The Crypto Daily – Movers and Shakers -26/10/19

Here come the bulls. Can Bitcoin breakthrough and hold onto $10,000 levels to begin to eye $11,000?
Bob Mason
bitcoin with us dollars and calculator

Bitcoin rallied by 16.5% on Friday. Following a 0.54% fall on Thursday, Bitcoin ended the day at $8,679.1.

A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $7,426 before making a move.

Steering clear of the first major support level at $7,370.93, Bitcoin rallied to a late afternoon intraday high $8,803.1.

Bitcoin broke through the major resistance levels to hit a 2-week high before easing back to $8,600 levels.

In spite of the late pullback, Bitcoin held above the third major resistance level at $7,772.17 at the day end.

For the bulls, the extended bullish trend remained intact in spite of sliding back to sub-$8,000 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 particularly bullish day for the crypto majors on Friday.

Bitcoin Cash SV and Bitcoin Cash ABC led the way with gains of 23.5% and 22% respectively.

EOS (+16.8%), Ethereum (+13.1%), and Litecoin (+14.6%) also saw double-digit gains on the day.

Ripple’s XRP and Stellar’s Lumen trailed the pack with gains of 8.07% and 6.92% respectively.

The Friday breakout pulled all of the crypto majors into positive territory for the current week.

Bitcoin Cash SV led the way, Monday through Friday, surging by 40.4%, with Bitcoin Cash ABC a distant second, up by 15.9%.

Ripple’s XRP and Stellar’s Lumen trailed the pack in the current week, with gains of 1.32% and 2.33% respectively.

Through the current week, the total crypto market cap rose from a Wednesday low $202.69bn to a Friday high $234.5bn. At the time of writing, the total market cap stood at $250.74bn.

Bitcoin’s dominance jumped back to 67% levels off the back of Friday’s 16.5% rally.

This Morning

At the time of writing, Bitcoin was up by 11.66% to $9.690.8. A particularly bullish start to the day saw Bitcoin jump from an early morning low $8,661.9 to a high $9,750.

Bitcoin broke through the first major resistance level at $9,179.5 and the second major resistance level at $9,679.83.

Of greater significance, however, was a breakthrough the 38.2% FIB of $9,734 before easing back.

Elsewhere, Bitcoin Cash SV came in a distant second, rallying by 9.87%.

EOS (+6.47%), Ethereum (+6.04%), and Litecoin (+6.99%) also made solid ground in the early part of the morning.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to break back through the 38.2% FIB of $9,734 to bring $10,000 levels into play.

Support from the broader market would be needed, however, for Bitcoin break out from the morning high $9,750.

In the event of an extended rally, the third major resistance level at $11,056.93 could come into play.

Failure to move back through the 38.2% FIB could see Bitcoin give up some of the morning gains.

A fall through the second major resistance level at $9,679.83 would bring sub-$9,000 levels back into play.

Barring a crypto meltdown, however, Bitcoin should steer well clear of the first major support level at $7,802.37.

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