The Crypto Daily – Movers and Shakers -10/11/19

It’s another mixed start to the day for the pack. A Bitcoin move through to $8,820 levels would signal a bullish day ahead…
Bob Mason
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin rose by 0.52% on Saturday. Partially reversing a 4.67% slide from Friday, Bitcoin ended the day at $8,828.0.

A bullish start to the day saw Bitcoin rise to a mid-morning intraday high $8,896.0 before easing back.

Falling short of the first major resistance level at $9,129.8, Bitcoin fell to a late afternoon intraday low $8,734.8.

Steering well clear of the first major support level at $8,557.9, Bitcoin moved back through to $8,800 levels late on to deliver the upside for the day.

For the bulls, the extended bullish trend remained intact in spite of failing to break back through 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 bullish day for the majors on Saturday.

Bitcoin Cash SV led the way, rallying by 4.40%.

Litecoin (+2.89%), Stellar’s Lumen (+2.60%), EOS (+2.41%), and Bitcoin Cash ABC (+2.13%) also saw solid gains.

Ripple’s XRP (+1.55%), Ethereum (+0.63%), Binance Coin (+0.66%), and Tron’s TRX (+0.54%) trailed the front runners.

Through the current week, the total crypto market cap rose to a Wednesday high $254.37 before sliding to a Friday low $237.62bn. At the time of writing, the total market cap stood at $240.10bn.

Bitcoin’s dominance held onto 66% levels on the day, while trading volumes slipped back further to $61bn levels.

This Morning

At the time of writing, Bitcoin was down by 0.6% to $8,775.2. A bearish start to the day saw Bitcoin fall from an early morning high $8,828.0 to a low $8,764.3.

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

Elsewhere, Stellar’s Lumen and Binance Coin bucked the trend early, with gains of 1.91% and 0.12% respectively.

It was red for the rest, however, with Bitcoin Cash ABC (-1.07%) leading the way down.

Ripple’s XRP (-0.88%), EOS (-0.74%), Litecoin (-0.61%), and Ethereum (-0.53%) weren’t far behind.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,820 levels to support a run at the first major resistance level at $8,904.4.

Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $8,896.

Barring a broad-based crypto rally, Bitcoin would likely come up short of $9,000 levels for a 2nd consecutive day.

The second major resistance level at $8,904.4 would limit any upside on the day.

Failure to move back through to $8,820 levels could leave Bitcoin in the red for the day.

A fall through the morning low $8,764.3 would bring the first major support level at $8,743.2 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of sub-$8,700 levels.

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
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.
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.