The Crypto Week – The Bears Fight Back…Bitcoin set the bearish tone for the week. There could be more losses on the cards if Bitcoin fails to recover to $9,660 levels…
Bitcoin hits choppy waters, weighing on the broader market as the majors cough up last week’s gains.
Bitcoin slid by 3.77% on Saturday. Following on from a 0.5% loss from Friday, Bitcoin ended the day at $9,469.
A particularly bullish start to the day saw Bitcoin strike an early intraday high $10,199 before hitting reverse.
Bitcoin broke through the first major resistance level at $9,942.8 and second major resistance level at $10,045.3.
The reversal saw Bitcoin slide to a mid-afternoon intraday low $9,296. Bitcoin fell through the 38.2% FIB of $9,734 and the major support levels before finding support.
Bitcoin managed to move back through the third major support level at $9,298.9 to wrap up the day at $9,400 levels.
For the current week, Bitcoin was down by 10.4%, with Bitcoin seeing red on 5 out of the last 6 days.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a sea of red on Saturday.
Leading the way down were EOS and Bitcoin Cash SV, which tumbled by 7.8% and 7.26% respectively. Litecoin and Ethereum also saw heavy losses, falling by 5.74% and by 5.61% respectively. Tron’s TRX wasn’t far behind, with a 5.19% slide.
Bitcoin Cash ABC (-4.48%), Binance Coin (-4.35%) and Ripple’s XRP (-4.31%) also struggled.
On a particularly bearish day, the total crypto market cap slid from $278bn levels to $260bn levels before steadying.
For the current week, there were some heavy losses across the majors. Tron’s TRX led the way down, sliding by 24.75% Monday through Saturday. The sell-off saw Tron slide out of the top 10 in the week.
Bitcoin Cash SV (-15.65%) and Litecoin (-10.93%) also saw double-digit losses on the week. Binance Coin (-9.05%) and Ethereum (-8.24%) weren’t far behind.
In spite of Saturday’s heavy loss, EOS saw the most modest loss of the week, falling by just 1.37%.
The bearish week saw the total crypto market cap fall from $293bn levels at the start of the week to a Saturday current week low $260.85bn before recovering to $263.75bn at the time of writing.
At the time of writing, Bitcoin was up by 0.31% to $9,498.5. A bearish start to the day saw Bitcoin fall to an early morning low $9,361.6 before striking a morning high $9,571.4.
In spite of the relatively choppy start to the day, Bitcoin left the major support and resistance levels untested.
Elsewhere, it was a mixed bag for the majors. Bitcoin Cash ABC (-0.33%), Bitcoin Cash SV(-0.50%) and Binance Coin (-0.76%) saw red early on.
The rest of the pack saw minor gains. Stellar’s Lumen led the way with a 1.11% gain after rejoining the top 10.
For the Day Ahead
Bitcoin would need to break through to $9,660 levels to bring the first major resistance level at $10,013.33 into play.
Support from the broader market would be needed, however, for Bitcoin to break out from the 38.2% FIB of $9,734.
Barring a broad-based crypto rebound, the first major resistance level and Saturday’s high $10,199 would limit any upside on the day.
Failure to move through to $9,660 levels could see Bitcoin hit reverse. A fall through the morning low $9,361.6 would bring the first major support level at $9,110.33 into play.
Barring another crypto meltdown, Bitcoin should steer clear of sub-$9,000 support levels on the day.