The Crypto Daily – The Movers and Shakers – 01/09/19

The crypto bears take August. With the majors deep in the red for the current week, further losses could be on the cards should Bitcoin give up $9,600.
Bob Mason

Bitcoin gained 0.24% on Saturday. Following on from a 0.96% rise on Friday, Bitcoin ended the day at $9,623.9.

The 2nd consecutive day in the green left Bitcoin down by 4.6% for August.

A relatively bullish start to the day saw Bitcoin strike an early morning high $9,670.5 before hitting reverse.

Coming up short of the first major resistance level at $9,757.2, Bitcoin tumbled to a late intraday low $9,471.9.

In spite of the late sell-off, Bitcoin steered clear of the first major support level at $9,412.6.

Finding support from the broader market, Bitcoin bounced back to a late intraday high $9,715 before easing back to $9,600 levels.

Bitcoin came up short of the first major resistance level at $9,757.2 in the late rally. More importantly, Bitcoin fell short of the 38.2% FIB of $9,734 and $10,000 levels for a 3rd consecutive day.

In spite of the monthly loss, the extended bullish trend remained intact. Bitcoin continued to steer well clear of sub-$9,000 levels and the 62% FIB of $7,245.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was a mixed bag on Saturday.

EOS and Ethereum led the way on the day, rising by 3.74% and by 2.07% respectively.

Ripple’s XRP (+1.01%), Bitcoin Cash ABC (+0.86%), Litecoin (+0.26%), and Stellar’s Lumen (+0.10%) also saw green.

It was a different story for Binance Coin, however, which tumbled by 4.79%. Joining Binance Coin in the red were Monero’s XMR and Bitcoin Cash SV, which fell by 0.71% and by 0.45% respectively.

Another particularly bearish week, left the majors deep in the red for the month of August.

Litecoin led the way down in August, tumbling by 34.95%. The reversal came off the back of the halving event that had driven Litecoin to a current year high $143.5 back in late June

Tron’s TRX (-30.56%), Stellar’s Lumen (-25.97%), EOS (-24.46%), Binance Coin (-24.24%) and Ethereum (-21.38%) also saw particularly heavy losses.

From the rest of the pack, Bitcoin Cash SV and Bitcoin Cash ABC saw the most modest losses, falling by 13.05% and 14.33% respectively.

The total crypto market cap tumbled from a 6th August high $319.56bn to a 29th August low $245.3bn. At the time of writing, the total crypto market cap stood at $249.85bn.

This Morning

At the time of writing, Bitcoin was up by 0.25% to $9,647.9. A relatively range-bound start to the day saw Bitcoin rise from a morning low $9,613 to a high $9,657.8.

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

Elsewhere, Binance Coin found much-needed support early on, rising by 2.09%. Stellar’s Lumen and Litecoin also found support, rising by 1.05% and by 1.03% respectively.

Bitcoin Cash ABC (-0.41%), EOS (-0.33%), and Ripple’s XRP (-0.24%) struggled early on.

For the Bitcoin Day Ahead

Bitcoin would need to hold onto $9,600 levels to support a run at the first major resistance level at $9,735.3.

Support from the broader market would be needed, however, for Bitcoin to break out from the morning high $9,657.8 to $9,700 levels.

Barring a broad-based crypto rebound, the first major resistance level at $9,735.3 and 38.2% FIB of $9,734 would likely limit any upside.

In the event of a broad-based crypto rally, Bitcoin could test the second major resistance level at $9,846.7 before any pullback.

Failure to hold onto $9,600 levels could see Bitcoin take a hit on the day. A fall through the morning low $9,613 to $9,500 levels would bring the first major support level at $9,492.2 into play.

Barring a crypto meltdown, Bitcoin should steer clear of sub-$9,400 support levels on the day.

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