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The Crypto Daily – The Movers and Shakers – 02/09/19
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It's a slow start to the day for the majors. Bitcoin will need to hold above the 38.2% FIB to support the majors on the day.
Bitcoin rose by 1.68% on Sunday. Following on from a 0.24% gain on Saturday, Bitcoin ended the day at $9,779.1.
A 3rd consecutive day in the green left Bitcoin with a 3.49% loss for the week.
It was relatively range-bound through most of the day for Bitcoin. Bitcoin moved within a $100 spread until the late afternoon.
Late in the day, Bitcoin fell to an intraday low $9,555 before making a move. Steering clear of the first major support level at $9,492.2, Bitcoin rallied to a late intraday high $9,868.
Bitcoin broke through the first major resistance level at $9,735.3 and second major resistance level at $9,846.7.
Of greater significance, however, was a breakthrough and hold above the 38.2% FIB of $9,734.
In spite of the weekly loss, the extended bullish trend remained intact. Bitcoin broke back through the 38.2% FIB, while also continuing 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 Sunday.
Monero’s XMR rejoined the top 10 with a 6.47% rally on the day. Litecoin (+2.75%), Binance Coin (+2.23%), and Bitcoin Cash SV (+1.02%) also made solid gains.
Stellar’s Lumen slipped to the number 11 spot with a 0.05% rise on the day.
On the decline were EOS (-1.88%), Ethereum (-0.35%), and Ripple’s XRP (-0.64%).
While it was mixed for the day, it was a particularly bearish week for the majors.
Binance Coin led the way down with a 17.45% fall. Stellar’s Lumen and Monero’s XMR also saw heavy losses, with the pair falling by 11.34% and 11.11% respectively.
Litecoin (-8.36%), Ethereum (-8.20%), EOS (-7.83%), and Bitcoin Cash ABC (-7.80%) weren’t far behind.
Bitcoin Cash SV led the way on the week, falling by just 0.95%.
Over the week, the total crypto market cap tumbled from a 26th August high $272.7bn to a 29th August low $244.44bn. At the time of writing, the total crypto market cap stood at $252.17bn.
This Morning
At the time of writing, Bitcoin was up by just 0.05% to $9,784. Another range-bound start to the day saw Bitcoin rise from an early morning low $9,755 to a high $9,800.
Whilst leaving the major support and resistance levels untested, Bitcoin continued to hold above the 38.2% FIB of $9,734.
Elsewhere, Bitcoin Cash SV (+0.50%), Binance Coin (+0.43%), and Litecoin (+0.03%) joined Bitcoin in the green.
Ripple’s XRP and EOS led the way down early on, with losses of 0.75% and 0.46% respectively.
For the Bitcoin Day Ahead
Bitcoin would need to hold above the 38.2% FIB of $9,734 to support a run at the first major resistance level at $9,913.07.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $9,868.
Barring a broad-based crypto rally, Sunday’s high and the first major resistance level at $9,913.07 should limit any upside.
Failure to hold above the 38.2% FIB would bring the first major support level at $9,600.07 into play.
Barring a crypto meltdown, however, Bitcoin should steer clear of sub-$9,500 support levels on the day.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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