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

By:
Bob Mason
Published: Sep 23, 2019, 04:58 UTC

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.

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.

BTC/USD 23/09/19 Daily Chart

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.

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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