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The Crypto Daily – The Movers and Shakers 03/07/19

Bob Mason

Bitcoin continued its trend-bucking form on Tuesday to end a string of losses at the turn of the quarter.

Bitcoin rose by 2.29% on Tuesday. Reversing a 1.48% fall from Monday, Bitcoin ended the day at $10,885.

A bearish start to the day saw Bitcoin slide from a morning high $10,719 to a late morning intraday low $9,728.2.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $10,075 to test support at the 38.2% FIB of $9,734 before bouncing back.

Rallying through the afternoon, Bitcoin struck a late intraday high $10,965 before easing back.

In spite of the afternoon rally, Bitcoin fell well short of the first major resistance level at $11,218. It was Bitcoin’s first visit to sub-$10,000 levels since 21 st June.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red across the crypto-board.

Leading the way down was Binance Coin, which slid by 3.65%. Also seeing heavy losses were Litecoin (-3.26%), Tron (-2.89%), Bitcoin Cash ABC (-2.59%), and EOS (-2.37%).

Ethereum and Bitcoin Cash SV saw more modest losses of 0.84% and 0.48% respectively.

For Stellar’s Lumen, things haven’t improved since falling out of the top ten with a 2.16% loss on the day.

With Bitcoin bucking the trend to see green on the day, Bitcoin’s dominance moved back to 61% levels.

The total crypto market cap recovered from sub-$290 levels on Tuesday to end the day at $313.2bn.

This Morning

At the time of writing, Bitcoin was up by 2.73% to $11,182 as the bulls look to restore order. Moves within the first hour saw Bitcoin rise from a low $10,876 to a high $11,200 before easing back.

While leaving the major support and resistance levels untested early on, Bitcoin came within range of the 23.6% FIB of $11,275.

Elsewhere, it was a mixed start to the day for the majors. Ethereum tracked Bitcoin early on, with a 1.01% gain. Tron (+0.94%), Bitcoin Cash SV (+1.03%), and Litecoin (+1.18%) also made solid gains.

Bucking the trend in the early hours, however, was Binance Coin with a 0.31% loss.

For the Day Ahead

Bitcoin would need to move through the 23.6% FIB of $11,257 to bring the first major resistance level at $11,323.93 into play.

Having failed to touch $11,000 levels on Tuesday, the early move should support a bullish day ahead.

An early break through the first major resistance level would bring $11,500 levels into play.

Bitcoin would need the support of the broader market, however, to take a run at the second major resistance level at $11,762.87.

Failure to move through the 23.6% FIB could see Bitcoin hit reverse. A fall back through to $10,500 levels would bring the first major support level at $10,087.13 into play.

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

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This article was originally posted on FX Empire

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