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The Crypto Daily – The Movers and Shakers – 04/09/19

Bob Mason

Bitcoin rose by 2.93% on Tuesday. Following on from a 6.23% rally on Monday, Bitcoin ended the day at $10,641.

Another relatively range-bound morning saw Bitcoin fall from an early morning high $10,500 to a low $10,291 before making a move.

Steering well clear of the major support and resistance levels, Bitcoin rallied to an early afternoon intraday high $10,766.

Bitcoin broke through the first major resistance level at $10,656.47 to visit $10,700 levels for the 1st time since 21st August.

A late dip to sub-$10,500 levels was short-lived, with Bitcoin wrapping up the day at $10,600 levels. The pullback saw Bitcoin fall back through the first major resistance level at $10,656.47.

For Bitcoin, the extended bullish trend remained intact. An early September rebound saw Bitcoin break back through the 38.2% FIB, while Bitcoin also continued to steer well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Tuesday.

Litecoin and Monero’s XMR were amongst the front runners, rising by 5.27% and 2.35% respectively.

Bitcoin Cash ABC (+1.97%), EOS (+0.99%), Ripple’s XRP (+0.69%) and Ethereum (+0.08%) also saw green on the day.

Bucking the trend, however, were Binance Coin (-2.23%), Stellar’s Lumen (-0.85%), and Bitcoin Cash SV (-0.52%).

The relatively positive day led to a rise in the total crypto market cap from a day low $263.28bn to a high $272.75bn. At the time of writing, the total crypto market cap stood at $269.57bn.

Bitcoin’s dominance continued to hold onto 70% levels, with Bitcoin up by 10.6% for the current month.

Outgunning Bitcoin at the start of the month was Monero’s XMR, which was up by 11.69%. While Litecoin (+9.96%), Bitcoin Cash ABC (+7.56%), and Binance Coin (+6.27%) also made solid gains, it was less impressive elsewhere.

This Morning

At the time of writing, Bitcoin was down by 1.18% to $10,515. A bearish start to the day saw Bitcoin fall from an early morning high $10,649.2 to a low $10,476.

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

Elsewhere, Bitcoin Cash SV led the way, rising by 0.86%. Bitcoin Cash ABC (+0.38%), Binance Coin (+0.37%) and Stellar’s Lumen (+0.07%) also saw green early on.

Litecoin led the way down, however, down by 1.07% at the time of writing. Ethereum, Ripple’s XRP, and EOS were also in the red.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,570 levels to support a run at Tuesday’s high $10,766.

Support from the broader market would be needed, however, for Bitcoin to break out from this morning’s high $10,649.2.

Barring a broad-based crypto rally, Bitcoin would likely come up short of the first major resistance level at $10,841.

Failure to move back through to $10,570 levels could see Bitcoin fall deeper into the red.

A fall back through the morning low $10,476 to $10,420 levels would bring the first major support level at $10,366 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $10,091 and sub-$10,000 levels.

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This article was originally posted on FX Empire

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