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
Cryptomania

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.

Get Into Cryptocurrency Trading Today

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US