Bitcoin – The Bears Look to Have the Final Say This WeekIt’s a bearish start to the day, profit taking weighing early on. Bitcoin Cash SV and Binance buck the trend as the battle for number 10 continues.
Bitcoin fell by 0.16% on Saturday. Consolidating Friday’s 8.31% rally, Bitcoin ended the day at $3,718.3.
Following Friday’s 8.31% rally, the bulls managed to avoid a reversal on Saturday. Recovering from a morning low $3,702.5, Bitcoin rose to an early afternoon intraday high $3,740 before hitting reverse.
Unable to break back through to $3,800 levels to test the first major resistance level at $3,874.23, Bitcoin fell to a late afternoon intraday low $3,685.7 before recovering to $3,700 levels. Holding above $3.650 levels was key to avoiding a more material loss on the day.
From the top 10 cryptos, Litecoin continued to lead the way off the back of Friday’s rally. A 3.88% rise was amongst just a few of the 10 that managed to make further gains following the Friday bounce.
EOS came in a distant second, with a 1.53% gain on the day, while Ethereum rose by just 0.08%.
Leading the way down was Tron’s TRX, which fell by 2.16%. Stellar’s Lumen, Bitcoin Cash ABC and Bitcoin Cash SV saw more than 1% losses on the day, while Ripple’s XRP limited the downside to just 0.06%.
Litecoin’s impressive 34.43% gain, Monday to Friday, comes ahead of this year’s halving that had garnered attention ahead of Friday’s 29.56% surge. When compared with the rest of the 10, EOS sits a distant 2nd with a Monday to Saturday gain of 17.4%.
Joining the pair with double-digit gains was Ethereum, which rose by 11.4% Monday to Friday. While none of the 10 were in the red, Stellar’s Lumen trailed the pack, with just a 0.07% gain. A particularly bearish week, with the exception of Friday’s rally, has seen Stellar’s Lumen in the red in 4 of the last 6-days. It’s in stark contrast to Litecoin’s single daily loss on Wednesday.
A mixed bag left the market cap at $121bn levels, with Litecoin and EOS cementing their 4th and 5th rankings following strong gains through the week.
Moving back into the top 10 late on Saturday was Binance Coin that displaced Bitcoin Cash SV. Two solid days in the green reversed Thursday’s single day in the red for the week. In contrast, Bitcoin Cash SV has just seen 3 days in the green this week.
At the time of writing, Bitcoin was down 0.23% to $3,709.8. Bitcoin fell from the start of a day morning high $3,727.6 to a morning low $3,706.3 before steadying. While bearish, tight ranges within the early hours left the day’s major support and resistance levels untested.
For the day ahead
A move back through to $3,715 levels would support a run at the first major resistance level at $3,743.63 before any pullback. Barring a material shift in sentiment across the broader market, we would expect Bitcoin to fall short of $3,800 levels. The second major resistance level at $3,768.97 may play a hand in capping the day’s gain, should sentiment improve later in the day.
Failing to hold onto $3,700 levels Bitcoin could slide through the first major support level at $3,689.33 and Saturday’s low $3,685.7. While we would expect $3,500 levels to be avoided on the day, a pullback through the second major support level at $3,660.37 could be on the cards should sentiment across the broader market fail to improve through the day.