The Crypto Daily – Movers and Shakers -27/10/19

It’s a bearish start to the day after a mixed Saturday. Failure to reverse losses by late morning could lead to a heavy slide later in the day.
Bob Mason
Golden bitcoins on the black background closeup. Cryptocurrency virtual money

Bitcoin rose by 6.82% on Saturday. Following on from a 16.45% rally on Friday, Bitcoin ended the day at $9,270.9.

A particularly bullish start to the day saw Bitcoin rally from an intraday low $8,661.9 to an early morning intraday high $10,480.

Steering clear of the major support levels, Bitcoin broke through the first major resistance level at $9,179.49 and the second major resistance level at $9,679.83.

Of greater significance on the day was a breakthrough the 38.2% FIB of $9,734.

Bitcoin’s first visit to $10,000 levels since 24th September was short-lived, however.

Bearish through the rest of the day, Bitcoin slipped back through the resistance levels to an afternoon low $8,888.9.

The pullback also saw Bitcoin fall back through the 38.2% FIB. Finding support late on, however, Bitcoin managed to wrap up the day at $9,000 levels for the first time since 24th September.

For the current week, a 2nd consecutive day in the green left Bitcoin up by 12.23%, Monday through Saturday.

For the bulls, the extended bullish trend remained intact in spite of sliding back through the 38.2% FIB. Bitcoin has 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 day on Saturday for the majors following Friday’s breakout.

Bitcoin Cash SV and Binance Coin joined Bitcoin in the green, with gains of 5.71% and 1.80% respectively.

It was red for the rest of the pack, however, with Stellar’s Lumen (-2.48%) and Bitcoin Cash ABC (-2.14%) leading the way down.

Ripple’s XRP (-1.48%), EOS (-1.40%), Ethereum (-0.90%), and Litecoin (-0.16%) saw more modest losses on the day.

For the current week, Bitcoin Cash SV continued to lead the way, surging by 48.42%, Monday through Saturday.

Bitcoin Cash ABC was a distant second, rising by 13.59%, with EOS (+7.10%) also making solid gains.

In spite of the Friday rally, Stellar’s Lumen (-0.31%) and Ripple’s XRP (-0.18%) bucked the trend.

Through the current week, the total crypto market cap rose from a Wednesday low $202.69bn to a Saturday high $262.07bn. At the time of writing, the total market cap stood at $242.53bn.

Bitcoin’s dominance jumped back to 68% levels off the back of Friday’s 16.5% rally and Saturday’s gain.

This Morning

At the time of writing, Bitcoin was down by 0.86% to $9,191.5. A mixed start to the day saw Bitcoin rise to an early morning high $9,424.2 before falling to a low $9,165.

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

Elsewhere, it was a sea of red across the crypto board. Bitcoin Cash ABC led the way down, falling by 1.97%.

Binance Coin (-1.83%), EOS (-1.69%), Bitcoin Cash SV (-1.66%), and Litecoin (-1.56%) also saw heavy losses early on.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to move through to $9,470 levels to support a run at $10,000.

Support from the broader market would be needed, however, for Bitcoin to break out from the early morning high $9,424.2.

Barring another broad-based crypto rally, Bitcoin will likely come up well short of the first major resistance level at $10,279.97.

The 38.2% FIB of $9,734 would limit any upside.

Failure to move through to $9,470 levels could see Bitcoin slide deeper into the red.

A fall through to sub-$9,000 levels would bring the first major resistance level at $8.461.87 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$8,000 support levels.

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