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

It’s back into the red for the majors. Bitcoin would need to recover to $8,000 levels to support a rebound later in the day.
Bob Mason
Bitcoin coin on white keyboard

Bitcoin rose by just 0.05% on Saturday. Following a 1.3% fall on Friday, Bitcoin ended the day at $7992.9.

A choppy start to the day saw Bitcoin fall to a late morning intraday low $7,927 before finding support.

Steering clear of the major support levels, Bitcoin bounced back to a mid-day intraday high $8,119.5 before hitting reverse.

Bitcoin came within range of the first major resistance level at $8,128.27 before pulling back to sub-$8,000 levels.

For the current week, Bitcoin was down by 3.76%

For the bulls, the extended bullish trend remained intact in spite of hovering 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 on Friday.

Litecoin led the way on the day, rising by 0.94%, with Bitcoin Cash ABC (+0.04%) and Binance Coin (+0.05%) also seeing green.

It was red for the rest of the pack, however, with Bitcoin Cash SV (-1.4%) leading the way down.

Ripple’s XRP (-0.79%), Ethereum (-0.50%), Stellar’s Lumen (-0.38%), and EOS (-0.17%) saw more modest losses.

It was also mixed for the current week. EOS led the way down, sliding by 7.19%. Bitcoin Cash ABC (-5.15%), Ethereum (-4.99%) and Litecoin (-4.71%) also saw heavy losses.

Ripple’s XRP (+5.48%), Bitcoin Cash SV (+4.37%) and Stellar’s Lumen (+2.08%) found support in the week.

Binance Coin failed to make further ground, easing by 0.22% going into Sunday.

Through the week, the total crypto market cap slid from a Tuesday high $228.17bn to a Friday low $214.97bn before support kicked in. At the time of writing, the total market cap stood at $215.99bn.

Bitcoin’s dominance continued to sit at sub-67% levels, with the current week losses pinning back Bitcoin back.

This Morning

At the time of writing, Bitcoin was down by 0.63% to $7,942.9. A bearish start to the day saw Bitcoin fall from an early morning high $7,996.3 to a low $7,921.6.

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

Elsewhere, it was red across the crypto board, with Ripple’s XRP sliding by 2.20% to lead the day down.

EOS (-1.03%), Ethereum (-1.13%), and Litecoin (-1.13%) also saw relatively heavy losses early on.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move back through to $8,000 levels to support a run at the first major resistance level at $8,099.27.

Bitcoin would need the support of the broader market, however, to break out from $8,000.

Barring a broad-based crypto rally, Bitcoin would likely come up short of $8,200 levels for a 4th consecutive day.

Failure to move back through to $8,000 levels could see Bitcoin fall deeper into the red.

A fall through the morning low $7,921.6 would bring the first major support level at $7,906.77 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $7,820.63.

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