The Crypto Daily – Movers and Shakers -30/09/19

It’s yet another bearish start to the day for Bitcoin. Failure to recover by late morning will weigh on the pack.
Bob Mason
Cryptomania

Bitcoin fell by 1.8% on Sunday. Reversing a 0.3% gain from Saturday, Bitcoin ended the day at $8,090.

A particularly bearish first half of the day saw Bitcoin slide from an early morning intraday high $8,260.2 to a mid-day intraday low $7,930.

Falling short of the major resistance levels, Bitcoin fell through the first major support level at $8,050.2.

In the 2nd half of the day, Bitcoin found support from the broader market to break back through the first major support level.

The Sunday sell-off left Bitcoin down by 19.57% for the week, Monday through Sunday.

With the end of the month nigh, it’s all about damage limitation for the day ahead, with Bitcoin down by 15.89% going into the final day.

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 red across the board on Sunday.

Bitcoin Cash ABC and Binance Coin led the way down, with losses of 3.56% and 3.43% respectively.

Litecoin (-2.92%), Ethereum (-2.60%), Bitcoin Cash SV (-1.80%), and EOS (-1.68%) also saw heavy losses.

Stellar’s Lumen (-1.08%) and Ripple’s XRP (-0.81%) saw modest losses on the day.

For the week, the bears were out in force, with Bitcoin Cash SV (-30%) and Bitcoin Cash ABC (-28.45%) leading the way down.

EOS (-27.19%) Litecoin (-25.38%), Binance Coin (-25.29%) and Ethereum (-19.79%) also saw heavy losses.

Steller’s Lumen (-15.47%) and Ripple’s XRP (-13%) outperformed the Bitcoin and the majors in the 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 $213.99bn.

Bitcoin’s dominance held onto 67% levels as the broader market saw heavier losses on the day. Bitcoin’s dominance had sat at 69% levels on Wednesday…

This Morning

At the time of writing, Bitcoin was down by 0.35% to $8,061.8. A bearish start to the day saw Bitcoin fall from an early morning high $8,097.0 to a low $8,023.0.

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

Elsewhere, Stellar’s Lumen and Litecoin led the way early on, with gains of 1.04% and 0.50% respectively.

Ethereum (+0.27%), EOS (+0.10%), and Binance Coin (+0.02%) also saw green.

Bitcoin Cash SV (-1.0%), Bitcoin Cash ABC (-0.8%), and Ripple’s XRP (-0.42%) joined Bitcoin in the red.

For the Bitcoin Day Ahead

Bitcoin would need to move back through to $8,090 levels to support a run at the first major resistance level at $8,256.8.

Support from the broader market would be needed, however, for Bitcoin to break out from $8,100 levels.

Barring a broad-based crypto rally, Sunday’s high $8,260.2 and the first major resistance level would likely cap any upside.

Failure to move back through to $8,090 levels could see Bitcoin spend another day in the red.

A fall back through the morning low $8,023 would bring the first major support level at $7,926.6 into play.

Barring a crypto meltdown, Bitcoin should steer clear of the second major support level at $7,763.2.

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