Another Choppy Crypto Market Week Sees the Bears Fight Back

The bulls fight back as August becomes a bear trap for crypto investors…
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Bitcoin fell by 1.36% on Saturday. Reversing a 0.44% gain from Friday, Bitcoin ended the day at $10,228.

A relatively choppy start to the day saw Bitcoin recover from an early morning low $10,237 to strike a late morning intraday high $10,494.7.

In spite of the morning breakout, Bitcoin came up short of the first major resistance level at $10,699 before hitting reverse.

The reversal saw Bitcoin slide to a late afternoon intraday low $10,004 before finding support.

Bitcoin steered clear of the first major support level at $9,908 before wrapping up the day at $10,200 levels.

For the bulls, avoiding a return to sub-$10,000 levels for the first time since Tuesday was key.

The bullish start to the current month came to an abrupt end in the last week, however, as the majors slid deep into the red.

For the current week, 4 days in the red, which included a 7.7% tumble on Wednesday, left Bitcoin down by 11.64%, Monday through Saturday.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.

Litecoin led the way down, sliding by 2.74%. Bitcoin Cash SV (-1.35), Bitcoin Cash ABC (-1.33%) and Stellar’s Lumen (-1.02%) also saw heavy losses.

Bucking the trend on the day were Ripple’s XRP, Ethereum and Tron’s TRX. Ripple’s XRP gained 1.71% on the day, while Ethereum and Tron’s TRX rose by 0.18% and 0.38% respectively.

For the current week, however, there was nothing mixed about it, with all of the majors deep red.

Litecoin led the way down, sliding by 19.13%, Monday through Saturday. Tron’s TRX (-17.85%), EOS (-15.42%), Stellar’s Lumen (-13.02%), Ripple’s XRP (-12.44%) and Monero’s XRM (-10.71%) also saw double digit losses.

Bitcoin Cash SV (-8.19%), Bitcoin Cash ABC (-9.29%) and Binance Coin (-9.16%) saw more modest losses going into Sunday.

The total crypto market cap tumbled from a Monday high $299.68bn to a current week low $253.51bn on Thursday. At the time of writing, the total crypto market cap stood at $265.31bn.

This Morning

At the time of writing, Bitcoin was down by 0.34% to $10,193. A mixed start to the day saw Bitcoin fall from a morning high $10,280 to a low $10,184.

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

Elsewhere, Stellar’s Lumen and Bitcoin Cash ABC bucked the trend early on, with gains of 0.53% and 0.56% respectively.

With the rest of the pack joining Bitcoin in the red, Bitcoin Cash SV led the way down with a 1.32% slide.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $10,250 levels to support another run at the first major resistance level at $10,480.47.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $10,280.

Barring a broad-based crypto rebound, Saturday’s high $10,494.7 and the first major resistance level at $10,480.47 would likely limit any upside.

In the event of a broad-based crypto rally, $10,600 levels would likely come into play before any pullback.

Failure to move back through to $10,250 levels could see Bitcoin slide deeper into the red. A fall through the morning low $10,164 would bring the first major support level at $9,989.77 into play.

Barring an extended sell-off through the day, Bitcoin would likely steer clear of the 38.2% FIB of $9,734 and second major support level at $9,751.53.

Get Into Cryptocurrency Trading Today

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US