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.
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.
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.
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 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.
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.