The Crypto Daily – Movers and Shakers -23/09/19

The crypto bears drag the majors into the red at the start of the week. Bitcoin would need to make a move to support the broader market.
Bob Mason
Bitcoin 1

Bitcoin rose by 0.42% on Sunday. Partially reversing a 1.81% slide from Saturday, Bitcoin ended the day at $10,055.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,880.7.

Bitcoin fell through the first major support level at $9,904.27 before rallying to a late morning intraday high $10,105.

Falling short of the first major resistance level at $10,160.37, Bitcoin slid back to sub-$10,000 levels.

Through the latter part of the day, support at $10,000 delivered, however, giving Bitcoin just a 2nd day in the green for the week. The bearish week left Bitcoin down by 2.59% for the week.

For the bulls, the extended bullish trend remained intact in spite of just 2 days in the green out of 10. While having tested support at the 38.2% FIB in the week, Bitcoin continued to steer well clear of the 62% FIB of 7,245.

The Rest of the Pack

For the rest of the top 10 cryptos, it was a sea of red across the crypto-board.

EOS and Ripple’s XRP led the way down on Sunday, with losses of 4.66% and 4.54% respectively.

Binance Coin (-2.82%), Stellar’s Lumen (-2.02%), Bitcoin Cash SV (-1.92%), and Ethereum (-1.75%) also struggled on the day.

Litecoin and Bitcoin Cash ABC saw more modest losses of 1.27% and 1.21%.

For the week, it was a mixed bag. EOS and Bitcoin Cash SV joined Bitcoin in the red, with losses of 6.45% and 0.28% respectively.

It was a bullish week for the rest of the majors, however. Stellar’s Lumen and Ethereum led the way, with gains of 16.47% and 11.51% respectively.

Ripple’s XRP and Litecoin also saw solid gains for the week, with the pair up by 6.21% and 3.02% respectively.

Binance Coin and Bitcoin Cash ABC saw more modest gains of 0.1% and 0.8% respectively.

Through the week, the total crypto market cap slid from a week high $273.58bn on Wednesday to a Thursday week low $261.55bn before recovering to $273bn levels late on Thursday.

It was downhill from there, however, with the crypto market cap falling back to $262bn levels. At the time of writing, the total crypto market cap stood at $263.56bn.

Bitcoin’s dominance recovered to 68.1% following Bitcoin’s trend-bucking gain on Sunday.

This Morning

At the time of writing, Bitcoin was down by 0.55% to $10,000. A bearish start to the day saw Bitcoin slide from an early morning high $10,077 to a low $9,964.5

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

Elsewhere, Litecoin recovered from early losses to buck the trend with a 0.21% gain. It was red for the rest of the pack, however.

Stellar’s Lumen and Binance Coin led the way down, with losses of 2.07% and 1.43% respectively.

For the Bitcoin Day Ahead

Bitcoin would need to move through the morning high $10,077 levels to bring the first major resistance level at $10,146.43 into play.

Through the early part of the day, Bitcoin would need support from other broader market, however, to reverse the early morning loss.

In the event of a Bitcoin breakout, we would expect the second major resistance level at $10,237.87 to limit any upside.

Failure to move through the morning high could see Bitcoin kick off the week in the red.

A fall through the morning low $9,964.5 would bring the first major support level at $9,922.13 into play.

In the event of an extended sell-off through the day, Bitcoin could visit sub-$9,900 levels before any recovery.

Barring a crypto meltdown, however, we would expect Bitcoin to steer clear of the second major support level at $9,789.27.

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