The Bitcoin Bulls Look Set for Another Weekly Gain. But It Isn’t Plane Sailing…Bitcoin gives the broader market a boost early on. The bulls will need to a return to $12,000 levels for the majors to cut the current week losses.
The bulls continued to make ground in the current month, with Bitcoin looking set to add to last week’s gains.
Bitcoin slid by 4.87% on Saturday, however. Following on from a 1.32% fall on Friday, Bitcoin ended the day at $11,311.4.
A bullish start to the day saw Bitcoin strike an early morning intraday high $12,011 before hitting reverse.
Falling short of the first major resistance level at $12,091, Bitcoin slumped to a late morning intraday low $11,208.
Bitcoin fell through the first major support level at $11,697 and second major support level at $11,503. Of greater significance was a fall through the 23.6% FIB of $11,275.
Finding support through the early afternoon, Bitcoin managed to recover to $11,400 levels before easing back.
While struggling late in the day, Bitcoin managed to hold above the 23.6% FIB of $11,275 at the day end.
For the current week, a bearish 2nd half of the week left Bitcoin with just a 3.08% gain, Monday through Saturday.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.
Ethereum and Binance Coin joined Bitcoin in the red on the day, with losses of 2% and 0.61% respectively.
It was green for the rest of the pack, with EOS and Tron’s TRX leading the day. The pair gained 3.86% and 2.01% respectively.
Stellar’s Lumen (+1.95%) also saw solid gains on the day. Bitcoin Cash ABC (+0.83%), Bitcoin Cash SV (+0.72%) and Ripple’s XRP (+0.73%) trailed.
For the current week, it was a bearish week for the crypto majors.
Bucking the trend for the current week was Binance Coin, which was up by 7.54% Monday through Saturday.
It was red for the rest of the pack, however, going into Sunday.
Stellar’s Lumen (-11.27%), Tron’s TRX (-9.38%), Litecoin (-8.4%), and Ethereum (-7.52%) led the way down. It wasn’t much better for the remaining few, however.
Bitcoin Cash ABC (-5.67%), Ripple’s XRP (-6.21%), EOS (-3.99%), Bitcoin Cash SV (-6.82%) all saw heavy losses.
Bitcoin’s dominance stood at 68.8% at the time of writing, supported by the upward momentum from the week. Bitcoin’s dominance had hit 69.92% before Saturday’s late morning sell-off, however.
The total crypto market cap hit reverse in the week, falling back from a Tuesday high $318.97bn to $295.31bn at the time of writing.
At the time of writing, Bitcoin was up by 0.91% to $11,414. A bullish start to the day saw Bitcoin rise from a morning low $11,282 to a high $11,440.
Bitcoin steered clear of the major support and resistance levels early on. Of greater significance was a hold above the 23.6% FIB of $11,275, however.
Elsewhere, it was a sea of green across the crypto board. EOS led the way early on, rising by 2.77%. Bitcoin Cash SV (+2.33%), Ethereum (+2.03%), Tron’s TRX (+1.97%), Bitcoin Cash ABC (+1.29%) and Litecoin (+1.53%) were also on the move.
Trailing the pack early on were Binance Coin (+0.23%), Ripple’s XRP (+0.43%) and Stellar’s Lumen (+0.72%).
For the Bitcoin Day Ahead
Bitcoin would need to move through to $11,510 levels to support a run at the first major resistance level at $11,812.27.
Support from the broader market would be needed, however, for Bitcoin to move back through to $12,000 levels.
Barring a broad-based crypto rally, resistance at $12,000 and Saturday’s high $12,011 would cap any upside.
In the event of a crypto breakout, Bitcoin could revisit $12,100 levels before any pullback.
Failure to move through to $11,510 levels could see Bitcoin hit reverse. A fall through the 23.6% FIB of $11,275 would bring the first major support level at $11,009.27 into play.
Barring a crypto meltdown, however, Bitcoin should continue to steer clear of sub-$11,000 levels.