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

By:
Bob Mason
Published: Nov 11, 2019, 03:50 UTC

It's a mixed start to the day for the majors after a mixed bag last week. Bitcoin will need to move back to $9,100 levels to support the pack.

Bitcoin and Litecoin over dollar banknotes.

Bitcoin rallied by 2.74% on Sunday. Following on from a 0.52% gain from Saturday, Bitcoin ended the day at $9,069.7.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,764 before striking a mid-morning high $8,960.2.

Steering clear of the first major support level at $8,743.2, Bitcoin broke through the first major resistance level at $8,904.4.

A late morning pullback to $8,800 levels was short-lived, with Bitcoin finding support through the afternoon.

Bitcoin rallied to a late afternoon intraday high $9,250 before easing back. Bitcoin broke through the day’s major resistance levels before falling back to sub-$9,200 levels.

The pullback saw Bitcoin fall back through the third major resistance level at $9,142.0.

For the week, 2 consecutive days in the green left Bitcoin with a 1.66% loss, Monday through Sunday.

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 mixed day for the majors on Sunday.

Stellar’s Lumen led the way, rallying by 8.0%, with Bitcoin Cash SV up by 4.32%.

Bitcoin Cash ABC (+3.97%), EOS (+2.97%), Litecoin (+2.55%), Ethereum (+2.22%), Binance Coin (+2.20%), and Tron’s TRX (+1.91%) also saw solid gains.

Ripple’s XRP bucked the trend at the end of the week, falling by 0.20%.

For the week, it was also a mixed bag for the majors.

Stellar’s Lumen led the way, rallying by 14.53%, with EOS (+9.57%) and Litecoin (+9.08%) close behind.

Bitcoin Cash SV (+4.30%), Ethereum (+3.93%), and Binance Coin (+1.04%) also ended the week with gains.

Ripple’s XRP (-3.96%), Tron’s TRX (-0.79%), and Bitcoin Cash ABC (-0.12%) joined Bitcoin in the red.

Through the 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 $240.81bn.

Bitcoin’s dominance held onto 66% levels on the day, in spite of the weekly loss. Trading volumes moved back through to $70bn levels after a pullback to $61bn levels.

This Morning

At the time of writing, Bitcoin was down by just 0.03% to $9,066.8. A mixed start to the day saw Bitcoin rise from an early morning low $9,061.4 to a high $9,108.5.

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

Elsewhere, EOS (-0.31%) and Litecoin (-0.13%) were also in the red in the early part of the day.

It was a more bullish start for the rest of the majors, however, with Bitcoin Cash ABC up by 0.73% to lead the way.

BTC/USD 11/11/19 Daily Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $9,100 levels to support a run at the first major resistance level at $9,291.8.

Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,250.

Barring a broad-based crypto rally, Sunday’s high and first major resistance level would likely cap any upside.

In the event of a broad-based crypto rally, Bitcoin could come up against the second major resistance level at $9,513.9 before any pullback.

Failure to move back through to $9,100 levels would likely see Bitcoin struggle on the day.

A fall through to $9,020 levels would bring the first major support level at $8,805.8 into play.

Barring an extended sell-off through the day, however, Bitcoin should steer clear of Sunday’s low $8,764.0.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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