The Crypto Daily – Movers and Shakers -28/10/19

It’s a bullish start to the week, following last week’s rally. Bitcoin will need to take a run at $10,000 to avoid a pullback.
Bob Mason
Bitcoin

Bitcoin rose by 3.2% on Sunday. Following on from a 6.82% rally on Saturday, Bitcoin ended the day at $9,571.8.

A bearish start to the day saw Bitcoin fall to an early morning intraday low $9,121.2 before making a move.

Steering clear of the first major support level at $8,461.87, Bitcoin rallied to a late afternoon intraday high $9,823.9.

While falling short of the first major resistance level at $10,279.97, Bitcoin broke through the 38.2% FIB of $9,734.

A bearish end to the day, however, left Bitcoin at $9,500 levels to limit the upside on the day.

For the week, a 3rd consecutive day in the green gave Bitcoin a 15.9% gain, Monday through Sunday.

For the bulls, the extended bullish trend remained intact in spite of failing to break out from the 38.2% FIB of $9,734. 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 bullish day for the majors on Sunday.

EOS led the way, rallying by 6.23%, with Litecoin rising by 5.31%.

Stellar’s Lumen (+3.18%), Bitcoin Cash ABC (+2.45%), and Ethereum (+2.44%) also saw solid gains.

Binance Coin (+1.89%), Ripple’s XRP (+1.59%), and Bitcoin Cash SV (+0.06%) saw more modest gains on the day.

For the week, however, it was Bitcoin Cash SV that led the way, surging by 48.5%.

Bitcoin Cash ABC and EOS saw double-digit gains of 16.8% and 13.9% respectively.

Litecoin (+9.0%), Ethereum (+5.1%), and Binance Coin (+4.5%) also made solid gains.

Ripple’s XRP and Stellar’s Lumen trailed the pack, with gains of 1.42% and 3.28% respectively.

Through the 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 $257.28bn.

Bitcoin’s dominance jumped back to 68% levels off the back of a 16.5% rally on Friday and solid gains through the weekend.

This Morning

At the time of writing, Bitcoin was up by 1.77% to $9,741.0. A bullish start to the day saw Bitcoin rise from an early morning low $9,566.6 to a high $9,948.9 before easing back.

Bitcoin broke through the 38.2% FIB of $9,734 and the first major resistance level at $9,890.07 early on.

Elsewhere, Binance Coin was on the charge early on, rallying by 8.13% to lead the way.

EOS (+3.31%), Bitcoin Cash ABC (+3.25%), Stellar’s Lumen (+2.50%), and Litecoin (+2.19%) also saw solid gains.

Ripple’s XRP and Ethereum trailed the pack, with gains of 0.82% and 1.12% respectively.

For the Bitcoin Day Ahead

For the day ahead, Bitcoin would need to hold above the 38.2% FIB to support another run at the first major resistance level at $9,890.07.

Support from the broader market would be needed, however, for Bitcoin to break back through to $10,000 levels.

Barring an extended rally through the day, Bitcoin would likely come up short of the second major resistance level at $10,208.33.

Failure to hold above the 38.2% FIB of $9,734 could see Bitcoin hit reverse.

A fall through to sub-$9,500 levels would bring the first major support level at $9,187.37 into play before any recovery.

Barring a crypto meltdown, Bitcoin should steer well clear of sub-$9,000 levels on the day.

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