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The Crypto Daily – Movers and Shakers – 13/10/19

By:
Bob Mason
Published: Oct 13, 2019, 01:22 UTC

It's been a bullish week for Bitcoin and the top 10. A Bitcoin breakthrough to $8,400 levels would give the majors another boost on the day.

Bitcoin and Litecoin over dollar banknotes.

Bitcoin rose by 0.5% on Saturday. Partially reversing a 3.7% slide from Friday, Bitcoin ended the day at $8,319.6.

A relatively bullish start to the day saw Bitcoin rise from an early morning intraday low $8,325.9 to a morning high $8,394.

Leaving the major support and resistance levels untested, Bitcoin eased back to $8,320 levels before making a move.

Bitcoin rallied to an early afternoon intraday high $8,423.7 before pulling back.

Falling well short of the first major resistance level at $8,644.67, Bitcoin fell back to $8,310 levels before finding support.

Steering clear of sub-$8,300 levels late in the day was key.

For the current week, Saturday’s 0.5% gain contributed to a 5.54% increase, Monday through Saturday.

For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to hold above 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 on Saturday.

Binance Coin and Bitcoin Cash SV led the way, with gains of 3.74% and 3.41% respectively.

Stellar’s Lumen (0.18%), EOS (0.29%), Bitcoin Cash ABC (1.56%), and Ripple’s XRP (1.84%) also saw green.

Litecoin and Ethereum bucked the trend on the day, with the pair falling by 0.36% and by 0.60% respectively.

For the current week, Monday through Saturday, it’s been a bullish week, however.

Binance Coin led the way, rallying by 14.07%.

Bitcoin Cash SV (8.13%), Ripple’s XRP (6.57%), Ethereum (5.69%), EOS (5.62%) and Stellar’s Lumen (5.44%) also saw solid gains.

Bitcoin Cash ABC and Litecoin trailed the pack in the week, with gains of 2.68% and 2.35% respectively.

Through the current week, the total crypto market cap rose from a Monday low $213.1bn to a Friday high $233.53bn. A bearish day on Friday, however,  led to a pullback to sub-$230bn levels. At the time of writing, the total market cap stood at $224.61bn.

Bitcoin’s dominance held back to sub-67% levels with a number of the top 10 making solid gains in the week.

This Morning

At the time of writing, Bitcoin was up by 0.4% to $8,353.0. A bullish start to the day saw Bitcoin rise from an early morning low $8,310 to a high $8,353.2.

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

Elsewhere, Stellar’s Lumen and Binance Coin led the way with gains of 2.03% and 1.98% respectively.

Bitcoin Cash ABC bucked the trend early on, falling by 0.49%.

BTC/USD 13/10/19 Daily Chart

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to steer clear of sub-$8,330 levels to support a bullish day ahead.

A move back through the morning high $8,353.2 would bring the first major resistance level at $8,405.37 into play.

Bitcoin would need the support of the broader market, however, to break through to $8,400 levels.

In the event of a broad-based crypto rally, the second major resistance level at $8,491.13 would come into play.

Failure to steer clear of sub-$8,330 levels could see Bitcoin test the first major support level at $8,252.17 before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $8,184.73.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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