The Crypto Daily – The Movers and Shakers – 02/09/19

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.
Bob Mason
Bitcoin 1

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.

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