The Crypto Daily – The Movers and Shakers 01/07/19

The bulls look to fight their way back in the early hours after a Sunday bear fight. Bitcoin would need to hit $11,200 levels to support the majors…
Bob Mason
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The Bears fought back at the end of the month.

Bitcoin slid by 9.33% on Sunday. Following on from a 3.38% loss on Saturday, Bitcoin ended the week down 0.92% at $10,809. The Sunday reversal left Bitcoin up 26.7% for the month of June.

Range-bound through the early hours, Bitcoin struck an early intraday high $12,234 before hitting reverse.

Falling short of the first major resistance level at $12,390.33, Bitcoin slid to a late afternoon low $10,889. The sell-off saw Bitcoin fall through the first major support level at $11,397.33 and 23.6% FIB of $11,275.

Coming within range of the second major support level at $10,874.67, Bitcoin recovered to $11,400 levels before sliding back.

The late pullback saw Bitcoin fall through the first major support level, 23.6% FIB, and second major support level at $10,874.67 to an intraday low $10,668.

The Sunday sell-off saw Bitcoin’s market cap fall back to sub-$200bn levels after having hit a June high $245.13bn on Thursday.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a sea of red across the crypto-board.

Bitcoin Cash ABC led the way down on the day, sliding by 10.4%. The rest of the majors were close behind, however. Binance Coin fell by 9.9%, with Bitcoin Cash SV falling by 9.1%.

Things were not much better for Stellar’s Lumen (-8.87%), EOS (-8.85%), Litecoin (-8.4%) and Ethereum (-8.31%).

The best performer on the day was Ripple’s XRP, which fell by just 7.43%.

For the week, EOS led the way down, sliding by 20.76%. Bitcoin Cash SV (-18.39%), Ripple’s XRP (-16.19%), Binance Coin (-13.81%) and Litecoin (-10.68%) all saw heavy losses.

Bucking the trend was Stellar’s Lumen that gained 7.19%. In spite of the weekly gain, Stellar’s Lumen ended the month of June with a 20.7% loss.

Joining Stellar’s Lumen in the red for June were EOS (-32.42%), Bitcoin Cash ABC (-10.5%), Ripple’s XRP (-9.88%) and Binance Coin (-2.86%).

Bucking the trend in June, alongside Bitcoin, were Ethereum (+8.6%) and Litecoin (+6.65%).

The moves through Sunday saw Bitcoin’s dominance fall back to 61% levels.

Sunday’s reversal left the total crypto market cap at $324.83bn, down from Thursday’s high $386.7bn. In spite of the $60bn drop, the market cap remained well above $273bn levels seen at the start of the month.

This Morning,

At the time of writing, Bitcoin was up by 1.49% to $10,970. A bullish start to the day saw Bitcoin rise from a morning low $10,641 to a high $11,123 before easing back.

Bitcoin left the major support and resistance levels untested early on, while also falling short of the 23.6% FIB of $11,275.

Elsewhere, it was green across the crypto-board, with Bitcoin Cash ABC and Bitcoin Cash SV leading the way. The pair were up by 3.07% and by 2.83% respectively.

For the Day Ahead

Bitcoin would need to move back through the morning high $11,123 to break through the 23.6% FIB to restore confidence.

A move through the 23.6% FIB would bring the first major resistance level at $11,806 into play. Bitcoin would need the support of the broader market, however, to take a run at $12,000 levels.

Failure to move back through the 23.6% FIB could see Bitcoin hit reverse. A fall through the morning low $10,641 would bring the first major support level at $10,240 into play.

Barring another crypto meltdown, Bitcoin should steer clear of sub-$10,000 support levels.

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