The Crypto Daily – Movers and Shakers -17/11/19It’s a mixed start to the week for the majors. Bitcoin would need to hold onto $8,500 levels to support a positive end to the week.
Bitcoin rose by 0.33% on Saturday. Partially reversing a 1.84% decline from Friday, Bitcoin ended the day at $8,523.5.
A mixed start to the day saw Bitcoin fall to an early morning intraday low $8,440.1 before finding support.
Steering clear of the first major support level at $8,343.93, Bitcoin rose to a late morning intraday high $8,577.00.
Falling well short of the first major resistance level at $8,723.83, Bitcoin fell back to sub-$8,500 levels.
A late move back to $8,500 levels provided the upside on the day.
In spite of the upside on the day, Bitcoin was down by 6.02% for the current week, Monday through Sunday. 4 days in the red that included a 3.66% loss on Monday did the damage.
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 Saturday.
Ethereum and EOS led the way, with gains of 1.37% and 1.28% respectively, with Litecoin gaining 1.20%.
Bitcoin Cash ABC (+0.87%), Bitcoin Cash SV (+0.49%), Ripple’s XRP (+0.91%), and Tron’s TRX (+0.79%) saw minor gains.
Binance Coin and Stellar’s Lumen bucked the trend, however, with losses of 0.44% and 0.58% respectively.
For the current week, it was red across the board for the crypto majors.
Bitcoin Cash ABC and Stellar’s Lumen led the way down, with losses of 9.69% and 9.42% respectively.
Bitcoin Cash SV and Litecoin were also deep in the red, with losses of 8.59% and 8.56% respectively.
Binance Coin (-1.22%), EOS (-5.90%), Ethereum (-3.52%) and Ripple’s XRP (-5.91) saw relatively modest losses.
Through the current week, the total crypto market cap fell from a Monday current week high $246.9bn to a current week low $232.03bn on Saturday. A recovery to $241bn levels on Wednesday had been short-lived as the majors hit reverse. At the time of writing, the total market cap stood at $234.03bn.
Bitcoin’s dominance briefly moved back to 66% levels on Thursday, before easing back to 65% levels. Trading volumes fell back to sub-$60bn levels on Saturday, after having risen to $74bn levels on Saturday.
At the time of writing, Bitcoin was up by just 0.02% to $8,525.3. A mixed start to the day saw Bitcoin rise from an early morning low $8,521.3 to a high $8,543.0 before easing back.
Bitcoin left the major support and resistance levels untested early on.
It was a mixed bag for the rest of the crypto majors, with Binance Coin (-0.48%) and Ripple’s XRP (-0.06%) seeing red early on.
While the rest of the pack were in the green, the early gains were modest. Tron’s TRX led the way early on, rising by 0.75%.
For the Bitcoin Day Ahead
Bitcoin would need to steer clear of sub-$8,500 levels to support a run at the first major resistance level at $8,586.97.
Support from the broader market would be needed, however, for Bitcoin to break out from Saturday’s high $8,577.0.
Barring a broad-based crypto rally, Bitcoin would likely fall well short of the second major resistance level at $8,650.43.
The first major resistance level at $8,586.97 would likely cap any upside.
Failure to hold onto $8,500 levels could see Bitcoin test the first major support level at $8,450.07 before any recovery.
Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $8,376.63.