Bitcoin fell by 1.33% on Tuesday. Partially reversing a 5.9% rally from Monday, Bitcoin ended the day at $10,792.1.
A bullish first hour saw Bitcoin strike an intraday high $10,993 to test resistance at $11,000 before hitting reverse.
Falling well short of the first major resistance level at $11,174.67, Bitcoin fell to a mid-afternoon intraday low $10,584.
In spite of the sell-off, Bitcoin steered clear of the first major support level at $10,490.67.
Finding support late in the day, Bitcoin managed to hit $10,800 levels before easing back in the final hour.
For the bulls, the extended bullish trend remained intact. In spite of last week’s heavy loss, Bitcoin continued to hold above the 38.2% FIB of $9,734. More importantly, Bitcoin last visited sub-$9,000 levels back in mid-June, holding well 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 red across the board.
Leading the way on the day were Stellar’s Lumen and Monero’s XMR, which slid by 5.01% and 4.71% respectively. Bitcoin Cash SV was a distant 3rd, falling by -3.27%.
Ethereum (-2.85%), Ripple’s XRP (-2.82%), Litecoin (-2.66%), Binance Coin (-2.6%) and Bitcoin Cash ABC (-2.43%) also saw heavy losses.
EOS saw the most modest loss on the day, falling by just 1.25%.
In spite of yet another bearish day across the crypto market, Bitcoin held onto positive territory for August. For the current month, Bitcoin was up by 6.98%. Joining Bitcoin in the green were Monero’s XMR and Binance Coin, which were up by 6.39% and 1.01% respectively.
Litecoin and Stellar’s Lumen were the worst of the top 10, down by 24.07% and 17.74% for the current month.
On Tuesday, the total crypto market cap fell back from $282bn levels to a low $274.99bn before partially recovering to $279bn levels. At the time of writing, the total market cap stood at $276.2bn.
In spite of Bitcoin’s reversal, Bitcoin’s dominance managed to hold onto 69% levels…
At the time of writing, Bitcoin was down by 0.53% to $10,735. Another mixed start to the day saw Bitcoin rise to an early morning high $10,825 before falling back.
Coming up short of the first major resistance level at $10,995.4, Bitcoin fell to a morning low $10,663.
In spite of the pullback, Bitcoin managed to steer clear of the first major support level at $10,586.4.
Elsewhere, EOS bucked the trend early on, up by just 0.02% at the time of writing. It was red for the rest of the majors.
Bitcoin Cash SV and Binance Coin led the way down, with losses of 1.37% and 1.16% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $10,790 levels to support another run at the first major resistance level at $10,995.4.
Support from the broader market would be needed, however, for Bitcoin to move through the morning high $10,825
Barring a broad-based crypto rally, the first major resistance level at $10,995.4 and Tuesday’s high $10,993 would likely cap any upside.
In the event of a crypto break out, Bitcoin could visit $11,100 levels before any pullback. The second major resistance level at $11,198.7 would cap a breakout.
Failure to move through to $10,790 levels could see Bitcoin end another day in the red.
A fall through the morning low $10,663 would bring the first major support level at $10,586.4 into play.
Barring a crypto meltdown, Bitcoin should steer clear of sub-$10,500 levels on the day.