After a bearish end to the week, the majors are back into the red this morning. A Bitcoin move through to $7,450 should provide support...
Bitcoin fell by 1.96% on Sunday. Following on from a 2.52% slide from Saturday, Bitcoin ended the week up 6.96% to $7,450.1.
A particularly bearish start to the day saw Bitcoin slide from an early morning intraday high $7,600.1 to an intraday low $7,288.6.
Falling short of the major resistance levels, Bitcoin fell through the first major support level at $7,440.73.
Finding support at the second major support level at $7,281.57, Bitcoin recovered to an afternoon high $7,523.2.
The return to $7,500 levels was brief, however, with Bitcoin sliding back through the first major support level.
Late support led to a move back through to $7,400 levels to limit the downside on the day.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, in spite of the upside in the week.
For the bulls, Bitcoin would need to break out from $11,000 levels to form a near-term bullish trend.
Across the rest of the top 10 cryptos, it was a mixed day for the majors on Sunday.
Bitcoin Cash SV led the way down, sliding by 2.94%.
Binance Coin (-1.72%), Ethereum (-0.42), and Ripple’s XRP (-0.18%) also joined Bitcoin in the red.
It was a bullish day for the rest of the pack, however, with Litecoin and EOS rising by 1.29% and 1.23% respectively to lead the way.
Stellar’s Lumen and Bitcoin Cash ABC saw more modest gains of 0.84% and 0.71% respectively.
For the week, it was green across the board, however, with EOS surging by 15.15% to lead the way.
Bitcoin Cash ABC (7.22%), Ethereum (7.76%), and Litecoin (8.90%) also found strong support.
Binance Coin (3.06%), Bitcoin Cash SV (5.18%), Ripple’s XRP (1.97%), and Stellar’s Lumen (3.41%) trailed the front runners.
Through the week, the crypto total market cap slid to a Monday week low $180.76bn before rebounding to a Saturday week high $211.90bn. At the time of writing, the total market cap stood at $201.29bn.
Bitcoin’s dominance held on to 66% levels. 24-hour trading volumes fell back to sub-$60bn levels on Saturday before recovering to $62bn levels. Earlier in the week, volumes had peaked at $133bn levels.
At the time of writing, Bitcoin was down by 0.34% to $7,424.6. A bearish start to the day saw Bitcoin fall from an early morning high $7,462.8 to a low $7,411.3.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was red across the crypto board, with Stellar’s Lumen falling by 1.18% to lead the way down.
Losses elsewhere were modest within the 1st hour, with Ripple’s XRP down by just 0.05%.
Bitcoin would need to move through to $7,450 levels to support a run at the first major resistance level at $7,603.93.
Support from the broader market would be needed, however, for Bitcoin to break through to $7,600 levels.
Barring a broad-based crypto rally on the day, Sunday’s high $7,600.1 and the first major resistance level should cap any upside.
Failure to move through to $7,450 levels could see Bitcoin fall for 3rd consecutive day.
A slide back through to sub-$7,400 levels would bring the first major support level at $7,292.43 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,134.77.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.