Advertisement
Advertisement

The Crypto Week – The Bears Fight Back…

By:
Bob Mason
Published: Jul 28, 2019, 08:39 UTC

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 1

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.

This Morning

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.

BTC/USD 28/07/19 Daily Chart

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.

 

Get Into Cryptocurrency Trading Today

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.

Did you find this article useful?

Advertisement