcoin struck a late intraday high $8,150.5.

Bitcoin came within range of the first major resistance level at $8,160.2 before easing back to sub-$8,100 levels.

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 green across the crypto board on Thursday.

Ripple’s XRP and Stellar’s Lumen led the way with gains of 6.33% and 5.64% respectively.

Litecoin and Binance Coin also saw solid gains, with the pair rising by 4.65% and by 4.45% respectively.

While Bitcoin Cash SV (+2.63%) and Bitcoin Cash ABC (+2.19%) also made ground, Ethereum (+1.58%) and EOS (+0.71%) trailed on the day.

In spite of Thursday’s gains, it’s been a mixed week for the majors. Ripple’s XRP and Stellar’s Lumen led the way with gains of 8.83% and 6.09% respectively.

EOS (-5.01%), Litecoin (-2.69%), Bitcoin (-2.56%), Ethereum (-2.10%), and Bitcoin Cash ABC (-1.81%) saw red.

Binance Coin and Bitcoin Cash SV managed to find support, with gains of 1.48% and 3.95% respectively.

Through the early part of the week, the total crypto market cap slid from a Tuesday high $228.17bn to a Wednesday low $216.42bn before support kicked in. At the time of writing, the total market cap stood at $220.996bn.

Bitcoin’s dominance continued to sit at sub-67% levels, with the current week losses pinning Bitcoin back.

This Morning

At the time of writing, Bitcoin was up by 0.23% to $8,110.7. A relatively bullish start to the day saw Bitcoin rise from an early morning low $8,081.0 to a high $8,120.0.

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

Elsewhere, Bitcoin Cash ABC and Binance Coin joined Bitcoin in the green, with gains of 0.89% and 0.47% respectively.

It was red for the rest of the top 10, however, with Ripple’s XRP (-0.82%) and Litecoin (-0.71%) leading the way down.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to steer clear of sub-$8,060 levels to support further upside on the day.

A move back through the morning high $8,120 would support a run at the first major resistance level at $8,178.77.

Bitcoin would need the support of the broader market, however, to break out from the morning high.

In the event of a broad-based crypto rebound, the second major resistance level at $8,265.23 would come into play.

Failure to steer clear of sub-$8,060 levels could see Bitcoin struggle throughout the day.

A fall through to $8,050 levels would bring the first major support level at $7,977.57 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$7,900 support levels on the day.

This article was originally posted on FX Empire

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