The Crypto Daily – Movers and Shakers -29/09/19Bitcoin’s back in the red. A move back through to $8,220 levels would signal upside on the day…
Bitcoin rose by 0.3% on Saturday. Following on from a 1.33% gain on Friday, Bitcoin ended the day at $8,238.2.
A choppy start to the day saw Bitcoin fall to an early morning low $8,156.2 before striking a late morning high $8,292.
Falling short of the first major resistance level at $8,380.03, Bitcoin fell to a mid-afternoon intraday low $8,032.1.
Steering clear of the first major support level at $7,976.53, Bitcoin rallied to a late intraday high $8,390 before sliding back to sub-$8,300 levels.
The first major resistance level at $8,380.03 capped the upside on the day.
While up on the day, a particularly bearish week left Bitcoin down by 18.1% going into Sunday. The current week sell-off also reversed gains from earlier in the month, with Bitcoin down by 14.34% in September.
For the bulls, the extended bullish trend remained intact in spite of the slide to sub-$9,000 levels. While falling back through the 38.2% FIB, Bitcoin continued to steer well clear of the 62% FIB of 7,245.
The Rest of the Pack
Across the rest of the top 10 cryptos, it was a mixed bag for the majors.
Bitcoin Cash ABC led the way on the day, rising by 2.64%. Binance Coin and Bitcoin Cash SV also saw green, with gains of 0.25% and 0.18% respectively.
While EOS closed out the day flat, Litecoin (-0.93%), Ethereum (-0.74%), and Stellar’s Lumen (-0.62%) saw red on the day.
For the current week, it was red across the crypto-board. Bitcoin Cash SV and EOS led the way down, with losses of 29.38% and 25.93% respectively.
Bitcoin Cash ABC (-25.75%), Litecoin (-23.14%), and Binance Coin (-22.64%) weren’t far behind.
Ripple’s XRP (-12.33%) and Stellar’s Lumen (-14.81%) saw the most modest losses in the current week.
Through the week, the total crypto market cap fell back from a Monday high $265.44bn to a Thursday low $208.12bn before support kicked in. At the time of writing, the total market cap stood at $217.85bn.
Bitcoin’s dominance slipped back to 67% levels following the pullback through the week.
At the time of writing, Bitcoin was down by 0.33% to $8,210.9. A mixed start to the day saw Bitcoin rise to an early morning high $8,260.2 before falling to a low $8,191.9.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, Litecoin and Ethereum led the way down, with losses of 0.77% and 0.62% respectively.
Bitcoin Cash SV and Stellar’s Lumen bucked the trend early, with gains of 0.31% and 0.11% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to move back through to $8,220 levels to support a run at the first major resistance level at $8,408.10.
Support from the broader market would be needed, however, for Bitcoin to take a run at Saturday’s high $8,390.
Barring a broad-based crypto rally, the first major resistance level, and Saturday high would likely cap any upside.
Failure to move back through to $8,220 levels would see Bitcoin struggle through the day.
A fall through to the morning low $8,191.9 to $8,150 levels would bring the first major support level at $8,050.2 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of the second major support level at $7,862.2.