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

By:
Bob Mason
Published: Oct 20, 2019, 03:50 UTC

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.

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.

BTC/USD 20/10/19 Daily Chart

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.

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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