The Crypto Daily – The Movers and Shakers – 19/08/19

It’s another bearish start to the day. Bitcoin will need to hold onto $10,300 levels to support the rest of the pack…
Bob Mason
Crypto currency background with various of shiny silver and golden physical cryptocurrencies symbol coins, Bitcoin, Ethereum, Litecoin, zcash, ripple

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…

This Morning

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.

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