The Crypto Daily – Movers and Shakers -21/10/19

It’s a slow start to the day for Bitcoin. A move through to $8,300 levels would signal a rally later in the day.
Bob Mason
Bitcoin symbol in blockchain technology and cryptocurrency concept. Abstract background 3d illustration.

Bitcoin rallied by 3.35% on Sunday, Following on from a 0.05% gain on Saturday, Bitcoin ended the week down by 0.53% at $8,260.7.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $7,921.6.

Steering clear of the first major support level at $7,906.77, Bitcoin rallied to a late intraday high $8,337.0.

Bitcoin broke through the first major support level at $8,099.27 and second major support level at $8,205.63.

Coming up short of the third major support level at $8,398.13, Bitcoin slipped back to $8,200 levels and into the red for the week.

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 bullish day on Saturday.

Bitcoin Cash ABC led the way, rallying by 5.72%, with Bitcoin Cash SV close behind with a 4.81% gain.

Litecoin (+2.06%), Ethereum (+2.00%), EOS (+1.91%) and Stellar’s Lumen (+1.54%) also saw solid gains.

Binance Coin (+1.54%) and Ripple’s XRP (+0.84%) trailed the pack on the day.

For the week, Bitcoin Cash SV led the way, rallying by 9.69%, with Ripple’s XRP ending the week up by 6.25%.

Stellar’s Lumen (+2.75%), Binance Coin (+1.37%), and Bitcoin Cash ABC (+0.41%) also saw green for the week.

EOS (-5.63%), Ethereum (-3.11%), and Litecoin (-2.67%) joined Bitcoin in the red for the week.

Through the week, the total crypto market cap slid from a Tuesday high $228.17bn to a Friday low $214.97bn before finding support. At the time of writing, the total market cap stood at $222.75bn.

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 0.12% to $8,250.7. A mixed start to the day saw Bitcoin fall to an early morning low $8,277.6 before striking a morning high $8,291.9.

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

Elsewhere, Bitcoin Cash SV led the way, rising by 1.78%. Bitcoin Cash ABC and Stellar’s Lumen also saw green, with the pair up by 0.23% and by 0.10% respectively.

It was red for the rest, however. Binance Coin and Ripple’s XRP led the way down, with losses of 1.80% and 1.50% respectively.

EOS (-0.73%), Ethereum (-0.65%), and Litecoin (-1.33%) saw more modest losses early on.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $8,300 levels to support a run at the first major resistance level at $8,424.60.

Support from the broader market would be needed, however, for Bitcoin to break through to $8,400 levels.

Barring a broad-based crypto rally, the first major resistance level would likely pin Bitcoin back from a run at $8,500 levels.

Failure to move through to $8,300 levels could see Bitcoin slide deeper into the red.

A fall back through to sub-$8,170 levels would bring the first major support level at $8,009.2 into play.

In the event of an extended sell-off through the day, Bitcoin would likely visit sub-$8,000 levels before any recovery.

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