The Crypto Daily – Movers and Shakers – 14/10/19

It’s a relatively bullish start to the week for the majors. Following last week’s gains, Bitcoin would need to move through and hold onto $8,400 levels…
Bob Mason
Bitcoin 1

Bitcoin fell by 0.19% on Sunday. Partially reversing a 0.5% fall from Saturday, Bitcoin ended the week up 5.36% at $8,304.9.

A bullish start to the day saw Bitcoin rally from a morning low $8,310.0 to a late afternoon intraday high $8,478.0.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $8,405.37.

Bitcoin came within range of the second major resistance level at $8,491.13 before hitting reverse.

The reversal saw Bitcoin slide to a late intraday low $8,160.4. Bitcoin fell through the first major support level at $8,252.17 and the second major support level at $8,184.73.

Finding support late in the day, Bitcoin bounced back to $8,300 levels to limit the loss on the day.

For the bulls, the extended bullish trend remained intact in spite of the hold at sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin 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 bag for the majors on Sunday.

Binance Coin continued its recovery, with a 6.34% rally to lead the way.

Ripple’s XRP (+1.75%), Litecoin (+1.24%) and EOS (+1.05%) also made good ground.

Bitcoin Cash SV joined Bitcoin in the red to buck the trend, however, falling by 0.99%.

For the week, it was a bullish week for the majors, Monday through Sunday.

Binance Coin led the majors, surging by 21.3%.

Ripple’s XRP (+8.45%), Bitcoin Cash SV (+7.20%), EOS (+6.65%), and Ethereum (+6.46%) made solid gains.

Litecoin and Bitcoin Cash ABC trailed the pack with more modest gains of 3.65% and 2.51% respectively.

For the week, the total crypto market cap rose from a Monday low $213.1bn to a Friday high $233.53bn. A choppy end to the week left the total market cap back at $223bn levels, however. At the time of writing, the total market cap stood at $224.74bn.

Bitcoin’s dominance remained at sub-67% levels with a number of the top 10 outperforming Bitcoin in the week.

This Morning

At the time of writing, Bitcoin was up by 0.1% to $8,313.6. A mixed start to the day saw Bitcoin fall to an early morning low $8,254.0 before striking a high $8,323.6.

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

Elsewhere, Ripple’s XRP (+2.67%), Stellar’s Lumen (+1.37%), EOS (+1.06%) and Bitcoin Cash ABC (+1.00%) were on the move.

Binance Coin and Bitcoin Cash SV trailed the pack with gains of 0.35% and 0.54% respectively.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,320 levels to support a run at $8,400 levels.

Support from the broader market would be needed, however for Bitcoin to break through the first major resistance level at $8,468.47.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $8,478 would likely limit any upside.

Failure to move through to $8,320 levels could see Bitcoin fall back into the red.

A fall through the early morning low $8,254.0 would bring the first major support level at $8,150.87 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$8,100 levels on the day.

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.