Bitcoin led the way on Thursday, but this time for all the wrong reasons…
Bitcoin tumbled by 6.85% on Thursday. Partially reversing Wednesday’s 10.09% rally to end the day at $11,162.5.
A bearish start to the day saw Bitcoin fall from an early morning intraday high $12,065 to a late morning low $11,503.
The moves through the morning saw Bitcoin leave the major support and resistance levels untested.
Finding support through the afternoon, Bitcoin recovered to an afternoon high $11,922 before taking a hit in the final hour.
The final hour sell-off saw Bitcoin slide through the 23.6% FIB of $11,275 and first major support level at $11,230.33.
For Bitcoin, the only positive of the day was the avoidance of sub-$11,000 levels for the first time since 29th June.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was red for all but one of the top 10 cryptos on Thursday.
Bucking the trend on the day was Binance Coin, which rose by 1.23%.
It was deep red for the rest of the pack.
Ethereum was close behind Bitcoin, sliding by 6.29%, with EOS (-5.62%) and Bitcoin Cash ABC (-5%) also seeing heavy losses.
Things were not much better for Ripple’s XRP and Tron, which fell by 4.47% and 4.7% respectively.
Bitcoin Cash SV and Litecoin saw more modest losses on the day. While Bitcoin Cash SV fell by 3.44%, Litecoin fell by just 1.8%.
The Bitcoin sell-off on the day led to Bitcoin’s dominance pulling back to 62% levels. At the time of writing, Bitcoin’s dominance stood at 62.5%
The total crypto market cap fell from a high $338.45bn to end the day at $319.29bn on Thursday, weighed by Bitcoin’s pullback.
At the time of writing, Bitcoin was up by 0.35% to $11,201. Moves in the first hour saw Bitcoin rise from a morning low $11,005 to a high $11,287 before easing back.
Whilst leaving the major support and resistance levels untested, Bitcoin broke through the 23.6% FIB of $11,257 before the pullback.
Elsewhere, Bitcoin Cash ABC (+0.71%), EOS (+0.23%) and Ethereum (+0.25%) also found early support.
Litecoin and Binance Coin struggled at the start, with losses of 0.56% and 0.6% respectively.
For the Day Ahead
Bitcoin would need to move back through the 23.6% FIB of $11,257 to $11,430 levels to support a reversal of Thursday’s losses.
A move through to $11,500 levels would bring the first major resistance level at $11,800 into play.
Bitcoin would need the support of the broader market, however, to break out from this morning’s high $11,287.
In the event of a broad-based crypto rally, Bitcoin could touch $12,000 levels before any pullback.
Failure to move back through the 23.6% FIB to $11,430 levels could see Bitcoin take another hit.
A fall through the morning low $11,005 would bring the first major support level at $10,790 into play before any recovery.
Barring a crypto meltdown, Bitcoin should steer well clear of the second major support level at $10,417.5 on the day.