The Crypto Daily – The Movers and Shakers – 19/08/19It’s another bearish start to the day. Bitcoin will need to hold onto $10,300 levels to support the rest of the pack…
Bitcoin rose by 0.99% on Sunday. Partially reversing a 1.36% fall from Saturday, Bitcoin ended the day at $10,332.2.
A bearish start to the day saw Bitcoin slide to an early morning intraday low $10,086 before finding support.
Steering clear of the first major support level at $9,989.77, Bitcoin bounced back to an early afternoon intraday high $10,533.
Driven by a broad-based crypto rally, Bitcoin broke through the first major resistance level at $10,480.47.
Unable to break out from $10,500 levels last struck on Friday, Bitcoin eased back to $10,300 levels late in the day.
Sunday’s gain was not enough to reverse a particularly bearish week, however. Bitcoin ended the week down by 10.74%.
For the bulls, the extended bullish trend remained intact in spite of the weekly loss. Bitcoin closed out the week 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 green for the majors.
Leading the way on the day were Monero’s XMR and Ripple’s XRP, which rallied by 7.36% and 6.88% respectively.
Litecoin (+4.99%), Ethereum (+4.93%), Tron’s TRX (+4.65%), and Stellar’s Lumen (+4.56%) also saw solid gains on the day.
Trailing the pack, however, were Binance Coin and Bitcoin Cash SV, which saw more modest gains of 1.60% and 1.90% respectively.
In spite of the Sunday bounce-back, the majors saw heavy losses for the week. Litecoin lead the way down, Monday through Sunday, sliding by 15.09%. Also joining Bitcoin with double-digit losses were Tron’s TRX and EOS, which fell by 14.03% and 12.18% respectively.
For the week, Bitcoin Cash SV (-5.97%), Bitcoin Cash ABC (-5.32%) and Monero’s XMR (-3.95%) saw the most modest losses.
The total crypto market cap fell back from $299.98bn last Monday to a week low $253.51bn on Thursday before partially recovering. At the time of writing, the total market cap stood at $270.27bn.
In spite of Bitcoin’s heavy loss in the week, Bitcoin’s dominance managed to hold onto 68% levels…
At the time of writing, Bitcoin was down by 0.16% to $10,316. A mixed start to the day saw Bitcoin rise from an early morning low $10,280 to a high $10,342.7 before easing back.
Bitcoin steered clear of the major support and resistance levels early on.
Elsewhere, it was red across the crypto-board for the majors.
Monero’s XMR led the way down, falling by 2.19%, with Ripple’s XRP down by 1.07%.
For the Bitcoin Day Ahead
Bitcoin would need to hold onto $10,300 levels to support a run at the first major resistance level at $10,548.13.
Support from the broader market would be needed, however, for Bitcoin to break out from $10,400 levels.
In the event of a broad-based crypto recovery, the first major resistance level at $10,548.13 and Sunday’s high $10,533 would likely cap the upside.
Failure to hold onto $10,300 levels could see Bitcoin slide deeper into the red.
A fall through to $10,250 levels would bring the first major support level at $10,101.13 into play.
Barring an extended sell-off through the day, Bitcoin should steer clear of sub-$10,000 levels.
In the event of a sell-off, expect Bitcoin to test the second major support level at $9,870 before any recovery.