The Crypto Daily – Movers and Shakers -03/11/19

Bitcoin finds support early on. Bitcoin would need to steer clear of sub-$9,340 levels to support more upside on the day.
Bob Mason
Binance is a finance exchange market. Crypto Currency background concept.

Bitcoin rose by 0.47% on Saturday. Following on from a 1.11% gain from Friday, Bitcoin ended the day at $9,332.1.

A mixed start to the day saw Bitcoin fall from an early morning high $9,330.1 to a mid-morning intraday low $9,251.5.

Steering clear of the first major support level at $9,138.73, Bitcoin rallied to an early afternoon intraday high $9,429.5.

Bitcoin broke through the first major resistance level at $9,386.13 before falling back to $9,300 levels.

For the bulls, the extended bullish trend remained intact in spite of failing to break out from the 38.2% FIB of $9,734. Bitcoin has continued to hold above the 62% FIB of 7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed day for the majors on Saturday.

Bitcoin Cash ABC led the way, rallying by 3.73%, with Bitcoin Cash SV (+1.38%) and Stellar’s Lumen (+1.27%) also seeing solid gains.

While Binance Coin (+1.00%) and Ripple’s XRP (+0.92%) found support, EOS saw red on the day, falling by 0.94%.

Litecoin (+0.05%), Tron’s TRX (-0.04%), and Ethereum (-0.01%) ended the day flat.

For the current week, it was also mixed. Bitcoin Cash ABC (+9.89%) and Stellar’s Lumen (+8.80%) led the way.

Binance Coin (+4.55%) and Tron’s TRX (+3.33%) also made solid gains going into this morning.

Bitcoin Cash SV joined Bitcoin in the red, sliding by 6.1%.

Litecoin (-2.55%), Ripple’s XRP (-1.24%), Ethereum (-0.58%), and EOS (-0.27%) were also in the red.

Through the current week, the total crypto market cap rose to a Monday high $257.32 before sliding to a Thursday low $241.47bn. At the time of writing, the total market cap stood at $249.98bn.

Bitcoin’s dominance held steady 67% levels on the day, while trading volumes eased back from $120bn levels to sub-$80bn levels.

This Morning

At the time of writing, Bitcoin was up by 0.46% to $9,375.2. A bullish start to the day saw Bitcoin rise from an early morning low $9,332.2 to a high $9,400.6 before easing back.

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

Elsewhere, Bitcoin Cash ABC led the way, rallying by 3.21%.

Tron’s TRX (+1.38%) and Bitcoin Cash SV (+1.15%) also found strong support early on.

Stellar’s Lumen bucked the trend, down by 0.44% at the time of writing.

For the Bitcoin Day Ahead

Bitcoin would need to steer clear of sub-$9,340 levels to support another run at the first major resistance level at $9,423.90.

Support from the broader market would be needed, however, for Bitcoin to break back through to $9,400 levels.

Barring a broad-based crypto rally later in the day, Bitcoin will likely fall short of $9,500 levels for a 5th consecutive day.

Failure to steer clear of sub-$9,340 levels could see Bitcoin hit reverse.

A fall back through to sub-$9,300 levels would bring the first major support level at $9,245.90 into play.

Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $9,159.70.

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