Bitcoin slid by 4.32% on Thursday. Following on from a 0.72% fall on Wednesday, Bitcoin ended the day at $8,105.9.
A relatively range-bound start to the day saw Bitcoin recover from an early morning low $8,327 to strike a late morning intraday high $8,493.1.
Bitcoin left the major support and resistance levels untested ahead of an afternoon crypto meltdown.
The meltdown saw Bitcoin tumble to a late afternoon intraday low $7,796 before finding support.
Bitcoin fell through the first major support level at $8,233.67 and second major support level at $7,992.03.
Whilst on the slide, steering clear of the 62% FIB of $7,245 was key on the day.
Finding support late through the late afternoon, Bitcoin found its way back to $8,000 levels to limit the downside on the day.
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$8,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer clear of the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag for the majors.
Stellar’s Lumen bucked the trend on Thursday, with a 2.18% gain.
It was red for the rest of the pack, however, with Binance Coin sliding by 5.35% to lead the way down.
Bitcoin Cash ABC (-4.80%), Bitcoin Cash SV (-4.04%), Litecoin (-4.03%), and EOS (-3.06%) also saw heavy losses on the day.
Ripple’s XRP (-1.36%) and Ethereum (-2.44%) saw more modest losses on the day.
Through the day, the total crypto market cap slid from a day high $223.61bn to a low $207.75bn before support kicked in. At the time of writing, the total market cap stood at $213.83bn.
Bitcoin’s dominance held onto 68% levels in spite of Thursday’s sell-off, reflective of the broad-based reversal on the day.
At the time of writing, Bitcoin was down by 0.98% to $8,026.8. A bearish start to the day saw Bitcoin fall from an early morning high $8,136.1 to a low $8,000.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Bitcoin Cash SV (-1.87%), Ripple’s XRP (-1.83%), Litecoin (-1.58%), and Bitcoin Cash ABC (-1.26%) were also deep in the red.
Bucking the trend through the first hour was Stellar’s Lumen, which was up by 0.05%.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $8,130 levels to support a run at the first major resistance level at $8,467.13.
Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $8,136.1.
In the event of a rebound through the day, Thursday’s high $8,493.1 and first major resistance level would likely limit any upside.
Failure to move back through to $8,130 levels would see Bitcoin struggle through the day.
A fall through to sub-$7,900 levels would bring the first major support level at $7,770.63 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,435.37 and, more importantly, the 62% FIB of $7,245.
This article was originally posted on FX Empire
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